What are OSFI guidelines?

OSFI provides a regulatory framework of guidance and rules for federally regulated financial institutions that reflect international minimum standards. OSFI also provides input to the development of federal legislation and regulations affecting regulated financial entities.

What is OSFI Bsif gc ca?

Our Role. The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their requirements …

What is OSFI registration number?

Line 002: PBSA Registration Number – is the number assigned by OSFI (five digit number beginning 55, 56 or 57). The Canada Revenue Agency registration number is the number assigned by CRA upon its registration of the plan. A combination plan is one with defined benefit and defined contribution components.

Is OSFI a good place to work?

An excellent place to work, just to far to commute.

What is Prudential guidance?

Prudential Guidelines means any Guideline issued by the Central Bank which is meant to apply to institutions generally.

What is OSFI stress test?

A. Stress testing is a risk management technique used to evaluate the potential effects on an institution’s financial condition, of a set of specified changes in risk factors, corresponding to exceptional but plausible events 1. Stress testing includes scenario testing and sensitivity testing (refer to Glossary).

Is OSFI a Crown corporation?

While the Department of Finance reports directly to the minister, OSFI and the others are arm’s-length agencies or Crown corporations, reporting to Parliament through the minister.

What is registered pension plan?

A registered pension plan (RPP) is an employer-based savings plan registered with the Canada Revenue Agency. It’s an account where employees and their employers deposit pre-tax income until the employee retires. Upon retirement, the employee can withdraw the money for any reason.

What is the purpose of prudential regulations?

The main aim of prudential regulations is to increase the stability of financial systems; however, such regulations also increase the risk-taking tendency of banks, they encourage them to combine and limit their lending possibilities with, at the same time, lowering the efficiency of monetary policy in affecting …

How do you pass a mortgage stress test?

To pass the stress test, you must still be able to afford your mortgage payments if your interest rate increases to a value called the qualifying rate. your current or target interest rate plus 2%.

How do you perform a reverse stress test?

How to do RST A guide for entities

Identify the pre-defined outcome to be tested.
Identify a range of adverse circumstances which would cause this outcome.
Quantify the financial deficit which would cause the pre-defined outcome should the identified adverse circumstances occur.

What is the role of OSFI in Canada?

OSFI also monitors federally regulated private pension plans and provides actuarial advice to the Government of Canada. Our primary responsibility is to protect the rights and interests of policyholders, depositors and pension plan members, and to contribute to public confidence in Canada’s financial system.

When is sick leave considered continuous in OSFI?

(ii) Where an employee other than a casual ceases to be employed for a reason other than dismissal, abandonment of position or rejection on probation, and is re-employed within a period of three months, their periods of employment shall be considered as continuous for the purposes of sick leave, severance pay and vacation leave.

Where can I find job listings for OSFI?

That’s our job – and having the right people assessing those risks, in our offices in Ottawa, Toronto, Vancouver and Montreal, is essential. Go to www.jobs.gc.ca to see a listing of our current job postings. Q. I am looking for a position at OSFI.

Who is the employer in the OSFI collective agreement?

(i) “Employer” means Her Majesty in right of Canada as represented by the Office of the Superintendent of Financial Institutions (OSFI), and includes any person authorized to exercise the authority of the Office of the Superintendent of Financial Institutions;