Canada has a pristine world wide reputation when it comes to financial institution failures (or lack thereof). Yet the Canadian government (and it's regulatory bodies like the Canadian Deposit Insurance Corporation - CDIC) are not standing still. In 2009 the CDIC undertook a Fast Insurance Dermination study to determine the most optimum way to obtain relevant data in case of a financial institution failure. It solicited feedback from various CDIC-insured financial institutions on their capability to produce relevant data in case of a failure or near-failure. As part of this feedback it wanted to know the costs that would be incurred to do this.
In November of 2009 SIT supplied all of its CDIC-insured customers with the necessary cost information. In 2010 SIT is also investing in getting to know the details of the CDIC's request by attending the sessions that CDIC is conducting.
SIT developed a Deposit Insurance Guardian product to help customers comply with CDIC FID requirements. In addition to software, SIT is offering various services to help customers ensure the CDIC FID compliance deadline is met.
If you're an SIT customer and have any questions regarding the CDIC Fast Insurance Determination study please do not hesitate to contact SIT via email at customersupport at stratinfotech dot com or contact your Financial Application Specialist at 905-640-0808.