Poised to step down from the Office of the Superintendent of Financial Institutions (OSFI), Superintendent Jeremy Rudin shared a final piece of advice with the pension industry during a webcast hosted by the Association of Canadian Pension Management (ACPM).
Rudin recalled advice he received from his predecessors at the OSFI. “One former Superintendent advised me that ‘something’ would undoubtedly happen during my term. I wouldn’t know what that ‘something’ would be, nor would I get much if any warning before it arrived.”
He passed the same advice along to pension managers: Something will happen, something you feel you couldn't reasonably have predicted.
“You won’t know what that event will be—its exact form or magnitude will be a mystery until you are in the thick of it. But what you can do is be prepared. Take appropriate action now to mitigate the risks and potential harm from ‘the unknown.’ Model different scenarios to try to understand more about what might happen. And implement sound practices and policies to ensure continuity of your operations and protection of members’ benefits,” he said.