CDIC welcomes report by the Office of the Auditor General of Canada
OTTAWA – April 20, 2020 – The results of a special examination by the Office of the Auditor General of Canada (OAG) show that the Canada Deposit Insurance Corporation has sound practices and systems in place to oversee the management of the Corporation.
The report affirms that CDIC has good practices for corporate governance, strategic planning, risk management and managing its operations. There were no significant deficiencies noted and CDIC has responded with management action plans to three OAG recommendations for improvement.
The special examination is conducted every ten years in accordance with the Financial Administration Act. The objective is to determine whether the systems and practices selected for examination offer reasonable assurance that CDIC is safeguarding and controlling its assets, managing resources economically and efficiently, and carrying out its operations effectively.
This special examination covered the period between January 1, 2019, and October 31, 2019.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $800 billion 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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Director, Communications and Public Affairs