Office of the Superintendent of Financial Institutions
Office of the Superintendent of Financial Institutions
2023–24 Departmental Plan
The Honourable Chrystia Freeland, P.C., M.P.
Deputy Prime Minister and Minister of Finance
© His Majesty the King in Right of Canada, as represented by the Minister of Finance, 2023
Catalogue No. IN3-31E-PDF
I am pleased to present the 2023-24 Departmental Plan for the Office of the Superintendent of Financial Institutions (OSFI). This report presents what we plan to do during the upcoming year and the results we expect to achieve.
OSFI is an independent federal government agency that regulates and supervises federally regulated financial institutions, including banks, insurance companies and pension plans. By doing so, we maintain public confidence in the Canadian financial system and contribute to a marketplace where banks can continue to make loans and take deposits, insurance companies can pay policyholders, and pension plans can continue to make payments to beneficiaries.
We also house the Office of the Chief Actuary (OCA), which provides a range of actuarial valuation and advisory services to the federal government. The OCA helps ensure that social programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians.
Canada has a strong reputation of managing financial sector uncertainty in a manner that contributes to financial stability. However, we at OSFI do not infer from this track record a reason for complacency.
In the year ahead, the current risk environment will continue to test the resiliency of our financial institutions in new and dynamic ways. OSFI will continue to adapt and evolve our structures, strategies, and practices to meet these challenges head-on.
As we make our way through the second year of the
Blueprint for Transformation, OSFI’s work will be guided by the six priority initiatives outlined in our
2022-25 Strategic Plan. They include:
Our plans and activities in each of these priority areas are described in detail in this report. Pursuing these priorities will support us in positioning OSFI as an organization that thrives in uncertainty.
We will continue to support Diversity, Equity, and Inclusion in all its forms, so that our employees feel supported and confident in bringing their very best to work every day. This is more than just smart business practice – it is a moral imperative for institutions that serve the Canadian public.
The global economy and the Canadian financial system are facing challenges in the coming year.
Persistently high inflation and the corresponding response by global central bank actions to raise interest rates lead us to expect a slowdown in economic activity globally and in Canada. Combined with other macroeconomic headwinds and market risk events, financial institutions and pension plans we oversee would face increased risks and may experience financial stress.
As we enter these uncertain times, OSFI will rely on our regulatory frameworks to ensure regulated entities ably manage their risk. We are also confident that the changes we have already made under our Blueprint for Transformation and the 2022-2025 Strategic Plan are positioning our organization to anticipate and manage risks in the financial sector.
We stand ready to protect Canadians’ confidence in their financial system while at the same time adapting our practices at OSFI to remain an agile organization.
In 2023-24, OSFI will focus on its second year of delivering on the six priority initiatives outlined in its Blueprint for OSFI’s Transformation and 2022-25 Strategic Plan. If severer vulnerabilities materialize in the Canadian financial system, some initiatives may be re-prioritized to meet operational needs.
01 Culture and Enabler Initiatives: OSFI is a workplace where curious, diverse, high integrity colleagues are safe to bring their true and best selves to work everyday and are safe to fail and then adapt.
To achieve this initiative, OSFI will:
In 2023-24, key activities will include:
02 Risk, Strategy and Governance: OSFI makes risk-intelligent decisions every day that reflect its transparent and revealed risk appetite via leadership and governance that delegates out decision-making, from the top to the leaders best positioned to make decisions.
03 Strategic Stakeholder and Partner Engagement: OSFI integrates and aligns with key stakeholders and partners inside and outside of the federal financial safety net in a manner that maximizes its influence and preserves its integrity in fulfilling its purpose and mandate.
04 Policy Innovation: OSFI becomes a global leader in prudential supervision by making policy to support operational and financial resilience of its regulated entities in the face of climate-related, digitalization, and other yet-to-be foreseen risks.
05 Supervision Renewal: OSFI’s Supervision Renewal enables a work environment that guides supervisors to effectively and efficiently manage their portfolio of regulated entities, builds capacity, creates a collective responsibility for risk assessments and management, and utilizes data and analytics to meet our supervision mandate.
