Deposit Insurance Corporation of Canada issues annual report 2022

In October 2022, the Canada Deposit Insurance Corporation (CDIC) released its 2022 Annual Report, which highlights CDIC's achievements in 2022.

First, CDIC has carried out many activities to enhance the role of depositor protection through expanding insurance coverage and amending some regulations on trust deposits, modernizing the system  differential deposit insurance premiums.  Specifically, CDIC has expanded coverage for its Education Savings Products and Disability Savings Products, effective April 30, 2022, and continues to strengthen protection  for trust deposits and broker-entrusted deposits.  In addition, the CDIC also made recommendations to modernize the differential deposit insurance premium system and conduct a comprehensive review of the pre-funding framework.  On that basis, CDIC collected public comments in July 2022.

Secondly, through CDIC's public awareness program, deposit protection awareness has been achieved, playing an important role in building sustainable financial capacity.  Canadians, while contributing to the stability of the entire financial system.  The survey results in March 2022 showed that the public awareness of deposit insurance and CDIC reached 61%, equal to 2021 and within the set target frame of 60-65%.

Third, CDIC prepares to respond effectively to the crisis by continuing to strengthen and test its overall handling capacity, ensuring that CDIC can quickly deploy handling tools.  mine;  collaborate with relevant agencies in comprehensive tests and participatory simulations.  In addition, CDIC is transforming its technology infrastructure through its long-term Pay Modernization program.  This program is designed to quickly pay depositors through digital payment means in the event of a breakdown of the member organization.  

Fourth, CDIC innovates the way organizations work through internal cultural transformation.  Specifically, the CDIC has produced a long-term Organization and Culture Strategy and Plan that offers new approaches to the methods and places of future work.  At the same time, CDIC first launched the Diversity, Equity and Inclusion Strategy and corresponding programs to implement, including the launch of the Inclusion Advisory Board, strengthening health care tools.  morale and improve workplace policies.

Finally, CDIC initially implemented a long-term Technology Strategy, which focused on strengthening security, governance, and developing data-driven internal insights, while innovating the Security Strategy  network to support depositor data processing and future CDIC digital transformation.