CDIC 2022 Annual Report released
OTTAWA – October 7, 2022 – The Canada Deposit Insurance Corporation’s (CDIC) 2022 Annual Report has been tabled in Parliament.
“Over the past year, risks in the environment and to CDIC’s membership have evolved significantly,” said President and CEO Leah Anderson. “These include tightening monetary policy, rising geopolitical tensions, climate and cyber risks. And while innovation offers Canadians greater choice, the financial landscape is complex and evolving. CDIC remains steadfast in its mandate to protect depositors.”
CDIC’s 2022 Annual Report highlights progress made against key strategic priorities, including:
- Innovating to meet evolving depositor expectations
CDIC prepared for the launch of insurance coverage for deposits in Registered Education Savings Plans and Registered Disability Savings Plans, which took effect as of April 30, 2022, and continued to strengthen deposit protection for trust deposits and nominee brokered deposits.
Through CDIC’s Public Awareness program, awareness of deposit protection reached planned targets. Awareness of deposit protection plays a key role in building Canadians’ financial resiliency which also contributes to overall financial stability.
CDIC also developed recommendations to modernize its differential premiums framework and conducted an extensive review of the ex ante funding framework. This work laid the foundation for a public consultation process launched in July 2022.
- Advancing CDIC’s readiness to respond effectively to a crisis
CDIC continued to strengthen and test its overall resolution preparedness, ensuring it can rapidly deploy its resolution tools, through the coordination of several comprehensive testing exercises and multi-party simulations.
CDIC is transforming its technological infrastructure though a multi-year Payout Modernization program, designed to deliver faster digital reimbursements to depositors in the event of a member failure.
- Enhancing organizational resiliency by transforming CDIC’s culture and workplace
CDIC delivered a new multi-year Organization and Culture Strategy and Plan, including preparing for the future of work requiring new approaches to how work gets done and where. In tandem, CDIC delivered its first Diversity, Equity and Inclusion Strategy and corresponding programing, including the launch of an Inclusion Advisory Panel, reinforcement of mental health tools and improvements to workplace policies.
As part of the multi-year Enterprise Technology Strategy, CDIC focused on enterprise data to enhance security, governance and data-driven insights, while also renewing its Cybersecurity Strategy to support processing of depositor data, the future of work and CDIC’s digital transformation.
CDIC’s successful performance to plan has bolstered readiness and reinforced the trust of Canadians in CDIC deposit protection.
The CDIC 2022 Annual Report also outlines CDIC’s financial performance over the past year.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians and contribute to financial stability. We currently safeguard more than $1 trillion in eligible deposits at more than 80 member institutions. As resolution authority, CDIC is 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. CDIC is funded by premiums paid by member institutions. CDIC has resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
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