Modernizing our policies and guidance

We issue policies and guidance so industry knows and understands our regulatory expectations. Our policy modernization initiative seeks to improve the way we develop policy and to streamline and simplify these documents.

To support this initiative, we consulted with industry to understand the strengths and pain points of our current policy development approach. The following considers advice and feedback we received on the content and style of our guidance, as well as the process followed.

Benefits

Policy modernization will enable:

• an appropriate risk response with the right policy instruments, for the right risks, at the right time
• industry to more easily understand and comply with our regulatory expectations
• us to supervise industry and its activities more effectively and efficiently

This helps us better advance our overall mandate of contributing to public confidence in the Canadian financial system.

Approach

We will do this by:

• providing enhanced predictability and transparency in our policy processes
• removing redundancy, duplication and ineffective expectations
• offering greater clarity, focus and accessibility in our policy documents