Canada’s banking regulator has appointed a veteran of the organization to fill a key role in crafting policy for the financial sector.
Ben Gully has been named assistant superintendent, regulation sector, one of the most senior posts at the Office of the Superintendent of Financial Institutions (OSFI). The job is coming open as Carolyn Rogers, its current occupant, prepares to move to Switzerland to serve a three-year term as the first Canadian secretary-general of the Basel Committee on Banking Supervision (BCBS).
Mr. Gully is already a member of OSFI’s executive committee, serving as assistant superintendent, risk support sector. With this promotion, he will play a central part in policy-making, such as setting capital standards for domestic banks and helping craft regulations and legislation that governs the financial sector.
He will also take over from Ms. Rogers as OSFI’s representative on the BCBS when she leaves in June.
After starting his career at the Bank of England, Mr. Gully joined OSFI in 2001 and worked his way up to become the senior director overseeing Canada’s largest banks. He then left OSFI to work for Australia’s banking regulator, the Australian Prudential Regulation Authority, where he was chief risk officer for two years.
He rejoined OSFI in 2017 as assistant superintendent for the risk support sector, which was a new position at the time. His successor is expected to be in place by this fall.
Since 2017, Mr. Gully has helped build up OSFI’s data and risk analytics capabilities, superintendent Jeremy Rudin said in a letter to the industry announcing Mr. Gully’s appointment.
“Ben has led the reshaping of the nature of risk advice for supervision and regulation, and introduced new areas of expertise designed to address non-financial risks related to people, technology and digitization,” Mr. Rudin wrote.
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