COMMERCIAL AND INDUSTRIAL MATHEMATICS
|September 21, 2023|
Implementing Pillar 2 and the role of economic capital models
1. Overview of the New Accord and the specific role of Pillar 2
Mr. Lorey Arthur Hoffman is currently Senior Director at the Office of the Superintendent of Financial Institutions, Canada ("OSFI"). OSFI is the Supervisory authority for federally chartered banks, insurance companies and pension funds in Canada. At OSFI, he is responsible for the implementation of Basel II for Canadian AIRB Banks, as well as the operations of OSFI's credit and operational risk supervisory resources. Mr. Hoffman is the Canadian member of the Accord Implementation Group of the Bank for International Settlements ("BIS") in Basel, Switzerland, and also currently serves as Chairman of an AIG Subgroup on Validation.
Prior to joining OSFI in 2001, Mr. Hoffman held a variety of roles
in the financial services industry over the last 20 years, spanning
consulting and advisory work, investment banking and venture capital.
He was previously Managing Director of Structured Financial Products
with Aon Group (Chicago), CEO of a merchant banking joint venture with
an investment banking partnership, and a Partner with the Financial
Institutions Practice of KPMG. He has also served as a Director of a
number of insurance companies and specialized financial services companies
in the U.S. and Bermuda. Mr. Hoffman graduated from Simon Fraser University
in Vancouver, and pursued his Masters and PhD work in Economics, Finance
and Statistics at the University of Washington (Seattle).