CDIC 2022-2023 Corporate Plan Summary released
OTTAWA – September 15, 2022 – The Canada Deposit Insurance Corporation (CDIC)’s Summary of the Corporate Plan has been tabled in Parliament.
Given its operating and risk environment, CDIC will focus on three main strategic objectives for the 2022-2023 to 2026-2027 planning period:
1. Be resolution ready:
- Continue to strengthen CDIC’s capabilities for early identification of risks facing member institutions
- Review and modernize the Differential Premium System and ex ante funding framework
- Strengthen resolution frameworks, policies and plans including by involving external stakeholders in simulations
2. Reinforce trust in depositor protection:
- Advance the Payout Modernization project to enable prompt and convenient reimbursement of insured deposits
- Maintain confidence in deposit protection through the Public Awareness Strategy
- Anticipate and respond to an evolving financial services landscape to strengthen deposit protection and promote financial stability
3. Strengthen organizational resilience:
- Enhance cybersecurity by developing a comprehensive cyber risk management strategy
- Continue to develop and implement our Enterprise Technology Strategy
- Prepare our return to the corporate offices via a hybrid model
- Reinforce environmental, social and governance principles within the organization
In developing the plan, CDIC considered a number of factors including Canada’s gradual economic recovery from the COVID-19 pandemic and the global risk environment which continues to shift due to the war in Ukraine, rising inflation and energy costs, as well as ongoing supply chain disruption.
The plan also reflects the rapid pace of digitalization and innovation in the financial sector resulting in new products, services and players, which are fundamentally changing the banking industry landscape.
“CDIC is well prepared to navigate this complex environment and adapt to the accelerating pace of change”, said CDIC President and CEO Leah Anderson. “We are proactively aligning our plans to the evolving environment so Canadians can rest assured we will have the strategies and toolkit to protect depositors and support the stability of the financial system.”
The Summary of the Corporate Plan (PDF, 4 MB) also includes a summary of CDIC’s 2022/2023 operating and capital budgets and borrowing plan.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
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