(Member since 2017)
Karen Stothers is Senior Director of the Office of the Superintendent of Financial Institutions Canada (OSFI), the independent Canadian federal government agency that regulates and supervises financial institutions and pension plans to determine whether they are in sound financial condition and meeting their requirements.
She began her career in the auditing profession in Canada where she became a Chartered Professional Accountant of Canada and then moved on to financial reporting, accounting policy and risk management for both Canadian and international purposes in US and Canadian Banks. Specifically she had responsibility for financial institution policy in accounting with ties to regulatory capital and complex capital markets products and structures. On the risk management side she had a focus on policy development on economic capital, market risk policy, operational risk methodology, as well as risk reporting to the Risk Management Committee and for the Annual Report.
In her current position with OSFI she is Head of a centre of expertise in accounting and auditing standards and processes for national and international accounting and auditing policy practices. She is the authoritative voice of OSFI with national and international liaison parties, e.g., standard-setters, regulators, auditors to ensure ongoing assessment of key national and international accounting and auditing standards and trends in order to influence their development and implementation through a variety of means, e.g., influence through legislative authority. In her 30 years of experience she has expertise in working with the development of International Financial Reporting Standards (financial instruments (fair value, impairment) and insurance contracts) and International Audit Standards (audit quality, audit reporting) and leading practices on public disclosures. In this capacity she has worked with the standard setters and international financial institutions.
Karen is a member of the Basel Committee on Banking Supervision’s Accounting Experts Group and is accountable for the OSFI membership in the International Association of Insurance Supervisors’ Accounting and Auditing Working Group. Under these responsibilities she has represented the Committee, Association and OSFI at the International Accounting Standards Board (IASB) on insurance and expected credit loss accounting work. She is also responsible for OSFI’s public interest role in the Canadian oversight of the setting of audit and assurance standards as the OSFI observer on the Canadian Audit and Assurance Standards Oversight Council.
She has a Bachelor of Commerce and Finance from the University of Toronto.