Program directory · Office of the Superintendent of Financial Institutions Canada
Risk Assessment and Intervention - Federally Regulated Financial Institutions
- Program code
- BVN01 (OSFI)
- Core responsibility
- Financial Institution and Pension Plan Regulation and Supervision
- In Departmental Plans
- 2018-19 – 2025-26 · Appeared and later dropped
What it does
The Office of the Superintendent of Financial Institutions regulates and supervises financial institutions to determine whether they are in sound financial condition and are complying with their governing statute law and supervisory requirements. This program involves the administration and application of an effective supervisory process to assess the safety and soundness of regulated financial institutions by evaluating an institution’s risk profile, financial condition, risk management processes, and compliance with applicable laws and regulations. This program includes activities to monitor and supervise financial institutions; monitor the financial and economic environment to identify emerging issues; and intervene on a timely basis when a financial institution’s business practices may be imprudent or unsafe. The Office intervenes by exercising supervisory powers to take, or require management or boards to take, necessary corrective measures to protect depositors and policy holders.
Source: the department's Program Inventory, via GC InfoBase.
History and lineage
First appears in GC InfoBase's actual spending by program in 2018-19. The data does not record when a program was created; it may be older than its first appearance here, which is limited by the sources (program spending starts in 2010-11, Departmental Plans in 2018-19).
| Program | Relation | Years with data | Actual spending over those years |
|---|---|---|---|
| Risk Assessment and Intervention - Federally Regulated Financial Institutions | This program | 2018-19 – 2027-28 | $642M |
No earlier or later program in the same department has a similar name.
Significant changes in scope and budget
Detected from the data: renames between plans, programs it appears to replace, merge with or split into (matched by name), year-over-year changes in spending of at least 25% and $5M, or in employees of at least 20% and 25 FTEs, linked budget measures, and results indicators added or dropped.
| Year | What changed | Source |
|---|---|---|
| 2023-24 | Employees (FTEs) 547, against 437 in 2022-23 (+25%). | FTEs (GC InfoBase) |
| 2023-24 | Spending $114M, against $88.6M in 2022-23 (+28%). | Actual spending (GC InfoBase) |
Success criteria
The program's indicators from its department's Departmental Results Framework: the target set in each year's plan, and the result reported the following year. Source: GC InfoBase.
Historical: targets against results
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≤ 1 | 2019 | 5 In all five cases, the increase by two levels was due to capital management concerns. The result is not indicative of a systemic issue because the federally regulated financial institutions are relatively small, from three different sectors in the financial industry and the incidents were spread over the fiscal year. | Not met |
| 2019-20 | ≤ 1 | 2020 | 0 | Met |
| 2020-21 | ≤ 1 | 2021 | 0 | Met |
| 2021-22 | ≤ 1 | 2022 | 0 | Met |
| 2022-23 | ≤ 1 | 2023 | 2 Both of the institutions in question are foreign bank branches, one of which has no deposits in Canada. The rating increases were caused by a crisis of market confidence at the foreign banks. | Not met |
| 2023-24 | ≤ 1 | 2024 | 4 The increases in intervention ratings were the result of OSFI uncovering significant risk issues that warranted an increase of two levels within a three-month period. In all cases, OSFI acted promptly upon identifying the new risk and took measures to contain or ensure the remediation of the issue. | Not met |
| 2024-25 | ≤ 1 | 2025 | 3 The increases in intervention ratings were the result of OSFI uncovering significant risk issues that warranted an increase of two levels within a three-month period. In all cases, OSFI acted promptly upon identifying the new risk and took measures to contain or ensure the remediation of the issue. | Not met |
