Case Study – OSFI

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Office of the Superintendent of Financial Institutions (OSFI)

The Office of the Superintendent of Financial Institutions (OSFI) is the Canadian federal agency responsible for overseeing federally regulated financial institutions (FRFI’s) operating in Canada. Prospective and current Canadian FRFI’s must obtain direction or approval for certain activities or transactions through the Registrations and Approvals Division of OSFI.

OSFI uses Livelink to store all of the requests, contacts, notifications and other case documents submitted by the financial institutions and by case reviewers. They wanted an application that would work with Livelink to ensure that the proper process was followed for each type of request, and that there was consistency in the process and in the documentation and other information collected. In addition, they wanted detailed and specific reporting on the status of requests within OSFI’s internal workflow.

Formark Collaborative Case Management System

The Formark Case Management System allows case managers to handle the entire life cycle of each case from within one application:

• Creating the case
• Reviewing the submitted information
• Updating the status
• Generating response(s) back to the client
• Alerting the case manager to impending deadlines
• Signaling Approval, Rejection or additional requirements
• Closing the case file

The application uses a spreadsheet-like interface to provide a structured process for case reviews. The individual steps within each stage are independent and case managers can choose to do them in any order. However, the Formark application ensures all required steps are completed before allowing the case file to move to the next stage.

Monitoring plays a crucial role, as rules on many types of submissions give OSFI only 30 days to raise any concerns, otherwise the financial institution can assume “deemed approval” and proceed with the action. The Formark Case Management System flags cases that are approaching deadlines, which allows OSFI managers to take any needed actions.

OSFI Benefits

1. Faster case reviews
2. Improved case manager productivity
3. Reduced handling, copying and storing of paper documents (all material is stored electronically)
4. Greater accuracy and consistency in case reviews
5. Complete audit trail of entire process