The CDIC stunned Canadian banks and insured financial institutions when it unveiled its plans for Fast Insurance Determination in 2009. A few banks actually laughed (we were on the conference call). But it was no joke. The CDIC was absolutely serious. Every SIT customer that wanted to collect the financial incentive that CDIC offered did so. There was plenty of drama, as the CDIC specifications changed, but we worked closely with our customers and the CDIC to cross the finish line on time. It may be painful, but we're proud that Canada took the lead with an innovative and fast approach to potential institution failures. Canada may have escaped the 2008 financial crisis but it seems our regulators didn't want to relax. We agree.
Deposit Insurance Guardian for Portfolio Plus was created to address the requirements outlined by the CDIC for the Fast Insurance Determination (FID) process that was launched by the Canadian Deposit Insurance Corporation in 2009 as a means of taking swift action should any single financial institution fail. In order for FID to work properly, the CDIC outlined strict data guidelines that financial institutions must be able to accommodate. The Deposit Insurance Guardian for Portfolio Plus will help you meet those guidelines.
SIT regularly provides implementation assistance to customers who are installing or deploying new products like Deposit Insurance Guardian for Portfolio Plus into test or production environments. Please book this assistance as far in advance as possible.
As part of CDIC FID compliance, you will have to attest your data on an annual basis. SIT can help you prepare for the first and subsequent attestations.
If ever there was a time to clean up non-compliant data in your banking system, it's now. As an example, you may have multiple Customer Information Files (CIFs) for a single customer or vice versa (sometimes these are left over from legacy systems). Your employees may also be misusing a field within the CIF itself. SIT can help you locate and resolve these data issues.
If you have Portfolio Plus Prospector, you gain access to all the pertinent Deposit Insurance Guardian data. Talk to your account representative if you have any questions about licensing.
The CDIC has strict performance criteria that must be met. If you'd like to validate your own system performance or haven't had your system tuned in a number of years, this is a great time to do exactly that. Our technical experts will investigate your database and overall system performance.
We recommend you test your FID extracts and examine the resulting data repeatedly before you go through CDIC FID yearly attestation. Let us help you.
SIT has created a course that provides a thorough walk-through of the Deposit Insurance Guardian product and CDIC FID process. Please talk to your account representative to book your employees for training.