ZURICH (Reuters) – Swiss financial market regulator FINMA said on Tuesday it had revamped its organisational structure with immediate effect and that its deputy CEO would step down by April 30.
A new cross-divisional function for integrated risk expertise will work on topics like liquidity and capital. Markets and asset management divisions are merged.
A newly created FINMA Chief Risk Officer function will coordinate risk management processes in the business divisions.
The new structure would “support more intensified, direct supervision, in particular by allowing the authority to carry out more of its own on-site supervisory reviews,” FINMA said.
CEO Stefan Walter said the revamp promoted FINMA’s goal of preventive supervision, adding the regulator would continue to monitor institutions “in a risk-based and proportionate manner.”
FINMA Director Marlene Amstad said that by taking these steps, FINMA was addressing future challenges.
“These include not only new realities in the banking sector, but also challenges for the entire Swiss financial centre such as non-financial risks and conduct issues, money laundering and cybercrime,” Amstad said.
The regulator also said Birgit Rutishauser, deputy CEO and head of the insurance division, would step down by April 30 to embark on a new career. Her move was independent of the organisational changes, FINMA said.
(Reporting by Ariane Luthi; Editing by Sonali Paul)
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