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Our Role The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their requirements. Federally regulated entities include all banks in Canada, and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies and private pension plans. OSFI’s scope of regulation does not include consumer or consumer-related issues or the securities sector, which are the responsibility of other agencies, both federal and provincial. OSFI regulates by developing rules, interpreting legislation and regulations and providing regulatory approvals for certain types of transactions. It also contributes to new accounting, auditing and actuarial standards. All of this must balance the goals of safety and soundness with the need for institutions to operate within a competitive marketplace. OSFI supervises by analyzing financial and economic trends to identify emerging issues that could adversely affect institutions. It assesses an institution’s financial condition, material risks and the quality of its governance, risk management and compliance. When weaknesses are identified, OSFI intervenes early and works with executive management, boards and pension plan administrators to correct matters. Although OSFI plays an important oversight role, it does not manage the operations of institutions or pension plans. Their executive management, boards of directors and trustees are responsible for their success or failure. OSFI’s supervision approach is risk-based to reflect the nature, size, complexity and risk profile of an institution. Financial institutions must be allowed to take reasonable risks and compete effectively both at home and abroad, while at the same time safeguard the interests of depositors, policyholders, beneficiaries and pension plan members. OSFI’s goal is to balance competitiveness with financial stability, and international standards with Canadian market realities. Our Blueprint OSFI is undergoing a transformational journey that will better position the organization to thrive in an era of intensifying uncertainty, so that the public’s confidence in a sound financial system remains unwavering. The Blueprint serves as the compass for that journey by refocusing our mandate, expanding and fortifying our risk management capabilities, and enhancing our culture. The transformation plan set out in the Blueprint will guide OSFI’s overall direction through to 2025. Multiple operational plans ensure that our transformation is reflected in specific and tangible goals for each sector and the organization overall. Our corporate values OSFI’s corporate values represent both who we are as an organization and where we want to go. Those values – Respect, Curiosity, Stewardship – guide our actions and decision-making and are embedded as an essential part of OSFI’s Blueprint.