Technical Advisory Committee (TAC) for credit union data strategy and digital transformation

Meeting summary

Date: Friday May 7, 2021
Time: 1:00 pm – 3:30 pm
Location: Videoconference

This summary sets out key points discussed at the Technical Advisory Committee meeting for Credit Union Data Strategy and Digital Transformation.



Company Name

Attendance Status

(A)ttended; (R)egrets; (S)ubstitute;

Aleksandar Simic FSRA A
Allison Wendt FSRA A
Alena Thouin FSRA A
Daniel Friedman FSRA A
Joanna Wearing FSRA A
Luc Racette Caisse Populaire Alliance A
Pierre-Yves Monin Caisse Desjardin A
Bary Doan FirstOntario Credit Union A
Gary Genik Meridian Credit Union A
Bradley Hodgins FSRA A
Anthony Piscitelli Your Neighbourhood Credit Union A
Brian Mullan FSRA A
Ellen Kaross FSRA A
Matthew Hitchens Copperfin Credit Union A
Catherine Tam FSRA A
Vinay Venugopal DUCA Financial Services Credit Union A
Michael Smit Libro Credit Union A
Patrick Barr Canadian Credit Union Association (CCUA) A
Sandor Szalai FSRA A
Stephane Raby FSRA A
Dominic Naimool Kingston Community Credit Union A
Chris Perrin Ministry of Finance A
Mark White FSRA A
Andrei Dragalin FSRA A
Ben Yu Deloitte A
Mehrdad Rastan FSRA A
Elizabeth Elder Ministry of Finance A
John Slowakiewicz FSRA A
Steve Kokaliaris FSRA A
Mark Cauchi Alterna Savings Credit Union A
Joshua Lerner FSRA A
Guy Hubert FSRA A
Badye Essid Deloitte A
Parna Sabet-Stephenson Gowling LLP A
Barb MacLean Celero A
Peter Stavropoulos FSRA A
Daniel Padro FSRA A
Anita Saxby FSRA R
Shawkat Ferdousi Ministry of Finance R

Discussion topics

FSRA digital transformation project

FSRA presented an overview of its digital transformation initiative, including the benefits of digital transformation and how FSRA is addressing legacy IT systems and processes and cyber security risks.

FSRA reviewed how the digital transformation journey is mapped out, including the communication and engagement activities that will support it.

Rapid phased prototyping

FSRA presented the proposed approach to reduce burden, work effort and costs associated with credit unions’ data aggregation and regulatory reporting by creating a platform for credit unions and regulatory technology to come together to create a solution that benefits the sector.

The committee questioned whether FSRA had looked to see if a platform solution was already available in the market. FSRA did complete a market scan. The credit union sector is a unique regulatory structure, and the solution needs to address the business problem in a way that works for the sector.

Deposit Insurance Reserve Fund (DIRF) Adequacy Assessment Framework review

FSRA presented an overview of the DIRF and its approach to adequacy and assessment review. The objective of the discussion was to initiate dialogue and obtain feedback from the committee on the proposed DIRF Adequacy Assessment Framework approach, parameters around this year’s stress testing model, proposed data needs and the proposed data collection strategy (applying principles of proportionality).

Data strategy plan update

FSRA recognizes there are data collection challenges as data requests are not aligned with how credit unions store their data and labour intensive and the current MiR structure creates opportunity for error.

FSRA presented how it’s looking to leverage technology to increase the effectiveness of data to support supervisory processes and judgements and collect source-level data to support Principles Based Regulation (PBR), Risk Based Supervision (RBS) and DIRF adequacy. It also discussed how it will apply proportionality, flexibility and engage the sector in dialogue on data collection and sharing to benefit both FSRA and sector. The committee reviewed a sample data set for discussion.

Working groups

The committee will establish working groups to discuss the issues identified above.

Next steps

The next meeting will be held in September 2021.