TAC sub-committee meeting
Date: Wednesday June 30, 2021
Time: 9:00 am – 10:00 am
This summary sets out the key points discussed at the June 30, 2021 meeting of the sub-committee.
(A)ttended; (R)egrets; (S)ubstitute;
|FirstOntario Credit Union
|Alterna Credit Union
|Kingston Community Credit Union
Terms of reference for the sub-committee
FSRA reviewed the goal of the sub-committee. It also addressed the Rapid Phased Prototyping (RPP) process, data collection and questions and testing related to the digital transformation. The discussions and guidance generated by this sub-committee will be brought forward to the full committee in future meetings.
Validating the problem statement
FSRA presented on collecting source-level data. Advantages for both credit unions and the regulator sides were discussed. Advantages include burden reduction, reduction in errors and the number of iterations throughout filing and reporting processes.
The committee discussed concerns of source-level data being submitted to FSRA, including privacy and protection and how that may impact the sector. The committee emphasized the trend that privacy is becoming part of brand value. Questions were raised about the data autonomization process. Discussions about transparency and extending the level of information/algorithms and analysis back to the credit unions were initiated.
Data strategy considerations and data categories
FSRA requested input on the specific level of data required and presented an inventory of risk data categories that would be deemed important as part of this work, including retail and commercial lending.
FSRA provided insight into the type and granularity of data. FSRA posed questions to the sub-committee to consider, including questions about:
- The different systems the credit unions use
- Each credit union’s capability based on proportionality
- How data is recorded (whether most data is in paper form versus digitized
- Whether standardized naming conventions exist
- How data is currently extracted
FSRA acknowledged this is the start of the discussion on this topic and that the answers will assist with gaining a holistic view before FSRA moves into the RFP process.
Next steps on Rapid Phased Prototyping (RPP)
Following the discussion at this meeting, FSRA acknowledged that there is a defined need and concern around privacy and burden. FSRA proposed it will share the outline of the RFP at the next meeting to assist in managing the concerns raised during this meeting.