Summary of the Corporate Plan
Executive summary
The Canada Deposit Insurance Corporation (CDIC) helps safeguard the stability of the financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure and ensuring the orderly resolution of troubled member institutions.
Canada’s economy is improving, with most key economic measures returning to pre-pandemic levels. CDIC’s member institutions are in stable financial condition. Despite this resilience, the recovery remains subject to potential headwinds as the COVID-19 pandemic persists, COVID support programs are wound down, and many businesses face further obstacles from climate events, geopolitical dynamics and supply chain disruptions. CDIC will continue to focus on strengthening its readiness to respond to a variety of scenarios.
Alongside these conditions, the accelerating pace of digitalization and innovation in the financial sector is resulting in new financial products, services and players, which are fundamentally changing the financial sector landscape. CDIC needs to be forward looking and proactively ensure that the deposit insurance and resolution frameworks remain fit for purpose, maintain depositor confidence, and reinforce financial sector resilience as the innovation landscape continues to rapidly evolve.
The increasingly digital world of finance has implications, too, for Canadian depositors’ access to their money and the security of their data against cyber threats. To maintain depositor confidence, CDIC is transforming its technological capabilities to increase the speed and convenience of access to insured funds in the event of a member failure. CDIC also needs to continue to further augment and enhance its cybersecurity program.
CDIC is also confronting an evolving workplace environment. COVID-19 has accelerated technological and cultural changes for all organizations. In the coming months, CDIC will implement its plan for employees to return to the office as part of a new, hybrid work environment. CDIC will need to adapt its technology, operations and skills training across the organization to ensure that it can continue to attract and retain top talent that represents Canada’s diverse mosaic, in order to maintain the capacity to fulfill its mandate and serve Canadians.
In parallel, given important and impactful developments in Environmental, Social and Governance (ESG), CDIC will continue to embed ESG principles and initiatives into its operations and preparedness activities in an effort to foster long-term sustainability and resiliency, as well as diversity and inclusion.
Given its operating and risk environment, CDIC will focus on three strategic objectives for the 2022/2023 to 2026/2027 planning period while maintaining a primary focus on core, mandate related deposit insurance and resolution readiness activities, as the Corporation works to assess and proactively adapt to a shifting economic, financial, environmental and social landscape.