On July 26, OSFI published the results of its bi-annual satisfaction survey.   

Following an increase in satisfaction in 2021, satisfaction with OSFI has returned to 2018 levels. Overall, satisfaction remains positive, with 85% of respondents providing a rating of ‘very satisfied’ (43%) or ‘somewhat satisfied’ (42%). Satisfaction levels among Deposit-taking Institutions (DTIs) and insurance companies do not vary significantly, although a much more significant proportion of DTIs offer a rating of ‘very satisfied’ compared to insurance companies.  

Cyber risk and IT security continue to be top priorities for deposit-taking institutions. Insurance companies are equally likely to cite this issue and environmental risks/natural disasters as risk areas they feel should be a priority for OSFI in the next few years. Interestingly, insurance companies' mentions of regulatory burden and the regulatory environment increased significantly during this wave.  

While feedback states that OSFI is viewed as effective in providing a clear indication of its expectations, ratings dropped significantly and are much lower for:  

• Developing guidance that strikes an appropriate balance between prudential considerations and the need for institutions to compete (declined 19 points from 2021). 

• Consulting with industry when developing guidance (declined 17 points from 2021); and  

• The extent it considers the nature, size and complexity of FI (declined 15 points from 2018).