What is IRIS?

IRIS stands for Integrated Regulatory Information System and is a new suite of tools aimed at ensuring BCFSA fulfills its mandate of being a modern, effective, and efficient regulator of financial services in British Columbia.

IRIS is a portal for regulated entities to provide regulatory information and submissions to BCFSA. IRIS can be accessed by Authenticated Users (typically those individuals who already interact with BCFSA) to view and manage Account and Contact information (i.e., Regulated Entity and information of contacts that manage those entities), submit and view status of submissions and filings, and manage business authorizations with BCFSA. Business authorization is the general term used for registrations, licenses, certificates, and permits in IRIS.

Why does BCFSA need IRIS?

IRIS uses tools and data sources that will enable our team and regulated entities to automate many of BCFSA’s business processes providing easier access to an improved data that is used to assess risk. The reduced manual data processing minimizes risk of errors, which improves timeliness and accuracy of information shared.

What are the key components of IRIS?

IRIS is a technology solution that provides a 360-degree view presenting all available and significant information about each financial institution. The solution will significantly improve BCFSA’s efficiency and regulatory effectiveness through inclusion of the following high-level components:

diagram

When will we get to use IRIS?

IRIS is currently being developed in three (3) Stages, with each stage introducing new sector users and functionality. Stage 1 of IRIS went live in September 2021. Stage 1 users of IRIS include Mortgage Brokers, Credit Unions, Insurance, and Trust sectors regulated by BCFSA. The Real Estate and Pensions sectors regulated by BCFSA will begin using IRIS in Stage 2, slated for release in the first half of 2022. Stage 3 of IRIS, which will entail expanded functionality and reporting capabilities, will be released later in 2022/2023. BCFSA is taking this staged approach to minimize disruptions and ensure IRIS is developed in line with modern technology best practices.

How will we use IRIS?

IRIS has been developed to be both intuitive and simple. While each sector will use IRIS differently, it is intended that filings, submissions, documents, data, and payments currently submitted manually today will be completed through the IRIS Portal.

Users will need to create an account to sign into and use IRIS where information will be saved, and status updates reviewed.

Will we be trained on how to use IRIS?

Because IRIS has been developed to be both intuitive and simple to use, formal training has not been deemed necessary.  However, quick reference guides can be found in the Supporting Information section below.

Can we upload annual filings and returns using IRIS?

Yes. This is one of IRIS’ primary functions. 

Supporting Information

  • Registration and Enrolment in IRIS

    Learn how to register in IRIS and add an account administrator.

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  • Getting Started with IRIS

    Learn how to navigate IRIS as well as manage personal and organizational dashboards.

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  • Making Payments in IRIS

    Learn how to submit payments using IRIS.

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  • Managing Submissions in IRIS

    Learn how to manage new submissions using IRIS.

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  • Frequently Asked Questions

    Find answers to common questions with regards to using IRIS and information security, as well as specific information for Mortgage Brokers and Financial Institutions (Credit Unions, Insurance, and Trust Companies).

    Learn more