Citi Names Tim Ryan as New Tech Chief to Enhance Data Strategy
Citi's New Leadership in Data Management
Citigroup has made significant changes to its leadership structure in order to address longstanding data management challenges. Technology head Tim Ryan has been appointed to collaborate with Chief Operating Officer Anand Selva on key initiatives aimed at enhancing data governance and management within the organization.
The Partnership Between Ryan and Selva
Having joined Citi in June, Ryan now jointly leads the bank's data program alongside Selva, who is responsible for steering the bank's overall transformation strategy. Their combined efforts are directed towards accelerating improvements in the management and utilization of data across the organization.
Commitment to Improvement
According to a memo detailing these changes, there is a clear acknowledgment that Citi needs to prioritize progress in the data management sector. The memo highlighted a commitment to dedicating additional resources to this crucial area to drive results and improvements.
The Role of Ashutosh Nawani
Adding to this leadership overhaul, Ashutosh Nawani, the head of enterprise risk management, has been brought on board to join Ryan's team as the head of the newly established enterprise data office and data transformation initiatives. This addition emphasizes Citi's dedication to restructuring its data management approach.
Transitioning Roles
As Nawani transitions into his new responsibilities, Japan Mehta, the Chief Data Officer, is also set to play a key role in supporting the new leadership structure. Mehta will work closely with both Selva and Ryan during the transition, highlighting the importance of cohesive collaboration in achieving data management goals.
Recent Challenges in Data Management
This restructuring comes in the wake of significant challenges faced by Citi in the realm of data management. In July, the bank faced a substantial $136 million fine due to insufficient progress on resolving data management issues identified back in 2020. Regulatory bodies have urged Citi to demonstrate that adequate resources are being allocated to address these concerns effectively.
While Citi initially agreed to a comprehensive plan to rectify its data issues in 2020, internal reviews last year indicated that the bank had not made sufficient progress. The Fed's findings prompted further scrutiny and action, leading to the current leadership changes.
Looking Forward
The appointment of Ryan and the reorganization of responsibility within Citi's management is seen as a necessary step towards overcoming these challenges. By integrating leadership roles and focusing on data as a critical asset, Citi aims to foster a more robust approach to data governance and improve overall operational effectiveness.
Frequently Asked Questions
Who is leading the new data program at Citi?
Tim Ryan is leading the data program, collaborating with COO Anand Selva.
What role does Ashutosh Nawani play in this restructuring?
Ashutosh Nawani has been tasked as the head of the new enterprise data office and data transformation team.
What prompted Citi to make these leadership changes?
Citi's recent $136 million fine for insufficient progress in data management highlighted the need for these changes.
When did Tim Ryan join Citigroup?
Tim Ryan joined Citi in June from PwC's U.S. franchise.
What are the primary goals of the new data management strategy?
The primary goals include improving data governance and accelerating progress in data management initiatives.
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