OSFI releases 2024-25 Departmental Plan

Summary:

The Departmental Plan outlines the key priorities and plans of the department for the next three fiscal years. The plan focuses on ensuring the safety and soundness of the Canadian financial system by aligning supervisory and regulatory frameworks with the expanded mandate regarding integrity and security threats. The plan also emphasizes the importance of data management, collection, and analytical capabilities, as well as building operational resilience.

The plan highlights the department's commitment to reducing spending by implementing operational efficiencies and realigning resources internally to deliver on core mandate activities without increasing net spending. The department also aims to reduce discretionary spending in travel, hospitality, and professional services contracts.

The plan consists of two main areas of focus: Financial Institution and Pension Plan Regulation and Supervision, and Actuarial Services to Federal Government Organizations. The former aims to ensure federally regulated financial institutions and private pension plans are in sound financial condition, while the latter provides high-quality actuarial services to the Government of Canada to ensure social security programs and public sector pension and insurance arrangements remain sound and sustainable for Canadians.

Overall, the Departmental Plan outlines the department's strategic goals and initiatives aimed at ensuring the stability and security of the Canadian financial system and public programs.