Reinforcing a Culture of Innovation

Reinforcing a culture of innovation is about how we leverage what we know and what we learn across our workplace. Read more about our goals, strategic actions and what success looks like.

Nurture a culture where innovative ideas and creative solutions are expected

Goal 3.1 Nurture a culture where innovative ideas and creative solutions are expected

Strategic Actions

  1. Continue to build leadership expectations and accountability across the Bank, and embed them in our culture
  2. Cultivate and leverage diversity and the inclusion of wide-ranging ideas and perspectives to support innovative approaches and solutions
  3. Promote a culture that encourages and supports the informed risk taking that is essential to innovation

What success looks like

  • Scores related to innovation and leadership improve in employee surveys and leadership pulse checks.
  • A more inclusive culture is encouraged where the unique perspectives of different people are welcomed and leveraged for learning and for informing business decisions. This is achieved through diverse recruitment channels and measured by employee survey results, targeted pulse checks and progress on diversity goals in the Bank’s Employment Equity Plan.
  • An environment develops in which informed risk taking is viewed as a core skill that can help us recognize possibilities, and the experience of failure is accepted as a learning opportunity and a means to help build resilience to setbacks.
  • Entrepreneurial ways of engaging with external partners are adopted and contribute to the development of creative solutions.

Enhance business innovation and knowledge sharing

Goal 3.2 Enhance business innovation and knowledge sharing

Strategic Actions

  1. Evolve the Bank’s data strategy, leveraging new analytical tools and data sources to drive innovation in a digital world
  2. Implement approaches to accelerate learning, research and business outcomes

What success looks like

  • A modern and flexible analytical environment emerges where the improved management of a broad range of data and supporting skill sets enables staff to readily adapt to new analytical requirements and to experiment with technologies.
  • Machine learning and big data analytics are used effectively to enhance the quality and breadth of our research and analysis, and to increase the efficiency of the Bank’s operations. This includes the creation of a digital analytical zone to explore leading technologies.
  • Data and tools are user-friendly and accessible to staff and are leveraged to inform policy, research and internal decision making.

Consider the implications of alternative futures

Goal 3.3 Consider the implications of alternative futures

Strategic Actions

  1. Assess the policy implications of future payment systems
  2. Explore the far-reaching implications of digitalization on the future of monetary policy and the Canadian economy
  3. Understand the major effects of distributed ledger technology on the Bank and on Canada’s financial system

What success looks like

  • Monetary policy strategies and tools, including a central bank digital currency, are developed in anticipation of the needs of future payment systems.
  • The Bank’s understanding of digitalization is deepened through innovative research and analysis, enhancing awareness of its implications on the macroeconomy and monetary policy.
  • The Bank’s work contributes to a broader and deeper understanding of alternative technologies, resulting in a clear grasp of their potential effects on monetary policy and financial stability.