Gender based-analysis plus for the 2020-2021 Departmental Results Report

Section 1: Institutional GBA+ Capacity

OSFI is a prudential financial regulator, focused on financial stability and on the solvency, liquidity, and safety and soundness of federally regulated financial institutions (FRFIs) and private pension plans (FRPPs). OSFI's focus is on controlling and managing risks to FRFIs and FRPPs to ensure such institutions can continue to provide services and maintain market confidence.

OSFI does not provide services or benefits to individual Canadians. Its clientele is restricted to federally regulated entities, which include all banks in Canada, and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies and private pension plans. OSFI's scope of regulation does not include consumer or consumer-related issues or the securities sector, which are the responsibility of other agencies, both federal and provincial.

OSFI is one of the agencies under the Finance portfolio. In the context of its legislative and regulatory work, including statutory amendments and regulatory amendments, work is normally led by the Department of Finance where OSFI's role in this regard is typically a supporting role.

For the 2020-21 reporting period, OSFI does not have any Full-Time Employee Equivalents (FTE) dedicated to GBA+ implementation, and there were no planned initiatives to highlight where OSFI applied and monitored GBA+ in 2020-21. OSFI's policy and guideline development work is geared for institutions, and none of OSFI's programs collect individual microdata information.

As such, and given its mandate and restricted clientele, OSFI does not currently have a GBA+ implementation plan in place. OSFI is in the preliminary stages of assessing and enhancing its GBA+ capacity. OSFI has staffed a Diversity, Equity and Inclusion team and, as this work progresses, the OSFI reporting framework and program inventory will be reviewed from a GBA+ perspective. Furthermore, consideration will be given to how to apply GBA+ to internal policies that impact OSFI employees.

Section 2: Gender and Diversity Impacts, by Program

Core Responsibility: Financial Institution and Pension Plan Regulation and Supervision

Federally Regulated Private Pension Plans

Target Population

Specific regions or sectors of the economy: Financial and Insurance Sectors

Other

These responses apply to all OSFI programs and core responsibilities as presented in the current reporting framework.

The clientele of OSFI's programs is restricted to federally regulated financial institutions and pension plans and the scope of regulation does not include consumer or consumer-related issues or the securities sector. None of OSFI's programs collect individual recipient microdata information. Given its mandate, OSFI does not provide services or benefits to individual Canadians. At this time, OSFI is not in a position to quantify the distribution of benefits by gender, income level, or age group. No program indicators currently identify impacts on these sub-populations. In the future, OSFI's programs will be reviewed from a GBA+ perspective.

At a high level, OSFI's programs, supporting its first core responsibility, align to the "Economic Participation and Prosperity" pillar of the Gender Results Framework.

GBA+ Data Collection Plan

Nothing to report for 2020-21.

Regulation and Guidance of Federally Regulated Financial Institutions

Target Population

Specific regions or sectors of the economy: Financial and Insurance Sectors

Other

See above.

GBA+ Data Collection Plan

Nothing to report for 2020-21.

Regulatory Approvals and Legislative Precedents

Target Population

Specific regions or sectors of the economy: Financial and Insurance Sectors

Other

See above.

GBA+ Data Collection Plan

Nothing to report for 2020-21.

Risk Assessment and Intervention - Federally Regulated Financial Institutions

Target Population

Specific regions or sectors of the economy: Financial and Insurance Sectors

Other

See above.

GBA+ Data Collection Plan

Nothing to report for 2020-21.

Core Responsibility: Actuarial Services to Federal Government Organizations

Actuarial Valuation and Advice

Target Population

• Specific regions or sectors of the economy: Public Sector (Federal Departments and Agencies; Members of Parliament)
• All Canadians: General Public

Other

Demographic trends are taken into account in actuarial analyses, and the Office of the Chief Actuary performs an enabling function to other government organizations through the provision of actuarial services. It provides checks and balances on future costs of pension plans under its responsibility, and performs statutory actuarial valuations of various programs, including the Canada Student Loans Program.

At a high level, the Actuarial Valuation and Advice program aligns to the "Economic Participation and Prosperity", "Education and Skills Development", and "Poverty Reduction, Health and Well-Being" pillars of the Gender Results Framework.

GBA+ Data Collection Plan

Nothing to report for 2020-21.

Section 3: Program Links to Gender Results Framework

Section 4: Program Links to Quality of Life Framework