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.
Attendance
|
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
FSRAForward
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.