Change theme
Change theme

Systemic Risk Surveillance Committee: Terms of Reference

Learn about the objectives of the Systemic Risk Surveillance Committee (SRSC), its governance and membership.

Objectives and functions

The Systemic Risk Surveillance Committee (SRSC) facilitates information sharing and collaboration among Canadian financial authorities for the purpose of monitoring and assessing systemic risk. This includes identifying both existing financial system vulnerabilities and emerging vulnerabilities that may become important over time. To carry out its mandate, the SRSC meets at least twice a year to:

  • discuss authorities’ assessments of vulnerabilities and risks to the Canadian financial system;1
  • identify new or emerging vulnerabilities and potential risks that deserve heightened monitoring or further study;
  • share other information on issues and trends relevant to the assessment of systemic risk identified by authorities in their area of responsibility and from other sources (such as global counterparts or international bodies); and
  • consider data requirements to enhance systemic risk surveillance by the committee or individual members and to address data gaps.

In the SRSC, member authorities are invited to collaborate and share information in accordance with their mandates. SRSC members are responsible for keeping confidential, to the extent permissible by law, any non-public information they receive through the SRSC.

Governance and deliverables

The SRSC reports to the Heads of Regulatory Agencies (HoA) and will present a short update to the HoA at each of its meetings on the topics discussed at SRSC meetings. The SRSC will make ad-hoc reports to the HoA between meetings as needed.

The work of the SRSC will also inform the Bank of Canada’s assessment of financial system vulnerabilities and risks. This assessment is published in the Financial System Review each spring and forms the basis of speeches by members of the Bank’s Governing Council.


The SRSC membership is broader than the HoA to get a wide view on systemic risk. This includes:

Each authority may appoint one or two senior staff responsible for monitoring and assessing existing and emerging vulnerabilities and risks to the financial system. Other public agencies, self-regulatory organizations or private sector participants may be invited to discuss specific issues with the committee from time to time.

On this page
Table of contents

  1. 1. The Bank of Canada’s framework is discussed in I. Christensen, G. Kumar, C. Meh and L. Zorn, “Assessing Vulnerabilities in the Canadian Financial System,” Bank of Canada Financial System Review (June 2015): 37–46.[]