In its 2018/2019 to 2022/2023 Corporate Plan (PDF 3.6 MB), CDIC committed to seek the views of member institutions through a member survey measuring the effectiveness of CDIC’s interactions with its member institutions. This initiative is in support of CDIC’s objective to foster a collaborative and productive relationship with member institutions.
In January 2019, Peter Routledge, CDIC President and CEO, formally invited 54 CDIC member groups to provide feedback (on a de-identified basis) on a number of CDIC’s processes, and their overall impressions of the Corporation. CDIC commissioned public opinion research firm Nielsen to assist with the survey process, including programming, receiving and analyzing responses. The survey was open to members from January 17 to February 6, 2019. Feedback was sought on several specific processes
- Differential premiums system and processes
- Deposit Insurance Information By-law consultations and tools
- Data and System Requirements tools and processes
- Joint and Trust Disclosure By-law consultations
- Resolution planning processes and guidance, and the bail-in consultation process
In total, 23 complete responses were received: five from DSIBs and 18 from non-DSIBs. Feedback was generally positive, and members suggested specific areas where there is room for improvement. Highlights include:
- All respondents say they have a good understanding of CDIC’s role in the safety net, and nearly all said they are satisfied with the clarity of CDIC’s information and processes, and the helpfulness of CDIC staff.
- Results show that members have a clear preference for learning about CDIC matters and changes to CDIC requirements by means of direct correspondence and interaction between CDIC staff and the members’ executive or regulatory compliance staff, in combination with updates to the CDIC website.
- Respondents identified several areas for improvement including better transparency of CDIC processes; as well as increased usefulness of guidance on resolution planning, premiums, the Information By-law, data and system requirements, and brokered deposits. Members also suggested that CDIC ensure that consultations with members are sufficiently inclusive (including regular touchpoints), and that CDIC provide ample time for members to both comment on proposed changes, and to implement changes.
Members provided balanced, helpful and actionable feedback and suggestions, in particular concerning CDIC’s general approach to consultations, premium process enhancements, and resolution planning guidance. CDIC is planning actions to respond to the survey findings and will share plans and action items directly with members.