Developing a Risk-Based Compliance Framework for Digital Service Delivery

The Financial Consumer Agency of Canada (FCAC) engaged Risk Sciences International to provide strategic advisory services aimed at enhancing its regulatory compliance model through risk-based methodologies. FCAC’s objective was to explore new approaches that would integrate digital tools and data-driven strategies into its compliance activities, in line with its strategic goal of strengthening consumer protection in financial markets.

The work focused on designing strategies and frameworks to assess current practices, identify gaps, and propose forward-looking options. The project included a discovery phase with a review of internal documentation and relevant international guidance, followed by qualitative consultations with FCAC staff to gather insights on existing processes and challenges. A comparative analysis phase examined FCAC’s current compliance operations against best practices and stakeholder feedback to develop practical options for a risk assessment framework and a risk outlook tool.

Deliverables included a comprehensive final report outlining the current state of compliance operations, proposed frameworks for risk-based compliance, and a roadmap for implementation. The recommendations were crafted to support FCAC in allocating resources more effectively, improving non-compliance detection, and enhancing the agency’s digital service delivery capabilities.