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≥ 90% | 2019 | 100% | Met |
| 2019-20 | ≥ 90% | 2020 | 100% | Met |
| 2020-21 | ≥ 90% | 2021 | — N/A. There is only one institution placed in liquidation in the last 15 years and the payment of claims to policyholders and depositors is complete as of October 2020. | No result reported |
| 2021-22 | ≥ 90% | 2022 | — N/A. There is only one institution placed in liquidation in the last 15 years and the payment of claims to policyholders and depositors is complete as of October 2020. | No result reported |
| 2022-23 | ≥ 90% | 2023 | — N/A. There have been two institutions placed in liquidation in the last 15 years. One did not have any deposits in Canada and for the other, the payment of claims to policyholders and depositors was complete as of October 2020. | No result reported |
| 2023-24 | ≥ 90% | 2024 | — N/A. There have been two institutions placed in liquidation in the last 15 years. One did not have any deposits in Canada and for the other, the payment of claims to policyholders and depositors was complete as of October 2020. | No result reported |
| 2024-25 | ≥ 90% | 2025 | — There have been two institutions placed in liquidation in the last 15 years. One did not have any deposits in Canada and for the other, the payment of claims to policyholders and depositors was complete as of October 2020. | No result reported |
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≥ 80% | 2019 | 85% | Met |
| 2019-20 | ≥ 80% | 2020 | 88% | Met |
| 2020-21 | ≥ 80% | 2021 | 78% The result of 78% fell slightly short of the target due to pandemic-related operational disruptions. Results improved significantly in the second half of the year as OSFI developed methods and approaches to better manage these disruptions. Notably, the result for the second half of the fiscal year was 87%. | Not met |
| 2021-22 | ≥ 80% | 2022 | 91% | Met |
| 2022-23 | ≥ 80% | 2023 | 95% | Met |
| 2023-24 | ≥ 80% | 2024 | 83% | Met |
| 2024-25 | ≥ 80% | 2025 | — The methodology for this metric no longer aligns. OSFI is currently in the process of recalibrating this metric. | No result reported |
Current: the 2026-27 plan's targets
No indicators in the 2026-27 plan.
Future goals: targets due after 2026-27
No targets with a later due date.
Spending and employees: planned against actual
Spending
Show the numbers
| Fiscal year | Planned | Actual |
|---|---|---|
| 2018-19 | $56.8M | $67.4M |
| 2019-20 | $63.8M | $81.9M |
| 2020-21 | $82.6M | $83.5M |
| 2021-22 | $82.5M | $82.1M |
| 2022-23 | $84M | $88.6M |
| 2023-24 | $99.8M | $114M |
| 2024-25 | $134M | $125M |
| 2025-26 | $151M | — |
| 2026-27 | $153M* | — |
| 2027-28 | $151M* | — |
Employees (FTEs)
Show the numbers
| Fiscal year | Planned | Actual |
|---|---|---|
| 2018-19 | 324 | 338 |
| 2019-20 | 367 | 373 |
| 2020-21 | 436 | 398 |
| 2021-22 | 438 | 414 |
| 2022-23 | 437 | 437 |
| 2023-24 | 502 | 547 |
| 2024-25 | 596 | 581 |
| 2025-26 | 584 | — |
| 2026-27 | 590* | — |
| 2027-28 | 590* | — |
Planned spending, plan by plan
Each row is one year's Departmental Plan and its forecast for the next three fiscal years; read a column down to see how the forecast for one year changed. The last row is what was actually spent. Click an amount for its source. Biggest changes in federal spending plans
| Plan | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 | 2026-27 | 2027-28 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2018-19 plan | $56,778,412 | $57,603,070 | $58,600,025 | |||||||
| 2019-20 plan | $63,762,946 | $64,405,416 | $65,629,511 | |||||||
| 2020-21 plan | $82,610,869 | $80,511,808 | $81,863,286 | |||||||
| 2021-22 plan | $82,530,200 | $83,795,853 | $85,123,574 | |||||||
| 2022-23 plan | $84,010,891 | $85,219,363 | $86,713,116 | |||||||
| 2023-24 plan | $99,817,720 | $103,760,756 | $106,203,304 | |||||||
| 2024-25 plan | $133,930,652 | $147,706,291 | $148,816,732 | |||||||
| 2025-26 plan | $151,402,356 | $153,478,219 | $151,002,905 | |||||||
| Actual | $67,377,227 | $81,860,391 | $83,469,893 | $82,100,560 | $88,568,772 | $113,789,343 | $125,141,269 |
Actual spending is from Departmental Results Reports and the Public Accounts, as published in GC InfoBase. FTEs are full-time equivalents.
