Canadian Financial Sector Resiliency Group

Find out about our mandate, membership, or contact us.

Canadian Financial Sector Resiliency Group (CFRG) is a public-private partnership led by the Bank of Canada that is designed to strengthen the financial sector’s critical infrastructure against risks to business operations, including cyber incidents.

Mandate

CFRG’s mandate is to enhance the operational resilience of Canada’s critical financial sector by:

  • facilitating operational resiliency initiatives for the critical financial sector (during the normal course of business), such as regular crisis simulations
  • coordinating critical finance sector responses to systemic-level operational incidents (during crisis coordination)1

When activated, the CFRG coordinates the critical finance sector’s response to potential or actual systemic-level operational incidents. The CFRG does this by facilitating information-sharing between public and private sector members—including with relevant crisis management committees—to discuss details of the incident, options for resolving it and collective actions to limit contagion and ensure consistent external communication efforts.

In cases where the CFRG has not been activated, it may still hold situational awareness meetings at the request of its members.

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Membership

Criteria

Subject to the Co-chairs’ approval, the following entities are eligible to be members:

  • government bodies and agencies responsible for legislation, policies, supervision or oversight of Canada’s critical financial sector
  • operators of Canadian payment, clearing and settlement systems designated as systemically important under the Payment Clearing and Settlement Act
  • financial institutions that participate directly in Canadian designated payment clearing and settlement systems with significant annual volumes and values within these systems, known as systemically important financial institutions

Co-chairs

Filipe Dinis

Chief Operating Officer,
Bank of Canada


Paul Chilcott

Advisor to the Governor,
Bank of Canada


Members

Public sector

  • Autorité des marchés financiers (AMF)
  • Bank of Canada
  • Canadian Deposit Insurance Corporation (CDIC)
  • Communications Security Establishment (CSE)
  • Department of Finance Canada
  • Financial Consumer Agency of Canada (FCAC)
  • The Office of the Superintendent of Financial Institutions (OSFI)

Financial market infrastructures (FMIs)

  • Payments Canada
  • TMX Group

Canadian systemically important financial institutions

  • Bank of Montreal
  • National Bank of Canada
  • Canadian Imperial Bank of Commerce
  • Desjardins
  • Royal Bank of Canada
  • Scotiabank
  • TD Bank Group

Contact

Email:

  1. 1. In the context of the CFRG, a systemic risk includes the inability of a financial market infrastructure (FMI) or an FMI participant to meet its obligations that could then transmit financial problems and cause other participants to be unable to meet their obligations.[]