Transforming for Tomorrow: OSFI releases its 2022-2025 Strategic Plan

While OSFI has gained knowledge from past financial crises and bouts of financial volatility, the Office must adapt to emerging risks facing the financial sector. This transformational Strategic Plan will position OSFI, in a deliberate and methodical manner, to respond to new and enduring risks. It will also help enhance OSFI’s ability to identify risks early, and to respond quickly and authoritatively to the most urgent issues facing the Canadian financial system.

The degree of complexity and interconnectedness of the risk-environment also means that our institution’s role is becoming more visible to Canadians. As our involvement in public policy matters intensifies, the Strategic Plan will help OSFI develop effective, fit for purpose, prudential responses to emerging and developing risk areas facing Canada’s financial system.

OSFI’s 2022-2025 Strategic Plan sets out the organization’s goals and priorities for the next three years and outlines concrete actions it will take to ensure it continues to contribute to confidence in Canada’s financial system.

The Strategic Plan is built on three foundational elements:

1. Mandate – refocus the delivery of the mandate to place greater emphasis on contributing to public confidence in the Canadian financial system
2. Risk Appetite – expand and fortify risk management capabilities and risk appetite to support strategic and operational management
3. Culture – embed corporate values so that individuals can flourish within an operating environment of increasing uncertainty

The Strategic Plan also provides objectives and initiatives that describe what success in achieving these goals will look like.

OSFI has an impressive record of accomplishment in helping to keep Canada’s financial system resilient. To sustain that record of service, we must be prepared and well positioned to not only react, but also adapt urgently to a changing risk environment.

- Peter Routledge, Superintendent