April, 2012 – As the core document for OSFI’s annual planning cycle, the OSFI Plan and Priorities for 2012-2015 describes our priorities for the planning period and outlines key challenges and risks. Our main areas of focus are described below.
Addressing External Risks
OSFI’s long-term priority remains focused on anticipating and addressing risks from economic uncertainty and regulatory change. We are continuing to monitor and respond to the more dynamic, increasingly complex regulatory and financial environments, both internationally and domestically.
Risks Emanating from Regulatory Reform
We will continue to participate actively in international and domestic discussions to identify and respond to key issues arising from global financial events and adopt new proposals that strengthen our regulatory system. We will also be creating new standards for risk management, disclosure and corporate governance. We will be paying particular attention to the effects of implementation of international accounting rule changes and of Basel III capital adequacy and liquidity requirements. In addition, OSFI will develop, communicate and begin implementation of, a public roadmap outlining the future state of insurance reforms, bringing together different elements such as capital, accounting and supervisory changes so that implications for industry are more transparent and better understood. OSFI will also be assessed under the International Monetary Fund’s (IMF) and World Bank’s Financial Sector Assessment Program (FSAP) in 2013.
Addressing Internal Risks
We will continue to implement our Human Resources Plan as committed and identify changing human resource requirements to ensure the necessary skills and expertise are maintained. This includes individual learning and development (training) plans to ensure our employees are equipped to deal with their work plans and with the impact of emerging risks. In addition, we will implement two key frameworks: Managing Compensation and HR Management, as we enhance HR processes for continued success of our employees.
We also continue to implement our Information Management and Information Technology (IM/IT) Strategy and related Information Technology Renewal initiative to support our evolving supervisory and regulatory activities.
OSFI Plan and Priorities for 2012 � 2015
OSFI is an independent agency of the Government of Canada. It reports to the Minister of Finance. For more information visit www.osfi-bsif.gc.ca.