The Office of the Superintendent of Financial Institutions is remaking itself into a more streamlined organization.

Divisions within OSFI are being regrouped into three sectors to better align them with OSFI’s main activities. The new sectors will be: supervision, with responsibility for risk assessment and intervention; regulation, with responsibility for rule making and approvals; and corporate services, which supports them. The changes are effective immediately.

“OSFI is restructuring to enhance our effectiveness as an organization, improve cohesiveness among the various divisions and simplify communication with federally regulated financial institutions,” Superintendent of Financial Institutions Nick Le Pan said in a statement. “We expect these changes will result in a more streamlined organization.”

Le Pan said the approach is consistent with that used by many other major international regulators.