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OSFI's ongoing activities consist of the regulation and supervision of federally regulated financial institutions, regulation and supervision of federally regulated private pension plans, international assistance, and provision of actuarial valuation and advice to the federal government. These Program Activities, and select Sub-Activities, support OSFI's two Strategic Outcomes.
This section identifies the financial and human resources allocated to OSFI's program activities and states the performance expectations. The resources, performance expectations and measures identified below also incorporate performance expectations and measures for the Program-Related Priorities identified in the previous section.
The program support costs such as information technology, finance, and administration, have been allocated to the programs based on human resource costs and are included in these numbers.
As mentioned previously, this program is central to OSFI achieving its mandate. It is the largest program activity within OSFI, utilizing the bulk of our financial and human resources. Costs for this program are recovered through assessments, service charges, and user fees paid by the federally regulated financial institutions. Costs are also recovered via Memoranda of Understanding, as "cost-recovered services" (refer to FINANCIAL AND OTHER TABLES for more details).
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$73.2 |
$76.3 |
$79.6 |
Human Resources (FTEs)
2006-2007 |
2007-2008 |
2008-2009 |
382 |
382 |
382 |
This program is supported by three interrelated Sub-Activities: Risk Assessment and Intervention, Rule Making, and Approvals. The related priorities, expected results and performance measures for this Program Activity are identified below under each of the three Program Sub-Activities.
1.1.1 Program Sub-Activity: Risk Assessment and Intervention |
|
Description |
Monitor and supervise financial institutions; monitor the financial and economic environment to identify emerging issues and risks. Intervene in a timely manner to protect depositors and policyholders while recognizing that OSFI cannot eliminate the possibility of failures. |
Related Priority |
Priority #1
Priority #8
|
Expected Results |
Priority #1
Priority #8
|
Performance Measure(s) |
Priority #1
Priority #8
|
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$50.1 |
$52.4 |
$54.8 |
1.1.2 Program Sub-Activity: Rule Making |
|
Description |
Issuance of guidance and regulations and input into federal legislation affecting financial institutions. Contribute a regulatory perspective to accounting, auditing and actuarial standards as required. Contribute to the development of international prudential rule-making. |
Related Priority |
Priority #2
Priority #7
|
Expected Results |
Priority #2
Priority #7
|
Performance Measure(s) |
Priority #2
Priority #7
|
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$15.2 |
$15.8 |
$16.4 |
1.1.3 Program Sub-Activity: Approvals |
|
Description |
Approvals include those required under the legislation applicable to financial institutions and other approvals for supervisory purposes. |
Related Priority |
Priority #3
|
Expected Results |
Priority #3
|
Performance Measure(s) |
Priority #3
|
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$7.9 |
$8.1 |
$8.4 |
1.2 Program Activity: Regulation and Supervision of Federally Regulated Private Pension Plans |
|
Description |
Incorporates risk assessment, intervention, rule making and approvals related to federally regulated private pension plans under the Pension Benefits Standards Act, 1985. The costs for this program are recovered from pension plan fees based on the number of members in each federally regulated pension plan. The costs of this program activity are clearly tracked, however, given the size of this program (less than 5% of OSFI costs), there is only one sub-activity. |
Related Priority |
Priority #4
|
Expected Results |
Priority #4
|
Performance Measure(s) |
Priority #4
|
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$5.2 |
$5.4 |
$5.6 |
Human Resources (FTEs)
2006-2007 |
2007-2008 |
2008-2009 |
31 |
31 |
31 |
1.3 Program Activity: International Assistance |
|
Description |
This program activity incorporates activities that provide help to other selected countries that are building their supervisory and regulatory capacity. The costs for this program are recovered via Memoranda of Understanding between OSFI and organizations such as the Canadian International Development Agency (CIDA) and the International Monetary Fund (IMF). The costs of this program activity are clearly tracked; however, given the size of this program (less than 5% of OSFI costs), there is only one sub-activity. |
Related Priority |
Priority #5
|
Expected Results |
Priority #5
|
Performance Measure(s) |
Priority #5
|
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$1.9 |
$2.0 |
$2.1 |
Human Resources (FTEs)
2006-2007 |
2007-2008 |
2008-2009 |
7 |
7 |
7 |
This Strategic Outcome is supported by the Office of the Chief Actuary (OCA). The OCA performs three distinct program sub-activities. As these sub-activities individually do not constitute a significant key activity at OSFI, they are incorporated into the one Program Activity described below.
2.1 Program Activity: Office of the Chief Actuary (OCA) |
|
Description |
The OCA provides a range of actuarial services, under legislation, to the Canada Pension Plan (CPP) and some federal government departments. The OCA estimates long-term expenditures, revenues and current liabilities of the CPP and federal public-sector pension and insurance plans, and is responsible for estimates of long-term future expenditures for Old Age Security programs. OCA also undertakes the actuarial review of the Canada Student Loans Program. |
Related Priority |
Priority #6
|
Expected Results |
Priority #6
|
Performance Measure(s) |
Priority #6
|
Financial Resources ($ millions)
2006-2007 |
2007-2008 |
2008-2009 |
$4.7 |
$4.9 |
$5.1 |
Human Resources (FTEs)
2006-2007 |
2007-2008 |
2008-2009 |
39 |
39 |
39 |