Industry Research Initiative (IRI) - Data Collection Modernization (DCM)

The Tri-agencies [which includes the Office of the Superintendent of Financial Institutions (OSFI), the Bank of Canada (the Bank), and the Canada Deposit Insurance Corporation (CDIC)] is developing a business case for the Data Collection Modernization (DCM) initiative which is aimed at achieving greater data granularity, timeliness and trustworthiness, including setting data standards and data quality expectations, related to data collected from Federally Regulated Financial Institutions (FRFI) and Federally Regulated Private Pension Plans (FRPP). FRFIs include banks, trust companies, loan companies, life insurance companies, fraternal benefit societies and property & casualty insurance companies. OSFI is coordinating the business case for all agencies.

The main objective of this Industry Research Initiative (IRI) is to notify Industry (including Software solution providers, Industry Researchers and other Government of Canada Departments and Agencies) of the Tri-agencies’ intentions with respect to the DCM initiative and encourage dialogue with the various participants in order to solicit and obtain feedback related to the proposed initiative which will help the Tri-agency partners to further develop the business case and secure necessary funding. Refer to the Questions to Industry contained in SECTION III of this document.

As indicated in the IRI document, The Tri-agency partners may, at their discretion, conduct follow-up activities with any IRI respondent. If the Tri-agencies elect to request a one-on-one product demonstration with any respondent, it is estimated that such demos will be conducted between July 25 and August 5, 2022.