OSFI and Sales Performance Management

Picture of Dennis Murphy
Regional Manager - Canada

In Canada, we have a regulator called the Office of the Superintendent of Financial Institutions, OSFI. They are an independent federal government agency. Their role is to regulate and supervise financial institutions and pension plans to determine whether they are in sound financial condition and meeting requirements.

OSFI was established in 1987 from two previous agencies, the Department of Insurance (DOI), and the Office of the Inspector General of Banks (OIGB).

Varicent Sales Performance Management helps financial institutions in Canada remain compliant by providing a system of record for variable based payments. These details are a powerful resource in the event OSFI ever audits you. These detailed records include sales transaction details that show who was paid what, when, how payments are calculated and any disputes that may have followed.

The OSFI puts out a series of guidelines. They don't demand that you do it, but they imply, ‘You should do this because these are best practice guidelines. If you don't, then you could come under scrutiny.’ Every financial institution in Canada wants to be within the guidelines at all times.

Canada is well-recognized as a world leader in the area of regulatory compliance. Case in point: during the 2008 meltdown, there was a significant dip in the market and numerous financial institutions felt the pain but thanks to the regulations and conservativeness of the Canadian banks and insurance companies, Canada was not as greatly impacted, thanks in large part to the OSFI.

In the last 25 years of working with software in the Canadian marketplace, I find that this interest in compliance with OSFI resonates across verticals despite being meant primarily for Financial Services organizations. A high standard has been set, and Varicent is the single solution that can help companies achieve this high standard, and many times exceed it.

Tags: sales performance management, insurance, compliance

Picture of Dennis Murphy
Regional Manager - Canada

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