Office of the Superintendent of Financial Institutions’ 2024–25 Departmental plan at a glance

Publication type
Departmental plans
Date

A departmental plan describes a department’s priorities, plans and associated costs for the upcoming three fiscal years.

Read the full departmental plan


Key priorities

  • Deliver upon our expanded mandate by aligning our supervisory and regulatory frameworks to help ensure federally regulated financial institutions (FRFIs) address risks to their integrity and security.
  • Continue to renew our supervisory actions to ensure we have the capacity and capability to provide effective supervision and timely interventions supported by a mature, risk-based framework.
  • Embed a culture within our organization that ensures our employees can thrive in an ever-changing and uncertain environment and embrace our critical success factors of grit, integrity, and urgency in all aspects of our work.
  • Advance leading-edge data management, collection, and analytical capabilities and systems.
  • Carry out critical functions while responding to uncertainty and emerging risks to ensure FRFIs are in sound financial condition, federally regulated pension plans (FRPPs) are meeting the minimum funding requirements and that social security programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians.
  • Maintain and continue to build upon our operational resilience to deliver critical functions despite adversity and uncertainties and remain agile in our response to current and emerging threats and opportunities.

Refocusing government spending

In Budget 2023, the government committed to reducing spending by $14.1 billion over the next five years, starting in 2023–24, and by $4.1 billion annually after that.

While not officially part of this spending reduction exercise, OSFI will respect the spirit of this exercise by doing the following:

  • Reducing discretionary spending in travel.
  • Reducing discretionary spending in hospitality.
  • Reducing discretionary spending in professional services contracts.
  • Implementing operational efficiencies and realigning resources internally to deliver on core mandate activities without increasing net spending.

The figures in this departmental plan reflect these reductions.


Highlights

A Departmental Results Framework consists of an organization’s core responsibilities, the results it plans to achieve, and the performance indicators that measure progress toward these results.

Financial Institution and Pension Plan Regulation and Supervision

Departmental results:

  • Federally regulated financial institutions and private pensions plans are in sound financial condition.
  • Regulatory and supervisory frameworks contribute to the safety and soundness of the Canadian financial system.

Planned spending: $185,309,931

Planned human resources: 811

As part of the core responsibility pertaining to Financial Institution and Pension Plan Regulation and Supervision, we will work towards ensuring that we have the necessary tools, policies, and systems in place to support our expanded mandate regarding integrity and security threats. We will strive to enhance supervisory practices and responses by employing technical programs and effective supervisory methods, all while staying within our risk tolerance. Finally, we will carry out effective supervisory actions and critical functions to FRFIs and FRPPs and provide timely guidance within the evolving risk environment.

More information about Financial Institution and Pension Plan Regulation and Supervision can be found in the full departmental plan.

Actuarial Services to Federal Government Organizations

Departmental results:

  • Stakeholders receive accurate and high-quality actuarial information on the cost of public programs and government pension and benefit plans

Planned spending: $12,530,230

Planned human resources: 57

As part of the core responsibility pertaining to Actuarial Services to Federal Government Organizations, we will work towards ensuring that social security programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians by providing high-quality actuarial services to the Government of Canada.

More information about Actuarial Services to Federal Government Organizations can be found in the full departmental plan.