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. FSRA’s future data and analytics capability is expected to support key regulatory and supervisory priorities, improve regulatory and supervisory efficiency and effectiveness, and create opportunities to share insights with the sector to better manage risks and promote innovation. Building on this work, the Technical Advisory Committee for Credit Union Data Strategy and Digital Transformation (the “Advisory Committee”) will also support FSRA in the development of the benefits realization outputs for the Enhanced Data Collection initiative, with a view to articulating and validating the expected regulatory, operational, and business benefits of the initiative for both FSRA and the credit union sector.
Mandate
FSRA is establishing the Advisory Committee as a standing two-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 and expert insight:
- to inform FSRA on the future state of data collection, retention and sharing between the credit union system and FSRA
- on the collection of data to support immediate and emerging priorities, including supervisory activities, assessment of the DIRF adequacy, and digital transformation
- to FSRA as it seeks to improve regulatory efficiency and effectiveness through FSRA’s digital transformation
- to provide advice on methodology, usability, applicability, and other considerations for the Enhanced Data Collection initiative to ensure that its benefits to the sector are realized
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 senior members of their respective organizations, who can represent their organization on relevant issues related to data and analytics, risk management, and stress testing.
FSRA is seeking representation from credit unions. |
| Member Responsibilities | FSRA expects members to:
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| FSRA Members | FSRA’s Head, Regulation and Strategic Initiatives, will Chair the Advisory Committee. FSRA’s Head, Integrated Credit Union Supervision, and Director, Risk Governance and Financial Stability will participate on the committee. Other FSRA staff will participate as required. |
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 state of data sharing in the credit union system to better serve members and key enablers (e.g. legal, technology, regulatory)
- advice on regulatory implications governing the use of data in the system to protect safety and soundness of the sector while promoting market innovation
- Technical advice and sector-informed feedback to support the development and refinement of the outputs for the Enhanced Data Collection initiative, including validation of expected benefits related to regulatory efficiency, risk assessment, burden reduction, data usability, sector modernization, and broader business value to credit unions, leading to greater public confidence and enhanced reputation of the sector.
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 also intends to publish a high-level summary of the Advisory Committee’s work on FSRA’s website.
Media inquiries / Public appearances
Members of the Committee are not authorized to engage with the media or conduct media interviews in their capacity as Committee members. If contacted by the media, Committee members must direct all inquiries to FSRA’s Sr. Manager, Media Relations, who will determine the appropriate spokesperson and/or response. Committee members do not represent FSRA publicly; their role is to provide confidential advice to FSRA management and the Board.
FSRA’s Sr. Manager, Media Relations, in consultation with the Chief Public Affairs Officer and the responsible EVP will determine the most appropriate spokesperson and/or response to any media inquiries or public speaking requests related to the Committee.
Applications to participate
Interested applicants can send submissions to Shad Rafi at: [email protected].