Program directory · Office of the Superintendent of Financial Institutions Canada
Regulation and Guidance of Federally Regulated Financial Institutions
- Program code
- BVN02 (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
This program involves advancing and administering a regulatory framework that promotes the adoption by regulated financial institutions of sound risk management practices, policies and procedures designed to plan, direct and control the impact on the institution of risks arising from its operations. This program includes the issuance of various forms of guidance, which may include guidelines and advisories as well as input into federal legislation and regulations affecting financial institutions; contributions to accounting, auditing and actuarial standards; and involvement in a number of international regulatory activities.
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 |
|---|---|---|---|
| Regulation and Guidance of Federally Regulated Financial Institutions | This program | 2018-19 – 2027-28 | $194M |
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) 187, against 140 in 2022-23 (+34%). | FTEs (GC InfoBase) |
| 2023-24 | Spending $39.5M, against $29.7M in 2022-23 (+33%). | Actual spending (GC InfoBase) |
| 2024-25 | Employees (FTEs) 149, against 187 in 2023-24 (−20%). | FTEs (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 | ≥ 70% | 2019 | 86% | Met |
| 2019-20 | ≥ 70% | 2020 | 86% | Met |
| 2020-21 | ≥ 70% | 2021 | 79% | Met |
| 2021-22 | ≥ 70% | 2022 | — A Financial Institutions Survey (FIS) was not conducted in 2021-22, therefore no updated data is available. | No result reported |
| 2023-24 | ≥ 70% | 2024 | 61% The decline in industry satisfaction levels is likely influenced by the higher-than-normal issuance of guidance in 2023-24 (e.g., third-party risks, operational resilience, integrity and security) due to an elevated risk environment and OSFI’s expanded mandate. As a result, industry stakeholders may have felt OSFI’s consultation in these areas were relatively quick, and industry suggestions on up… | Not met |
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≥ 75% | 2019 | 86% | Met |
| 2019-20 | ≥ 75% | 2020 | 86% | Met |
| 2020-21 | ≥ 75% | 2021 | 92% | Met |
| 2021-22 | ≥ 75% | 2022 | — A Financial Institutions Survey (FIS) was not conducted in 2021-22, therefore no updated data is available. | No result reported |
| 2023-24 | ≥ 75% | 2024 | 87% | Met |
Bars: result reported. Dashed line: target.
| Report year | Target | Due | Result | Status |
|---|---|---|---|---|
| 2018-19 | ≥ 75% | 2019 | 74% In support of increased transparency and accountability, new approaches to industry consultation are being implemented to improve stakeholder understanding of policy objectives and rationale. These include the issuance of more discussion papers, the solicitation of stakeholder feedback earlier and increased effort on public messaging for guidelines. | Not met |
| 2019-20 | ≥ 75% | 2020 | 74% To ensure increased transparency and understanding by internal and external stakeholders, OSFI is issuing more discussion papers and providing clarity on process, soliciting stakeholder feedback earlier and enhancing public messaging on guidelines. Improved transparency is also being sought through the development and future publication of a forward-looking agenda on policy priorities. | Not met |
| 2020-21 | ≥ 75% | 2021 | 66% OSFI continues to enhance the transparency around our guidance priorities through the release of our forward policy planner in both May and September 2021. We also continue to engage with the industry through industry information sessions and risk management seminars as well as through the issuance of discussion papers, consultative documents, and responses to frequently asked questions (FAQs). | Not met |
| 2021-22 | ≥ 75% | 2022 | — A Financial Institutions Survey (FIS) was not conducted in 2021-22, therefore no updated data is available. | No result reported |
| 2023-24 | ≥ 75% | 2024 | 72% The decline in industry satisfaction levels is likely influenced by the higher-than-normal issuance of guidance in 2023-24 (e.g., third-party risks, operational resilience, integrity and security) due to an elevated risk environment and OSFI’s expanded mandate. As a result, industry stakeholders may have felt OSFI’s consultation in these areas were relatively quick, and industry suggestions on up… | Not met |
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 | $18.4M | $19.6M |
| 2019-20 | $19.9M | $22.9M |
| 2020-21 | $24.7M | $23.2M |
| 2021-22 | $26M | $25.3M |
| 2022-23 | $24.2M | $29.7M |
| 2023-24 | $31.3M | $39.5M |
| 2024-25 | $36.4M | $33.4M |
| 2025-26 | $34.1M | — |
| 2026-27 | $34.8M* | — |
| 2027-28 | $35.9M* | — |
Employees (FTEs)
Show the numbers
| Fiscal year | Planned | Actual |
|---|---|---|
| 2018-19 | 65 | 94 |
| 2019-20 | 66 | 100 |
| 2020-21 | 90 | 107 |
| 2021-22 | 88 | 117 |
| 2022-23 | 90 | 140 |
| 2023-24 | 137 | 187 |
| 2024-25 | 166 | 149 |
| 2025-26 | 151 | — |
| 2026-27 | 162* | — |
| 2027-28 | 162* | — |
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 | $18,431,701 | $18,792,940 | $19,133,471 | |||||||
| 2019-20 plan | $19,881,592 | $19,970,954 | $20,273,787 | |||||||
| 2020-21 plan | $24,698,884 | $25,011,021 | $25,227,351 | |||||||
| 2021-22 plan | $26,047,182 | $26,235,274 | $26,563,288 | |||||||
| 2022-23 plan | $24,239,359 | $24,715,062 | $25,028,062 | |||||||
| 2023-24 plan | $31,312,095 | $36,124,486 | $36,604,916 | |||||||
| 2024-25 plan | $36,385,632 | $37,781,603 | $38,274,858 | |||||||
| 2025-26 plan | $34,055,858 | $34,759,343 | $35,947,526 | |||||||
| Actual | $19,649,949 | $22,850,057 | $23,205,197 | $25,253,222 | $29,659,781 | $39,487,362 | $33,398,097 |
Actual spending is from Departmental Results Reports and the Public Accounts, as published in GC InfoBase. FTEs are full-time equivalents.