06 Data Management and Analytics: OSFI’s data platform enables the vast majority of analytical research and insight-generation while simultaneously eliminating the necessity of most ad-hoc data requests made to regulated entities.
For more information on OSFI’s plans, see the
“Core responsibilities: planned results and resources” section of this plan.
This section contains information on the OSFI's planned results and resources for each of its core responsibilities.
The Office of the Superintendent of Financial Institutions (OSFI) advances a regulatory framework designed to control and manage risk to federally regulated financial institutions (FRFIs) and private pension plans (FRPPs) and evaluates system-wide or sectoral developments that may have a negative impact on their financial condition. It also supervises financial institutions and pension plans to determine whether they are in sound financial condition and meeting regulatory and supervisory requirements. The Office promptly advises financial institutions and pension plan administrators if there are material deficiencies, and takes corrective measures or requires that they be taken to expeditiously address the situation. It acts to protect the rights and interests of depositors, policyholders, financial institution creditors and pension plan beneficiaries, while having due regard for the need to allow financial institutions to compete effectively and take reasonable risks.
In 2023-24, OSFI will continue to execute on priority transformation initiatives included in its Strategic Plan 2022-25. These and other regulation and supervision priorities highlighted below support the delivery of OSFI’s two departmental results under its first core responsibility:
Strategic Stakeholder and Partner Engagement: OSFI integrates and aligns with key stakeholders and partners inside and outside of the federal financial safety net in a manner that maximizes its influence and preserves its integrity in fulfilling its purpose and mandate.
Achieving this outcome in 2023-24 will involve advancing the following plans:
To increase opportunities for the Superintendent and the Chief Actuary to contribute to public confidence in the Canadian financial system, OSFI will explore opportunities to leverage new stakeholder tools and strategies. Further, OSFI will identify and collaborate on stakeholder speaking opportunities with members of the Financial Institutions Supervisory Committee (FISC).
Policy Innovation: OSFI becomes a global leader in prudential supervision by making policy to support operational and financial resilience of its regulated entities in the face of climate-related, digitalization, and other yet-to-be foreseen risks.
In 2023-24, OSFI will initiate the implementation of a multi-year roadmap for policy architecture renewal, which will include:
In 2023-24, OSFI will be:
Supervision Renewal: OSFI’s supervision renewal enables a work environment that guides supervisors to effectively and efficiently manage their portfolio of regulated entities, builds capacity, creates a collective responsibility for risk assessments and management, and utilizes data and analytics to meet our supervision mandate.
In 2023-24, OSFI will advance its supervision capabilities and expertise. Leveraging the new organizational structure for supervision, key priorities will include:
In 2023-24, the Supervisory Framework redesign will strengthen OSFI’s ability to aggregate thematic analytics from entity to system level and identify interconnectedness across industry sectors. The redesign will include:
In 2023-24, OSFI will simplify and standardize the supervisory system, Vu, to align with the revised Supervisory Framework. Updated guidance will be provided to users and the modernization will reduce the administrative burden on supervisors.
In parallel with the planned transformational efforts, OSFI will continue to deliver expected results supporting its core mandate. Highlights of OSFI’s regulation and supervision priorities for the 2023-24 reporting period are as follows:
In 2023-24, OSFI will be developing and tabling its Departmental Sustainable Development Strategy (DSDS) that will be aligned with the 2022-26 Federal Sustainable Development Strategy (FSDS). The DSDS will discuss strategies to support UN Sustainable Development Goals (SDGs) as applicable.
OSFI pursues sustainable development in accordance with its prudential mandate in order to contribute to public confidence in the Canadian financial system. Climate-related risks are drivers of traditional financial and non-financial risks for federally regulated financial institutions. Our contributions to the FSDS and specific UN SDGs stem from our prudential policy making and supervisory activities, and changes in our internal operations.
