OSFI releases its 2023 to 2024 Annual Report

Today, the Office of the Superintendent of Financial Institutions (OSFI) released its 2023 to 2024 Annual Report. The report covers OSFI's achievements from April 1, 2023 to March 31, 2024. It also shows how OSFI continues to deliver on its 2022 to 2025 Strategic Plan and the 2024 to 2025 Departmental Plan.

Over the past year, OSFI has successfully navigated a challenging risk environment and made significant progress in strengthening resilience in Canada’s financial system through a variety of initiatives. Here are some highlights:

• OSFI updated its Supervisory Framework and several guidelines to reflect OSFI’s new risk appetite, better respond to new financial and non-financial risks, and broaden the accountability of supervisors in their decision-making;
• OSFI strengthened its data and analytical capabilities to support supervisory and regulatory activities. This included making notable progress on the Data Collection Modernization initiative alongside the Bank of Canada and the Canada Deposit Insurance Corporation; and
• In line with OSFI’s expanded mandate, OSFI published its final Integrity and Security guideline

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OSFI’s Annual Report outlines OSFI’s efforts over the past year and demonstrates its ability to navigate an increasingly complex risk environment while continuing to contribute to public confidence in Canada’s financial system.