The Assessment Process 2016–2017
Periodically, the OFC assesses each regulatory body’s registration practices, makes recommendations for improving practices as needed, and monitors the implementation of recommendations and action plans.
A full assessment will take place in 2016–2017. For each regulator, the assessment process will not exceed 120 business days from the day they receive the draft assessment report from the OFC (Step 3).
Steps in the Assessment Process
Step 1 Develop Plan
| OFC | Regulatory Body |
|---|
- Initiates the assessment process by informing the regulatory body about the assessment
- Assists the regulatory body in selecting a general duty assessment option
- Prepares to assess the specific duty
- Advises the regulatory body on options for submitting documents
- Develops the assessment timeline/schedule (for a maximum of 120 days)
| - Prepares for the assessment process.
- Selects an assessment option for the general duty (either self-assessment or assessment by the OFC)
- Selects an option for submitting documents (either in Step 2 or 3)
- Identifies and confirms the assessment timeline/schedule
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Step 2 Assess
| OFC | Regulatory Body |
|---|
- Assesses the regulatory body's registration practices using the Registration Practices Assessment Guide
- Consolidates the information it has about a regulatory body's registration practices from the latest Fair Registration Practices Report and any other sources, such as Audit Reports, Entry-to-Practice Review Reports, discussions with the regulatory body, and the body's website.
- Determines which of the practices the regulatory body is demonstrating and where there may be gaps.
- Produces a draft Registration Practices Assessment Report. (If the regulatory body has decided to complete a self-assessment for the general duty, it must be submitted to the OFC at this time).
| - Submits requested documents to the OFC for existing practices. (This can be done during Step 2 or 3, depending on the option selected in the assessment plan, in Step 1.)
- Optional: Submits self-assessment (for bodies that have opted to self-assess for the general duty).
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Step 3 Review
| OFC | Regulatory Body |
|---|
- Delivers the draft assessment report to the regulatory body.
| - Reviews the draft assessment report and sends comments on the draft to the OFC.
- Submits documents to the OFC (if not already submitted in Step 2) for existing practices, that will allow the OFC to complete the report
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Step 4 Revise
| OFC | Regulatory Body |
|---|
- Produces a revised assessment report based on the regulator's feedback and (if applicable) general-duty self-assessment submission.
- Completes the draft report based on additional documents received from the regulatory body.
- Sends the revised report to the regulatory body that contains the OFC's findings and recommendations.
| - Reviews the revised report
- Prepares for a meeting with the OFC if required.
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Step 5 Meet
| OFC | Regulatory Body |
|---|
Note that this meeting is optional if the regulatory body has not received any recommendations.
Regular annual meetings will still be held between the OFC and all regulatory bodies.
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- Meets with the regulatory body to discuss the assessment findings and, if required, recommendations and action plans.
- Discuss next steps and proposed actions by the regulatory body.
| - Meets with the OFC to discuss assessment findings and next steps.
- Optional: identifies recommendations it can implement within the next 2 months. Recommendations implemented in this period will be removed from the final report that will be posted publicly.
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Step 6 Finalize
| OFC | Regulatory Body |
|---|
- Finalizes the assessment report and shares it with the regulatory body.
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Step 7 Implement Recommendations
| OFC | Regulatory Body |
|---|
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Meetings would continue every six months after the initial semi-annual meeting until all recommendations are implemented.
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- Makes recommendations and follows the option selected by the regulatory body:
- Option 1: Develops and submits action plan. It also may revise the action plan based on the OFC's comments or explain why the proposed actions or timeframe are adequate.
or
- Option 2: Schedules a semi-annual meeting within 4 months of the final assessment report to monitor the implementation of the recommendations*.
| - Develops a plan to address recommendations using one of the following option:
- Option 1: Develops and submits an action plan. The action plan may be revised based on the OFC's feedback or explain why the proposed actions or timeframe are adequate.
or
- Option 2: Schedules a semi-annual meeting to update the OFC on completed actions.
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- Reviews the action plan developed by the regulator. The OFC may request changes to the plan, if it believes that the actions do not address the required practices or recommendations, or that the timeframes are unreasonable.
| - Develops and submits action plan. It also may revise the action plan based on the OFC's comments or explain why the proposed actions or timeframe are adequate.
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Step 8 Monitoring
| OFC | Regulatory Body |
|---|
- Monitors the regulatory body's implementation of the recommendations.
- Publishes the final report on the OFC website.
- Updates and modifies the planned action according to progress.
| - Implements the recommendations.
- Updates the OFC on completed work.
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April 2016