UN SDG 13 on Climate Action through its regulatory and supervisory responses to climate risks and stakeholder engagement, both domestically and internationally. Notably, OSFI actively participates in Canada’s Sustainable Finance Action Council, the Basel Committee on Banking Supervision, Financial Stability Board, International Association of Insurance Supervisors, and the Network for Greening the Financial System. Specifically, OSFI’s activities will focus on strengthening resilience and adaptive capacity in responding to climate-related hazards (13.1); integrating climate change measures into national policies, strategies, and planning (13.2); and improving awareness and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning (13.3).
UN SDG 8.10 on Decent Work and Economic Growth by strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services. OSFI also supports
UN SDG 10.5 on Reduced Inequalities by improving the regulation and monitoring of global financial markets and institutions and strengthening the implementation of such regulations.
UN SDG 12.7 on Responsible Consumption and Production by embedding environmental considerations in public procurement in accordance with the federal
Policy on Green Procurement. In addition, under UN SDG 12 and UN SDG 13, there are several targets, milestones and implementation strategies within the FSDS that OSFI would directly contribute to through changes to our internal operations and implementing efforts, such as the Greening Government Strategy. More specifically, OSFI will support goals related to responsible consumption, greenhouse gas emissions and climate resilience. By doing so, OSFI will contribute to efforts in decreasing the carbon footprint and increasing the climate resilience of our internal operations, committing to a greener economy.
To continue thriving in increasingly uncertain times, OSFI will continue to pursue broad cultural shifts in various areas. OSFI seeks to prioritize innovation over the status quo, nurture a culture of curiosity that fosters acceptance of diverse mindsets where it is safe to be different and safe to fail (within our risk framework), and shift towards greater risk-taking that is informed by a robust analysis of risk trade-offs.
In 2023-24, OSFI will be agile and prepared to shift activities to account for changing priorities and operational needs should financial system conditions change. A Stop-Rethink-Reimagine exercise is ongoing, which aims to stop activities that are no longer fit for purpose and to rethink and reimagine work to drive innovation and efficiencies. For example, OSFI’s work on data analytics and experimentation with new technologies, outlined under the Internal Services section of this plan, will support effective regulation and supervision of financial institutions as well as the execution of the policy innovation and supervision renewal initiatives.
The following table shows, for Financial Institution and Pension Plan Regulation and Supervision, the planned results, the result indicators, the targets and the target dates for 2023–24, and the actual results for the three most recent fiscal years for which actual results are available.
Table 1 footnotes
The International Monetary Fund (IMF) conducts its Financial Sector Assessment Program (FSAP) review of OSFI every five years. A FSAP review was last conducted in 2018-19, and the next review will be in 2023-24. The result is reported as "N/A" in the years an assessment is not conducted.
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A Regulatory Consistency Assessment Programme (RCAP) review is normally conducted every two years. However, no RCAP has been conducted since the onset of the pandemic in 2020. The result is reported as "N/A" in the years an assessment is not conducted.
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financial, human resources and performance information for OSFI’s program inventory is available on GC InfoBase.
The following table shows, for Financial Institution and Pension Plan Regulation, budgetary spending for 2023–24, as well as planned spending for that year and for each of the next two fiscal years.
Financial, human resources and performance information for OSFI’s program inventory is available on GC InfoBase.
The following table shows, in full-time equivalents, the human resources the department will need to fulfill this core responsibility for 2023–24 and for each of the next two fiscal years.
The Office of the Chief Actuary (OCA) provides a range of actuarial services, including statutory actuarial valuations required by legislation and checks and balances on the future costs of programs for the Canada Pension Plan, Old Age Security, Employment Insurance and Canada Student Loans programs, as well as pension and benefits plans covering the Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges, and Members of Parliament.
The OCA contributes to financial system oversight by helping to ensure that social programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians.
To support OSFI’s ongoing transformation in 2023-24, the OCA will focus on developing a coordinated approach towards strategic stakeholder management. In particular, the OCA will perform an assessment of its current financing model to identify the risks associated with the model and recommend next steps.
