In addition a private pension plan division is supervised by OSFI to help all those employees who are a member of pension plans. These individuals are basically employees in areas of federal regulation. The OFSI provides suggestion to pension plan administrators whenever an issue arises. Regulatory approval for pension plans is also provided for various transaction types and for promoting administration of pension plans responsibly (Braithwaite et al, 2013). Risk implications are taken into account by OSFI in order to identify the negative influences if present.
Also, OSFI has an independent unit namely the OCA or the Office of Chief Actuary which is responsible for providing a wide range of Canada government based actuarial services in report forms. Further risk analysis is also done by OSFI based on the reports it obtains from its individual unit. Several processes of formal and informal nature help the SFI in executing its mandatory priorities (Hoenig, 2013). For example, the committee of financial institutions supervisory chaired by the superintendent conducts meeting after every 4 months for facilitating the information exchange in relation to federally regulated institutes of finance supervised by the OFSI, Canadian Bank, the financial department, the insurance deposit department and the consumer agency relater to finances in Canada. Such meeting help OSFI to perform its functions in alignment to other departments.
The OSFI recently has taken the decision through thorough analysis to implement a Basel III framework responsible to align the regulations as common to govern the financial institutions. The OSFI has also been responsible to create capital requirements for this system and buffering needs in order to allow banks with advanced credit risk protection and minimal risks from operational activities.