Supervision and Examination of Banks

Below is a copy of the reply from the OSFI office,

plus my inquiry that brought about the very, very prompt reply from

Colin Palmer

-0-0-0-

 

Good morning,

Thank you for your email of May 5, 2016.

The Office of the Superintendent of Financial Institutions (OSFI) supervises federally regulated financial institutions and private pension plans to determine whether they are in sound financial condition and meeting regulatory and supervisory requirements.

OSFI does not manage the daily operations of financial institutions or private pension plans. Their executive management and boards of directors or trustees are ultimately responsible for the success or failure of the financial institution or pension plan.

OSFI regulation involves providing input into developing and interpreting legislation and regulations, issuing guidelines, and approving requests from federally regulated institutions as required under financial institution legislation. OSFI also provides input on accounting, auditing and actuarial standards development, and determines how to incorporate them into our regulatory framework.

OSFI supervision involves assessing the safety and soundness of federally regulated financial institutions and pension plans. OSFI monitors the financial and economic environment to identify issues that may adversely affect these institutions. We assess an institution’s material risks and the quality of its risk management and corporate governance practices. If potential problems are identified, OSFI intervenes at an early stage based on our guides to intervention.

More information on these processes can be found here, on our website: http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/Pages/default.aspx

I trust this will be of assistance.

Sincerely,

Colin Palmer

Communications Officer / Agent des communications

Communications and Consultations / Communications et consultations

Office of the Superintendent of Financial Institutions / Bureau du surintendant des institutions financières

255 Albert St. Ottawa ON  K1A 0H2 / 255, rue Albert, Ottawa (Ontario)  K1A 0H2

Telephone / Téléphone 1-800-385-8647

Facsimile / Télécopieur 613-990-5591

Government of Canada / Gouvernement du Canada

 

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From: Capt. morgan [mailto:capmorgan@shaw.ca] Sent: May-05-16 1:02 PM To: Information Subject: 022304_Supervision and Examination of Banks

Sirs:

I have gone and read through the info in your website.

I have not seen see nor read anything about how this exulted group supervises and examines banks.

Such an info will provide the public with an intensified trust on the Canadian financial institutions

that require such a trust.

 

Again I ask, how does this exulted group supervise and examine banks?

What methods do you use?

Would they be comparable, or at least likened, to the methods used by other countries?

Thank you very much for your prompt reply.

 

I can and will provide you with  my personal info

either in person or otherwise

should you agree to discuss this matter extensively, or otherwise.

 

Please provide me with a written email request to have your words unpublished

should you deem that the info you will provide should be of a confidential

matter which the public is better of by not knowing.

 

This email, of course, will not be covered with such confidentiality

since it does not contain any of your words yet.

 

Again, I thank you.

 

 

 

 

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