In 2023-24, the OCA will continue to meet its mandate by ensuring the provision of high-quality actuarial information on the cost of public programs and government pension and benefit plans. As a result, the following actuarial reports will be submitted to the President of Treasury Board for tabling before Parliament in 2023-24:
In addition, the 2024 Actuarial Report on the Employment Insurance Premium Rate will be submitted to the Canada Employment Insurance Commission and the triennial Actuarial Report on the Old Age Security as at 31 December 2021 will be submitted to the Minister of Seniors, both to be tabled before Parliament in 2023-24.
Following the release of the triennial Actuarial Report on the Canada Pension Plan (CPP) as at 31 December 2021, which involved the projection of demographic and economic trends based on CPP revenues and expenditures over a 75-year period, the results of the independent peer review are scheduled to be released in early 2023-24.
In 2023-24, the OCA will prepare the Actuarial Report on the Canada Student Financial Assistance Program as at 31 July 2022. Further, the OCA will also submit various actuarial reports for the purpose of Public Accounts of Canada, presenting the obligations and costs, as at March 31, 2023, associated with federal public sector pension and benefit plans including future benefits to veterans.
Moreover, the OCA will publish two actuarial studies in 2023-24 on climate change and how it may affect the plans and programs under the OCA’s responsibility, as well as on CPP beneficiaries' mortality.
As part of its ongoing provision of sound actuarial advice, the OCA will assist several government departments in the design, funding and administration of the plans and programs for which they are responsible. Client departments include the federal and provincial Departments of Finance, Employment and Social Development Canada, Treasury Board Secretariat, Veterans Affairs Canada, National Defense, Royal Canadian Mounted Police, the Department of Justice, and Public Services and Procurement Canada.
Given that the OCA’s primary responsibility is to provide actuarial advice, including the preparation of actuarial reports for federal government organizations, continuous improvement is generally sought through consultations and lessons learned exercises rather than experimental projects.
The following table shows, for Actuarial Services to Federal Government Organizations, the planned results, the result indicators, the targets and the target dates for 2023–24, and the actual results for the three most recent fiscal years for which actual results are available.
Table 4 footnotes
The last peer review was conducted in 2020-21. The result is reported as “N/A” in the years an assessment is not conducted.
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The following table shows, for Actuarial Services to Federal Government Organizations, budgetary spending for 2023–24, as well as planned spending for that year and for each of the next two fiscal years.
Financial, human resources and performance information for OSFI’s program inventory is available on GC InfoBase.
Internal services are the services that are provided within a department so that it can meet its corporate obligations and deliver its programs. There are 10 categories of internal services:
In 2023-24, OSFI will continue to execute on priority transformation initiatives included in its Strategic Plan 2022-25. These and other internal service priorities highlighted below support the advancement of OSFI’s internal capabilities.
Culture and Enabler Initiatives: OSFI is a workplace where curious, diverse, high integrity colleagues are safe to bring their true and best selves to work everyday and are safe to fail and then adapt.
In 2023-24, OSFI will advance its work to nurture a workplace where its desired values and culture thrive through:
OSFI will continue to implement strategies to support transformation efforts, prioritizing efficiency over process and promoting a change mindset, including:
OSFI will also continue advancing information management/information technology (IM/IT) initiatives, including:
Risk, Strategy and Governance: OSFI makes risk-intelligent decisions every day that reflect its transparent and revealed risk appetite via leadership and governance that delegates out decision-making, from the top to the leaders best positioned to make decisions.
In 2023-24, OSFI will make progress on risk management practices to enable risk-based decisions. This will be achieved through:
Data Management and Analytics: OSFI’s data platform enables the vast majority of analytical research and insight-generation while simultaneously eliminating the necessity of most ad-hoc data requests made to regulated entities.
In 2023-24, OSFI will build on its current data strategy to establish its “Vision 2030” Data Strategy, a medium to long-term plan for transforming the use of data and analytics. This work will involve:
Work will continue on an analytics alignment framework and the development of an interaction model with stakeholders across OSFI. Further, OSFI will develop and execute on an enterprise data literacy strategy in collaboration with key internal partners to help make data and analytics part of OSFI’s culture DNA.
