OTTAWA – October 17, 2023 – The Canada Deposit Insurance Corporation’s (CDIC) 2023 Annual Report was tabled today in Parliament.
“Over the past year, ongoing geopolitical tensions, climate events, cyber security, and a deteriorating economic outlook have amplified the complexity of risks to Canada’s financial system,” said President and Chief Executive Officer (CEO) Leah Anderson. “The good news is, even in the face of these risks, we delivered on our mandate to protect depositors.”
The CDIC 2023 Annual Report highlights progress made against our key strategic priorities during the 2022-2023 fiscal year, including:
- To be resolution ready.
It is rare for financial institutions in Canada to fail, but when they do, CDIC is here to make sure people’s eligible deposits are protected and accessible. Being resolution ready means having the necessary people, processes, tools, systems, and financial capacity for CDIC to resolve a member financial institution, if necessary. CDIC advanced these efforts through early and continuous identification of risks to our member financial institutions, the modernization of our funding framework, and activities to strengthen our resolution strategies, policies, and plans.
- To reinforce trust in depositor protection.
The range of financial products and service providers is dynamic and rapidly evolving. CDIC keeps pace by staying on top of market innovation, new deposit products and services, and people’s changing savings habits. We made progress on a number of initiatives over the past year in response to these developments to reinforce public trust in deposit protection. For example, we advanced our multi-year Payout Modernization Program to ensure depositors continue to have fast and reliable access to their eligible deposits in the event of a member failure, and raised public awareness of deposit insurance to a record level of 64% through CDIC’s Public Awareness Campaign.
- To strengthen organizational resilience.
A rapidly changing financial sector requires a proactive approach to managing our operations. A key pillar of our promise to serve the people of Canada is our commitment to continuous organizational improvement. We anticipate and respond to risks that can impact CDIC’s operating environment, including technologies, our workforce, and our culture on a daily basis. Over the past year, we enhanced our cyber security posture and multi-year enterprise technology strategy, while fostering a vibrant, thriving, and inclusive environment that supports hybrid work. CDIC was also proud to be certified a “Great Place to Work” by the Great Place to Work® Institute Canada in November 2022.
CDIC’s performance over the past year has bolstered our preparedness to respond to risks and better protect people’s hard-earned money.
The CDIC 2023 Annual Report also outlines our financial performance over the past year.
About CDIC
CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 85 member financial institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.
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For further information
Tamara Mason
Head, Communications and Reporting
Tel: 343-543-3562
E-mail: media@cdic.ca