Featured Product

    OSFI Summarizes Findings of the 2018-19 Financial Institutions Survey

    August 28, 2019

    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. 

     

    Related Links

    Keywords: Americas, Canada, Banking, Insurance, Financial Institution Survey, Research, IFRS 17, Cyber Risk, OSFI

    Featured Experts
    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458