OSFI published a summary of the findings of the 2018-19 online financial institutions survey of all OSFI-supervised active deposit-taking institutions and insurance companies. The objective of the survey was to provide a high-level assessment of the performance of OSFI as a prudential regulator and supervisor and to compare the 2018 results from a previous study that was conducted in 2016. OSFI had, in the Fall of 2018, commissioned Phoenix Strategic Perspectives, an independent research firm, to conduct this confidential survey with executives of the financial institutions that OSFI regulates.
The results show that overall satisfaction of OSFI as a regulator and supervisor remains strong. The highest positive ratings in the 2018 survey pertain to satisfaction with the effectiveness of OSFI in supervising financial institutions, consistent with previous results. In addition, there has also been a notable improvement in the scaling in guidance and supervisory activities, which was identified as an area for improvement in the 2016 survey. Areas of improvement identified in 2018 relate to the response time of OSFI to market developments or industry suggestions that guidance needs updating and the development of guidance that balances prudential considerations and the need for institutions to compete. However, IT security, including cyber risk, continues to be an area that the institutions would like to see OSFI focus on in the coming years. Additionally, the deposit-taking institutions pointed to a variety of other risks while insurance companies focused on environmental risks, regulatory burden, and issues related to IFRS 17 on insurance contracts.
Keywords: Americas, Canada, Banking, Insurance, Financial Institution Survey, Research, IFRS 17, Cyber Risk, OSFI
Previous ArticleFSB Workshop on Continuity of Access to FMIs for Firms in Resolution
Next ArticlePBC Releases Fintech Development Plan for 2019-2021
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.