The Office of the Superintendent of Financial Institutions (“OSFI”) recently issued its 2023-24 Departmental Plan (the Plan), which sets out its planned initiatives for the coming year.
Key highlights of the Plan include:
Culture and Enabler Initiatives: Finalize and implement a three-year Culture Change Action Plan; develop and implement a new multi-year Human Capital Strategy…
Risk, Strategy and Governance: Enhance environmental scanning tools to advance OSFI’s assessment of risks and trends; implement a risk appetite and framework to ensure risk-based decision making; and implement an enhanced governance structure to enable timely, transparent, and risk-intelligent decision making.
Policy Innovation: Develop policy instruments on stablecoin and starting to build the Digital Regulatory Incubator; and reviewing publications and releasing new guidelines and frameworks for key risk principles.
Data Management and Analytics: Further the Data Collection Modernization initiative, which aims to modernize the definition, collection, transformation and use of regulatory data; and develop and execute an enterprise data literacy strategy to make data and analytics an integral part of OSFI’s operations and decision making.