Parna Sabet-Stephenson, co-leader of the firm's FinTech and InsurTech groups, has been appointed to the Financial Services Regulatory Authority of Ontario (FSRA)'s Technical Advisory Committee for Credit Union Data Strategy and Digital Transformation. This standing multi-year committee plays an important role in enhancing FSRA's regulatory efficiency and effectiveness using data, analytics, and technology.

Established in 2016 to replace the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario, FSRA is an independent regulatory agency that focuses on improving consumer and pension plan beneficiary protections in Ontario.

The Advisory Committee's mandate includes:

  • providing advice to inform FSRA on the future state of data collection, retention and sharing between the credit union system and FSRA
  • providing advice on the collection of data to support more immediate priorities, such as various supervisory activities (transition to Risk Based Supervisory Framework), assessment of the DIRF adequacy and digital transformation
  • providing advice and professional insight to FSRA as they seek to improve regulatory efficiency and effectiveness through FSRA's digital transformation

"I am excited to join the Advisory Committee as they work to inform the future state of data sharing in the credit union system to better serve members," says Sabet-Stephenson. "To be selected to provide professional advice to the regulator in this area also shows our clients that Gowling WLG has its finger on the pulse of the credit union system," she adds.

A partner in Gowling WLG's Toronto office, Sabet-Stephenson is a widely recognized and respected professional in all aspects of outsourcing, technology law and e-commerce. She has assisted domestic and international clients in a variety of industries and is regularly called upon to advise on technology transformation and digitization projects. She is also a Canadian delegate to the e-commerce working group of the United Nations Commission on International Trade Law.

Gowling WLG's global Tech Group has the insight, experience and entrepreneurial spirit to help you grow your business and protect what makes you unique, whether you're a financial institution, a startup, an established tech company or a publicly listed entity. In addition to assisting clients in the FinTech and financial services sectors, we help clients take full advantage of emerging technologies that are changing the way the financial, energy, retail, manufacturing, insurance, mining, automotive and health industries operate around the world. Learn more about Gowling WLG's Tech Group.