The Bank of Russia initiated management reshuffling and structural changes, the regulator said on Monday in its press release.

Chairperson of the Central Bank Elvira Nabiullina will directly oversee monetary policy issues starting October 17. “I will oversee monetary policy matters and will chair the Monetary Policy Committee. The forma when the chairperson of the central bank is personally responsible for the monetary policy is a fairly standard decision made in many countries of the world,” head of the regulator said in a comment.

First Deputy Chairman of the Bank of Russia Dmitry Tulin will oversee banking regulation and supervision, coordinate and control the risk analysis function, and will chair the banking supervision committee. First Deputy Chairman Alexei Simanovsky will become the advisor to the Chairperson of the Bank of Russia. Deputy Chairman Mikhail Sukhov responsible earlier for banking supervision will step down from his office.

The Bank of Russia will create a separate risk analysis function and a department of liquidation and financial recovery of credit institutions, the regulator said in the press release. “The risk analysis function will be created as an individual department and will assess risks for both credit and noncredit institutions. The department of liquidation and financial recovery of credit institutions to be established will also implement common approaches for all sectors of the financial market,” the Bank of Russia said.

“A cross-sectoral approach will also be realized in matters of access to the financial market: relevant departments responsible for these matters in respect of credit and noncredit institutions will be integrated in a single financial market access department,” Chairperson of the regulator said.

The Central Bank also plans centralization of supervision in the banking sphere, the regulator reports. “Centralization of supervision in the banking sphere is planned: strengthening of the supervising chain, transfer of greater authority and significant toughening of responsibility for supervision action from territorial institutions to the banking supervision department,” the Bank of Russia said.