Priority 2: Supervisory renewal
Intended outcome
We have the capacity and capability to provide effective supervisory actions and timely intervention that are supported by a mature, risk-based supervisory framework.
Why this is a priority
Identified in the Blueprint for OSFI’s Transformation 2022-2025, this priority reflects the next chapter in our supervisory renewal. We aim to standardize and simplify our supervisory methods, practices, and processes. At the same time, we’ll focus on training, building our capacity, and managing our talent. These efforts will reinforce our ability to effectively undertake principles-based supervision and apply sound supervisory judgment.
Goals for our supervisory renewal priority
- We achieve timely, targeted, and impactful supervisory action through the ongoing application of sound supervisory judgment, informed by robust risk analytics, where our supervisors have an embedded willingness to act consistently with our risk appetite statement.
- We foster supervisory skills through robust onboarding, comprehensive technical development programs, and a mature and respected apprenticeship model that provides a new talent pipeline from across Canada.
- Our supervisory methods, practices, and processes are simple and standardized, demonstrate accountability through consistent quality assurance, and are supported by tools and technologies that help our supervisors assess risks and intervene early.