Technical Advisory Committee for Credit Union Data Strategy and Digital Transformation

Introduction

Insight from data collected now and in the future by FSRA has great potential to improve credit union regulation in Ontario. The regulator’s future data and analytics capability is also expected to be valuable in supporting major FSRA priorities such as DIRF Adequacy Reform and reforms in general. Further, the ability to share the data with the sector will create a shared opportunity for managing risks and promoting innovation. The Technical Advisory Committee for Credit Union Data Strategy and Digital Transformation (“the Advisory Committee”) will facilitate the dialogue with sector stakeholders on the direction of digital transformation in FSRA. The Advisory Committee will play an important role in improving FSRA’s regulatory efficiency and effectiveness in the credit union sector through the use of data and analytics.  

Mandate

FSRA is establishing the Advisory Committee as a standing multi-year committee that will provide expert insight to FSRA as we seek to improve regulatory efficiency and effectiveness by using data, analytics, and technology.

  • The Advisory Committee will provide advice to inform FSRA on the future state of data collection, retention and sharing between the credit union system and FSRA 
  • The Advisory Committee will provide advice on collection of data to support more immediate priorities such as various supervisory activities (transition to Risk Based Supervisory Framework), assessment of the DIRF adequacy and digital transformation
  • The Advisory Committee will provide advice and expert insight to FSRA as we seek to improve regulatory efficiency and effectiveness through FSRA’s digital transformation

Advisory Committee Membership

Nomination Process

FSRA will post the open call process for nominating individuals on its website and ask for qualified individuals to apply.

Appointments

FSRA will appoint members based on the skills and experience of the nominees, with an emphasis on ensuring adequate diversity by geography and organization size for a (2) two-year term.

Committee Size

The Advisory Committee will have 10 – 14 members (not including FSRA participants).  FSRA may choose to add or remove a member at any time.

Member Qualifications

Members of the Advisory Committee should be executive or very senior members of their respective organization or profession who can represent their organization or profession on relevant issues related to data and analytics, risk management, stress testing,.

In particular, FSRA is seeking members with direct experience related to using data, analytics and technology to improve regulatory efficiency and effectiveness, with a focus on experience related to:

  • Data management, governance, and predictive data analytics

  • Risk management and stress testing

  • Regulatory technology (financial services)

FSRA is seeking representation mainly from, but not limited to, credit unions, data experts, and fintech/regtech companies.

Member Responsibilities

FSRA expects members to:

  • review background material in preparation for meetings

  • provide advice, proposals, and feedback to FSRA

  • use best efforts to, where possible, develop consensus

  • provide feedback to FSRA on the functioning of the committee

FSRA Members

FSRA’s Director, Policy Support and Approvals, will Chair the Advisory Committee.

Advisory Committee Outcomes

The Advisory Committee is expected to deliver the following outcomes from the committee meetings:

  • Advice to inform FSRA’s data collection strategy and implementation plan to improve credit union regulation in Ontario, in particular, with focus on regulatory reporting, risk data, and integrating data from the credit union system in an effective and efficient way;
  • Advice to inform the future state of data sharing in the credit union system
  • Advice on regulatory implications governing the use of data in the system to protect safety and soundness of the sector while promoting market innovation.
  • Advice on the framework used to assess the adequacy of the Deposit Insurance Reserve Fund.

Confidentiality

The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information provided to the Advisory Committee and to material prepared by or for the Advisory Committee.

Members of the Advisory Committee are permitted to obtain assistance from co-workers or industry collaborators.  However, until the Advisory Committee’s mandate is complete, Advisory Committee members and those that assist them are requested to maintain confidentiality (with the exception of information made public by FSRA). Following completion of the Advisory Committee’s mandate, an Advisory Committee member may communicate his or her views concerning the work of the Advisory Committee.

Meetings, Agendas and Deliverables

The Advisory Committee is expected to hold meetings at least twice a year at minimum (with possibility of more as required). Meetings will be held by videoconference, teleconference or in person where appropriate.

FSRA will provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA will also prepare a summary of each meeting and distribute it, including any accompanying written submissions, to Advisory Committee members no later than three weeks following a meeting. FSRA also intends to publish a high-level summary of the Advisory Committee’s work on FSRA’s website.  

Applications to participate

Interested applicants can send submissions to Joanna Wearing at: [email protected] on or before March 26, 2021.