OSFI streamlines structure

The Office of the Superintendent of Financial Institutions (OSFI) has completed a restructuring that streamlines its six divisions into four, it announced Monday in a letter to the industry.

The changes, which took effect on June 1, aim to focus its operations on the federal financial regulator’s central responsibilities of supervision, risk surveillance, and policy “in an era of elevated uncertainty and under an expanded integrity and security mandate.”

Under the new structure, OSFI’s Strategy, Risk and Governance unit and its Regulatory Response unit have been consolidated into the Risk, Strategy and Policy (RSP) division, which is headed by deputy superintendent Angie Radiskovic.

The RSP unit will be focused on identifying and analyzing internal and external risks. It also includes the regulator’s policy and finance divisions, and will be responsible for governance, planning and reporting.

At the same time, the National Security and Corporate Services divisions have been combined in the new Integrity, National Security and Integrated Solutions (INSIS) division. It will focus on the regulator’s expanded mandate to deal with security risks, including foreign interference, along with OSFI’s corporate services work, and is being led by deputy superintendent Kathy Thompson.

The Supervision unit — which oversees the regulator’s compliance work, and includes its efforts to address the financial risks stemming from natural disasters (such as earthquakes and climate change) — continues to be led by deputy superintendent Ben Gully.

And, the Office of the Chief Actuary that provides actuarial valuations for government programs, such as the Canadian Pension Plan and Old Age Security, continues to be led by Assia Billig, it noted.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.