OSFI technology initiative to improve processes, information management
Will aid regulator in its role of overseeing financial institutions

The Office of the Superintendent of Financial Institutions will implement a new system to streamline, standardize and re-design internal processes and improve the management of information across the organization.

OSFI will work with Cap Gemini Ernst & Young as its systems integrator for the initiative, and will use software solutions from Formark and Open Text Corp.

Called the Business Systems Integration Initiative, the project will provide a new level of automation, so that OSFI employees can quickly and more efficiently manage regulatory processes, improve risk management supervision and speed responses to key stakeholders.