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ARCHIVED - Office of the Superintendent of Financial Institutions - Supplementary Tables

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Summary of Capital Spending by Program Activity

Summary of Capital Spending by Program Activity ($ millions)
Program Activity Forecast
Internal Services 3.5  4.5 4.6 4.6
Regulation and Supervision of Federally Regulated Private Pension Plans 0.4 1.4
Total 3.9 5.9 4.6 4.6

This table outlines OSFI’s planned capital investments by program activity and reflects OSFI’s approved Annual Reference Level Update (ARLU) estimates, which were prepared in early summer 2010.  A review and update of OSFI’s IM/IT Strategy was completed in 2009-2010. The strategy includes the implementation of new IM/IT governance and portfolio management practices to ensure that IM/IT investments are balanced between lifecycle maintenance, optimization and replacement of existing technology assets, and the strategic selection and implementation of new investments. Another key component of the IM/IT strategy, rationalization of the application portfolio, began in 2010 in order to realize efficiencies and improve the ability for OSFI’s systems to adapt to evolving business needs.  At the time of writing this Report, OSFI was completing its business planning process for 2011-2012 to 2013-2014, including a review of the budget implications of implementing the IM/IT strategy over a five-year period.  Any changes as a result will be reflected in next year’s Report on Plans and Priorities.

OSFI continues to develop cost-effective, secure and reliable information management systems that contain relevant, accurate and timely internal and external data, and to maintain a robust technology infrastructure necessary to support its supervisory and regulatory activities.

OSFI’s focus for the planning period is to advance the IT Renewal program in an aggressive but necessary pace. Similar to other government department and agencies, OSFI faces challenges with respect to aging IT systems: sustainability of systems over the long-term, and the ability of systems to adequately support changing business needs or emerging technologies.  The associated risks and mitigation strategies were identified and an IT Renewal roadmap was developed in 2009-10 to address this issue.  Consequentially, IT Renewal projects make up a large part of OSFI investment in the next 5 years.

OSFI has decreased its planned capital spending in 2011-2012 by $9.6 million over the planned spending for the same year reported in the previous year’s Report on Plans and Priorities. This is attributed to the deferral of the accommodation upgrade to its Toronto office to 2015-2016.