Gender-based analysis plus for 2022-2023 Departmental Plan

Publication type
Departmental plans
Date

General information

Institutional GBA Plus 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 direct services or benefits to individual Canadians. In its regulatory and supervisory role, OSFI’s primary interactions are with federally regulated entities, which include all banks in Canada, 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. Policy and guideline development work is geared for institutions, and none of OSFI’s programs collect individual microdata information.

Diversity and inclusion are core values OSFI upholds, even though OSFI does not currently play a direct GBA Plus role. For the 2022-23 reporting period, OSFI does not have any Full-Time Employee Equivalents (FTE) dedicated to GBA Plus implementation. However, a new Diversity, Equity and Inclusion (DEI) unit was created in 2021-22 and the subsequent implementation of a DEI Strategy and 3-year Action Plan has positive implications for GBA Plus work. The Action Plan includes the review of HR policies and processes, which will include applying a GBA Plus lens as well as a GBA Plus pilot project in 2022-23. In subsequent years, GBA Plus training will be offered to all managers through Women and Gender Equality Canada. More information can be found below under Internal Services.

Highlights of GBA Plus Results Reporting Capacity by Program
Risk Assessment and Intervention – Federally Regulated Financial Institutions

In its regulatory and supervisory role, OSFI’s primary interactions are with 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 direct services or benefits to individual Canadians. Quantifying the distribution of benefits by gender, income level, or age group is not applicable to OSFI’s role or context. No program indicators currently identify impacts on these sub-populations. In the future, OSFI’s programs will be reviewed from a GBA Plus perspective.
Regulation and Guidance of Federally Regulated Financial Institutions
Regulatory Approvals and Legislative Precedents
Federally Regulated Private Pension Plans
Actuarial Valuation and Advice

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 Pension Plan and Canada Student Financial Assistance Act.
Internal Services

In 2021-22, a new Diversity, Equity and Inclusion (DEI) unit was created, and a number of activities began that have positive implications for GBA Plus work in 2022-23. These include:

  • Inclusion of a Workforce Planning Pillar with OSFI’s Human Capital Strategy, underlining OSFI’s commitment to a diverse and inclusive workforce including taking proactive steps to remove real or potential biases, or systemic barriers in OSFI’s people management, recruitment and promotion processes.
  • Examination of Hiring and Promotion Processes, Tools and Practices to determine where OSFI can improve access and representation
  • Inclusion of DEI related corporate commitments into performance management agreements for all employees
  • Execution of a Diversity and Inclusion Diagnostic to assess OSFI’s current state with regards to inclusion and belonging, ensuring all employees had the opportunity to be heard and supporting the development of OSFI’s first ever DEI Strategy and Action Plan

In 2022-23, the implementation of OSFI’s DEI Strategy and 3-year Action Plan includes the following activities to support GBA Plus:

  • Conduct a review of HR policies to determine alignment with DEI objectives
  • Conduct a GBA Plus review and strategy pilot project with one area of the organization, to use as case study before sharing and rolling out across OSFI
  • Provide foundational DEI related training to all employees to increase understanding of diversity, equity and inclusion related issues and encourage critical thinking about the systems and processes currently in place

OSFI is currently developing mechanisms for measuring success and progress of the DEI Strategy. For this work, OSFI will leverage the Centre for Global Inclusion’s DEI benchmarks as a starting point that will help track progress against the broader vision for DEI at OSFI.
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