Federal banking regulator, the Office of the Superintendent of
Financial Institutions (OSFI), released the results of its latest stakeholder satisfaction survey, which gives it generally good marks, but notes there’s still room for improvement.
Independent research firm, The Strategic Counsel, carried out the latest review with deposit-taking institutions in the fall of 2012, to explore perceptions of OSFI’s performance carrying out its mandate. It reports that the overall impressions of OSFI are extremely positive in most areas.
However, it did find some areas for improvement, including calls for: better communication of OSFI’s international activities; increased timeliness in providing written supervisory reports; more consultation with small institutions when developing guidance; and, it also noted concerns about the impact of relationship manager turnover.
OSFI says it has developed an action plan to address a number of these issues, including: addressing OSFI’s international work at industry meetings; ensuring continuity of institution knowledge when relationship managers change portfolios; and, seeking new ways to increase outreach to smaller institutions when developing guidance.
Outside of those concerns, the study found that OSFI is perceived as fair and reasonable to deal with; willing to engage in dialogue with individual institutions; and, focuses on appropriate areas of risk. It also concluded that OSFI is seen to be highly effective in monitoring and supervising deposit-taking institutions; that its guidance is effective; and, that most participants feel their institution are able to discuss issues of concern before OSFI makes a decision, and they believe that it is responsive to concerns raised.