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

Meeting summary

Date: Thursday September 23, 2021
Time: 10:00 am – 12:00 pm
Location: Videoconference

FSRA hosted its second Technical Advisory Committee meeting for Credit Union Data Strategy and Digital Transformation to discuss FSRA’s digital transformation and to review the modelling presented in the DIRF Adequacy Assessment Framework Consultation Paper.


Invitee Name

Invitee Affiliation

Attendance Status

(A)ttended; (R)egrets; (S)ubstitute

Luc Racette Caisse Populaire Alliance A
Matthew Hitchens Copperfin Credit Union A
Barb MacLean Celero A
Pierre-Yves Monin Caisse Desjardins A
Barry Doan FirstOntario Credit Union A
David Mancini Meridian Credit Union A
Patrick Barr Canadian Credit Union Association (CCUA) A
Vinay Venugopal DUCA Credit Union A
Drake Reid Motor City Credit Union A
Mark Cauchi Alterna Credit Union A
Rob Palin Fiserv A
Michael Smit Libro Credit Union A
Anthony Piscitelli Your Neighbourhood Credit Union A
Parna Sabet-Stephenson Gowling WLG A
Dominic Naimool Kingston Community Credit Union R
Bradley Hodgins FSRA A
Joanna Wearing FSRA A
Alena Thouin FSRA A
Allison Wendt FSRA A
Lily Li FSRA A
Daniel Friedman FSRA A
Aleksandar Simic FSRA A
Brian Mullan FSRA A
Sandor Szalai FSRA A
Ellen Kaross FSRA A
Antoinette Leung FSRA A
Daniel Padro FSRA A
Mehrdad Rastan FSRA A
John Slowakiewicz FSRA A
Joshua Lerner FSRA A
Catherine Tam FSRA A
Steve Kokaliaris FSRA A
Andrei Dragalin FSRA A
Kirk Quinn FSRA A
Peter Stavropoulos FSRA R
Stephane Raby FSRA R
Guy Hubert FSRA R
Glen Padassery FSRA R
Anita Saxby FSRA R
Isaac George MoF A
Chris Perrin MoF A
Ellis Martin-Wylie MoF R
Nathan Fahey MoF R

Discussion topics

FSRA digital transformation update

  • Cybersecurity update – FSRA uses the NIST Cybersecurity Framework
  • FSRAForward data transformation program benefits the sector (e.g., better access to data for reporting, more automation, etc.)

DIRF Adequacy Assessment Framework update and discussion

  • Update on the consultation
    • The consultation closed on September 9, 2021
    • The four submissions and responses will be available publicly on FSRA’s website
  • Enhancements to the 2021 model

Meeting Q&A


Members of the Technical Advisory Committee (TAC) asked about the timeline of the FSRAForward project and expectations of credit unions. FSRA clarified it will work with one or two credit unions in 2021 to understand requirements in advance of the Request for Proposal (RFP). There will be dialogue with the sub-committee and the TAC in 2022.

Access to the improved data will be designed for credit unions to use as and when they want it. FSRA does not anticipate the frequency of reporting requirements will increase. FSRA’s revised supervisory framework (forthcoming) will provide more insight into how the data will support enhanced monitoring and risk assessment.

DIRF Adequacy Assessment Framework

Members of the Technical Advisory Committee (TAC) asked about attributing probabilities to the scenarios (e.g., likelihood of severe scenarios). FSRA appreciates the sector’s interest in contributing to the scenario planning and future of the stochastic modelling. Future TAC meetings will focus on the data and planning for next year.

Next steps

The next meeting will be held in November 2021.