Governance & risk

Governance plays a critical role at Payments Canada, starting with the legislated mandate set out in the Canadian Payments Act (CP Act)The CP Act includes our mandate, the types of entities eligible for membership, the role of the Board of Directors and oversight responsibilities of the Minister of Finance.

Good governance ensures a level of oversight and risk mitigation that provides confidence to our members, stakeholders and Canadian consumers. We have a strong governance model, reflected in our comprehensive Organizational Framework, that supports the delivery of our mandate as defined in the Canadian Payments Act.

Under the leadership of the chairperson, the Board of Directors is charged to direct and manage the affairs of the organization with a focus on strategic and policy matters.

There are four board subcommittees that assist the Board of Directors in fulfilling their responsibilities:

Flow chart of structure


Audit and Finance Committee (AFC)

The Audit and Finance Committee provides several crucial functions: financial monitoring and audits; and financial planning, including oversight of budget development. This committee may also oversee projects as delegated by the board.

Terms of Reference


Governance and Nominating Committee (GNC)

The Governance and Nominating Committee is responsible for the oversight of board performance effectiveness, governance policies and guidelines and compliance; code of conduct and standards of behaviour for board and management; director nomination and qualification; board succession planning; board orientation and continuing education; and evaluation of board committees as a whole.

Terms of Reference


Human Resources and Compensation Committee (HRCC)

The Human Resources and Compensation Committee assists in the evaluation and compensation of the president and CEO; the review of the CEO’s evaluation of senior management; and the review of employee benefits and pension plans, human resources policies and management succession planning.

Terms of Reference


Risk Committee

The Risk Committee supports in relation to risk management oversight, including oversight over Payments Canada’s Enterprise Risk Management Policy and risk appetite statement.

Terms of Reference

The RTR Program Advisory Committee

The RTR Program Advisory Committee assists the board with monitoring the status of the RTR program implementation and evaluating RTR program risks and related issues.

Terms of Reference

The Board of Directors also receives advice and counsel from the Payments Canada Stakeholder Advisory Council and the Member Advisory Council, to leverage the expertise and experience of those within the payment ecosystem. 

The Payments Canada leadership team works closely with our regulators and our board of directors to ensure the regulations set out in the enabling legislation are adhered to, thereby maintaining the integrity of the governance system, the organization and the ecosystem as a whole.