On December 21, OSFI provided an update on its Data Collection Modernization Initiative. This initiative aims to improve the type of data that OSFI collects and the processes they have in place for data collection.

Most of the data that OSFI, the Bank of Canada, and the Canada Deposit Insurance Corporation collect from FRFI is in an aggregated format, but regulated entities are often called upon to provide additional data on an ad hoc basis, which is an added burden.  

Efforts to move the project forward in 2023 included an industry letter, questionnaire, webinar, and engagement with vendors for a procurement process. 

To move the project forward in 2024, this year activities will include: 

• Winter 2024: Invite the industry to attend organized forums 
• Winter 2024: FRFIs and FRPPs to receive Data Collection Modernization progress letter  
• Spring 2024: Initiate an Industry Advisory Forum 
• Spring 2024: Initiate a Data Working Group, starting with the banking sector 

If you have questions about this initiative, please email dcm-mcd@osfi-bsif.gc.ca.