Additionally, OSFI will stand up an external Analytics Advisory Committee to support the implementation and continuous improvement of OSFI’s Vision 2030 Data Strategy.
In parallel with the ongoing transformational efforts, OSFI will continue to deliver expected results supporting its enabling infrastructure and corporate obligations.
OSFI will complete renovations in the Ottawa and Toronto offices. It will monitor the Montreal and Vancouver offices, which underwent upgrades in 2022-23, for any required adjustments. OSFI continues to integrate new technologies to build and support a hybrid workplace. Additionally, OSFI aims to implement a measurement strategy to monitor the effectiveness of its hybrid work model.
OSFI will introduce new technology to enable a hybrid environment. It will continue to roll out the Cloud Adoption Roadmap, which focuses on modernizing work practices and moving applications to the cloud. This includes applications in areas to improve collaboration, data and analytics, and office productivity, as well as making investments in OSFI’s fundamental infrastructure, service desk, processes, and services. OSFI will carry on with enhancing its IM/IT Risk Management Framework to capture, analyze, and respond to risks in its environment to ensure the rollout of technological capabilities that will enable OSFI’s strategic objectives.
To support these and other priorities, communications will play a significant role to ensure that innovative tactics are used to reach key audiences and adapt to the ever-changing financial risk environment. Externally, OSFI’s Public Affairs team will provide timely and accurate information to ensure transparency on key issues that impact Canadians and their confidence in our financial system. The team will focus on plain language descriptions of the complex OSFI policies and guidelines, opportunities for the Superintendent, the Chief Actuary and other senior leaders to address key audiences, and social media and web content that helps all stakeholders understand how OSFI’s role and actions contribute to the safety and stability of Canada’s financial system.
OSFI’s internal communications will ensure there are strong connections between our leadership and our employees. It will ensure employees are aware of and support the transition to the hybrid work model and the larger transformation agenda. It will also help the organization transition to a new, modern website and adhere to web best practices.
OSFI relies on data analysis to measure risk, identify trends, and make evidence-based decisions. As a result, IM/IT continues to design, release, and support new iterations of the Technology Exploration Space and Advanced Data Analytics Platform and Technology.
OSFI plans to support the Government of Canada’s commitment that a mandatory minimum target of 5% of the total value of contracts is awarded to Indigenous Businesses annually by achieving the minimum targets set out below. OSFI plans to achieve these minimum targets using a combination of voluntary set asides for planned office furniture and IT hardware expenditures related to OSFI’s return to office initiative, and IT professional services expenditures related to OSFI’s web renewal and cloud projects. OSFI plans to supplement these with regular contracts (“incidentals”) awarded to Indigenous Businesses. OSFI’s standard practice is to invite a minimum of one Indigenous supplier to bid on all professional services requests for proposal to provide ongoing opportunities to Indigenous Businesses.
In the past, OSFI has consistently achieved or surpassed its annual targets for contracts awarded to Indigenous Businesses by relying on furniture and IT purchases; however, OSFI recognizes that the planned procurement value for those areas is not sufficient to achieve the mandatory minimum 5% target in the longer term. As such, OSFI plans to pilot the use of the conditional set aside process in 2023-2024, and will also explore other strategies to sustain or increase the value of contracts awarded to Indigenous Businesses relative to the total value of contracts OSFI awards each fiscal year.
The following table shows, for internal services, budgetary spending for 2023–24, as well as planned spending for that year and for each of the next two fiscal years.
The reduction in 2024-25 planned spending is due to the completion of renovations in the Ottawa and Toronto offices to support OSFI’s hybrid work model. Additional details are provided under the
“Planned spending and human resources” section of the report.
The following table shows, in full-time equivalents, the human resources the department will need to carry out its internal services for 2023–24 and for each of the next two fiscal years.
This section provides an overview of the department’s planned spending and human resources for the next three fiscal years and compares planned spending for 2023–24 with actual spending for the current year and the previous year.
