OSFI’s new Top-Level Organizational Structure

• Type of Publication: Letter
• Date: March 9, 2022
• To: Federally Regulated Financial Institutions, Federally Regulated Pension Plans

I am writing Federally-Regulated Financial Institutions and Pension Plans to share important, upcoming organization changes at OSFI. Last fall, we launched OSFI’s Blueprint to guide our overall direction as an organization through to 2025. We set out on an ambitious transformation agenda created in response to a risk environment characterized by intensifying uncertainty. With our strategy set by our Blueprint and accompanying strategic plan (which we will publish soon), we turned our attention to aligning OSFI’s organization structure with our strategy.

Accordingly, I am writing to inform you of details of OSFI’s new top-level organizational structure which will become effective in early April 2022. We believe this structure will position OSFI to fulfill our mandate of contributing to public confidence in Canada’s financial system in today’s volatile risk environment.

OSFI’s new structure has six areas of responsibility:

• The Superintendent’s Office will be expanding to include new roles such as a formal Chief of Staff and Senior Advisor. The Internal Audit team will continue to report to my office.
• Assia Billig will remain part of the Executive Committee as the Chief Actuary of Canada. Under Assia’s leadership, the Office of the Chief Actuary (OCA) will remain an independent unit within OSFI that provides a range of actuarial valuation and advisory services to the Government of Canada.
• Michelle Doucet will become the Chief Operating Officer, responsible for our corporate services functions and new Transformation Office. This Sector will lead OSFI’s transformation and the implementation of the Blueprint, and deliver internal OSFI-wide core operating functions such as Human Resources, Finance, Procurement and Contracting, Facilities and Administration, Security, IM/IT, Access to Information & Privacy, and Legal Services.
• Ben Gully will become the Deputy Superintendent, responsible for the Supervision Sector. This Sector will supervise federally regulated financial institutions and private pension plans through assessing and responding to financial and operational risks while making capital and liquidity adequacy assessments.
• Jamey Hubbs will become the Vice-Superintendent. In this role, he will have reporting to him two new Sectors. The first is the Policy, Innovation and Stakeholder Affairs Sector, which will lead policy initiatives that innovate OSFI’s macro and micro-prudential policy responses to risk environments (e.g. climate, digitalization). It will manage approvals, compliance, and legislative interpretations, and will lead OSFI communications, including a coordinated, strategic approach to stakeholder engagement.
• ​ Angie Radiskovic has been appointed as the Assistant Superintendent and Chief Strategy and Risk Officer (CSRO), the second Sector that will report to Jamey Hubbs. The CSRO will be responsible for work related to, strategic planning,enterprise risk management, risk surveillance and quantification as well as data and governance functions. The CSRO will provide an independent oversight function (i.e., second line of defense) to ensure risk-taking limits are set and that effective challenge to the operation of the first line is provided.

We will be moving swiftly to staff the vacant Assistant Superintendent, Policy, Innovation and Stakeholder Affairs position. In the interim, the sector will report directly to Jamey Hubbs.

Peter Routledge
Superintendent