OSFI published the strategic plan for 2019-2022 and the departmental plan for 2019-2020. The strategic plan for 2019-2022 sets out a framework for the work of OSFI and sets clear objectives. The departmental plan provides information on planned work and the results OSFI will strive to achieve during the upcoming year.
The key components of the strategic plan are the following four key goals:
- Improve regulated entities’ preparedness and resilience to financial risk
- Improve their preparedness to identify and develop resilience to non-financial risks
- Improve agility and operational effectiveness through responsible stewardship of resources
- Preserve support from Canadians and cooperation from the financial services industry by being transparent and accountable
The departmental plan highlights the key focus areas of OSFI over the coming year, including the following:
- Revise capital rules for deposit-taking institutions to implement Basel III capital and liquidity reforms
- Conduct public consultations on guidance for Canadian deposit-taking institutions on the implementation of the BCBS’ second and third phases of the market discipline framework (Pillar 3) disclosure requirements
- Modernize supervisory processes, tools, and practices through the development and implementation of new technology
- Prepare for the implementation of new international financial reporting standards including IFRS 17 on insurance contracts
- Revise guidance to ensure the sound management of reinsurance risks by insurers
- Monitor federally regulated financial institutions’ implementation of other major guidance initiatives, including the revised Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures, which came into force on January 01, 2018.
- Work with federal partners to enhance the crisis preparedness framework; conduct "table top exercises" at least annually and evolve the breadth and depth of the crisis management scenarios used in these exercises
- Enhance capabilities with respect to non-financial risks and undertake further work regarding operational resilience and technology, cyber, culture, and conduct risks.
Keywords: Americas, Canada, Banking, Insurance, Strategic Plan, Departmental Plan, Basel III, IFRS 17, Pillar 3, OSFI
Previous ArticleEBA Adds MCD to Interactive Single Rulebook and Q&A Tool
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to ten questions.
ESMA updated the set of questions and answers (Q&A), along with the reporting instructions and an XML schema for the templates set out in the technical standards on disclosure requirements, under the Securitization Regulation.
EU published Regulation 2021/337, which amends the Transparency Directive (2004/109/EC), regarding the use of the single electronic reporting format for annual financial reports.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.