The following graph presents planned spending (voted and statutory expenditures) over time.
The graph above represents OSFI’s actual spending for 2020-21 and 2021-22, and current planned spending thereafter. Statutory expenditures, which are recovered from respendable revenue, represent over 99% of total expenditures. The remainder of OSFI’s spending is funded from a parliamentary appropriation for actuarial services related to federal public sector pension and benefit plans.
OSFI’s total authorities (voted and statutory) increased in 2021-22 due to the addition of resources to implement OSFI’s DEI strategy, as well as the acceleration of some initiatives such as the move to cloud-based technology and continued investments in data and analytics. The significant increase in 2022-23 and onwards is due to the implementation of OSFI’s 2022-25 Strategic Plan, which will allow OSFI to effectively address its intensifying risk environment by focusing on the six priorities noted in the “Plans at a glance” section of this document. This increase was not included in the 2022-23 Departmental Plan because the three-year strategic planning exercise was completed after the submission of the Departmental Plan was completed.
The following table shows information on spending for each of OSFI’s core responsibilities and for its internal services for 2023–24 and other relevant fiscal years.
OSFI’s total spending increased by 4% in 2021-22, largely driven by staffing of vacant positions, normal escalation / merit increases, the addition of resources to implement OSFI’s DEI strategy, as well as the acceleration of some initiatives such as the move to cloud-based technology and continued investments in data and analytics.
Overall spending increases of 16.4% in 2022-23 and 21.9% in 2023-24 are driven by the aggregate impact of the following:
The following table shows information on human resources, in full-time equivalents (FTEs), for each of OSFI’s core responsibilities and for its internal services for 2023–24 and the other relevant years.
The increase of 53 FTEs in 2021-22 was largely due to the staffing of vacant positions under the Financial Institution and Pension Plan Regulation and Supervision core responsibility and Internal Services. The forecasted increase of 118 FTEs in 2022-23 and 83 FTEs in 2023-24 are mainly due to the implementation of OSFI’s 2022-25 Strategic Plan, which entails FTE increases across OSFI. The number of FTEs is expected to stabilize in 2025-26 once the transformation office, the HCM system, the Approvals Case Management Renewal, and IM/IT’s cloud projects are completed.
Information on OSFI’s organizational appropriations is available in the
2023–24 Main Estimates.
The future-oriented condensed statement of operations provides an overview of OSFI’s operations for 2022–23 to 2023–24.
The forecast and planned amounts in this statement of operations were prepared on an accrual basis. The forecast and planned amounts presented in other sections of the Departmental Plan were prepared on an expenditure basis. Amounts may therefore differ.
detailed future-oriented statement of operations and associated notes, including a reconciliation of the net cost of operations with the requested authorities, are available on OSFI’s website.
OSFI fully recovers its costs through collection of revenues. The difference between the figures presented in the table above and the planned spending amounts provided in other sections of the Departmental Plan is due to a different basis of accounting and relates to non-respendable revenues, amortization of capital and intangible assets, and severance and sick leave liability adjustments.
Information on the
OSFI’s raison d'être, mandate and role is available on OSFI's website.
Information on the
operating context is available on OSFI's website.
OSFI’s approved departmental results framework and program inventory for 2023–24 are as follows.
Supporting information on planned expenditures, human resources, and results related to OSFI's program inventory is available on GC InfoBase.
supplementary information tables are available on OSFI's website:
OSFI’s Departmental Plan does not include information on tax expenditures.
Tax expenditures are the responsibility of the Minister of Finance. The Department of Finance Canada publishes cost estimates and projections for government-wide tax expenditures each year in the
Report on Federal Tax Expenditures. This report provides detailed information on tax expenditures, including objectives, historical background and references to related federal spending programs, as well as evaluations, research papers and gender-based analysis plus.
Office of the Superintendent of Financial Institutions
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Any authority of Parliament to pay money out of the Consolidated Revenue Fund.
Operating and capital expenditures; transfer payments to other levels of government, organizations or individuals; and payments to Crown corporations.
An enduring function or role performed by a department. The intentions of the department with respect to a core responsibility are reflected in one or more related departmental results that the department seeks to contribute to or influence.
A document that sets out a department's priorities, programs, expected results and associated resource requirements, covering a three-year period beginning with the year indicated in the title of the report. Departmental Plans are tabled in Parliament each spring.
A change that a department seeks to influence. A departmental result is often outside departments' immediate control, but it should be influenced by program-level outcomes.
A factor or variable that provides a valid and reliable means to measure or describe progress on a departmental result.
A framework that consists of the department's core responsibilities, departmental results and departmental result indicators.
A report on a department's actual performance in a fiscal year against its plans, priorities and expected results set out in its Departmental Plan for that year. Departmental Results Reports are usually tabled in Parliament each fall.
A measure of the extent to which an employee represents a full person-year charge against a departmental budget. Full-time equivalents are calculated as a ratio of assigned hours of work to scheduled hours of work. Scheduled hours of work are set out in collective agreements.
An analytical tool used to support the development of responsive and inclusive policies, programs and other initiatives. GBA Plus is a process for understanding who is impacted by the issue or opportunity being addressed by the initiative; identifying how the initiative could be tailored to meet diverse needs of the people most impacted; and anticipating and mitigating any barriers to accessing or benefitting from the initiative. GBA Plus is an intersectional analysis that goes beyond biological (sex) and socio-cultural (gender) differences to consider other factors, such as age, disability, education, ethnicity, economic status, geography, language, race, religion, and sexual orientation.
For the purpose of the 2023–24 Departmental Plan, government-wide priorities are the high-level themes outlining the Government's agenda in the 2021 Speech from the Throne: building a healthier today and tomorrow; growing a more resilient economy; bolder climate action; fighter harder for safer communities; standing up for diversity and inclusion; moving faster on the path to reconciliation and fighting for a secure, just, and equitable world.
High impact innovation varies per organizational context. In some cases, it could mean trying something significantly new or different from the status quo. In other cases, it might mean making incremental improvements that relate to a high-spending area or addressing problems faced by a significant number of Canadians or public servants.
An initiative in which two or more federal organizations are given funding to pursue a shared outcome, often linked to a government priority.
Net outlays and receipts related to loans, investments and advances, which change the composition of the financial assets of the Government of Canada.
What an organization did with its resources to achieve its results, how well those results compare to what the organization intended to achieve, and how well lessons learned have been identified.
The articulation of strategic choices, which provides information on how an organization intends to achieve its priorities and associated results. Generally, a plan will explain the logic behind the strategies chosen and tend to focus on actions that lead up to the expected result.
For Departmental Plans and Departmental Results Reports, planned spending refers to those amounts presented in the Main Estimates.
A department is expected to be aware of the authorities that it has sought and received. The determination of planned spending is a departmental responsibility, and departments must be able to defend the expenditure and accrual numbers presented in their Departmental Plans and Departmental Results Reports.
Individual or groups of services, activities or combinations thereof that are managed together within a department and that focus on a specific set of outputs, outcomes or service levels.
An inventory of a department's programs that describes how resources are organized to carry out the department's core responsibilities and achieve its planned results.
An external consequence attributed, in part, to an organization, policy, program or initiative. Results are not within the control of a single organization, policy, program or initiative; instead, they are within the area of the organization's influence.
Expenditures that Parliament has approved through legislation other than appropriation acts. The legislation sets out the purpose of the expenditures and the terms and conditions under which they may be made.
A measurable performance or success level that an organization, program or initiative plans to achieve within a specified time period. Targets can be either quantitative or qualitative.
Expenditures that Parliament approves annually through an Appropriation Act. The vote wording becomes the governing conditions under which these expenditures may be made.
Financial Information Committee (FIC) is comprised of OSFI (Chair), the Bank of Canada and the Canada Deposit Insurance Corporation (CDIC). FIC was created under the auspices of FISC to govern the collection and sharing of regulatory data.
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