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Standard Chartered COO follows CIO incursion the door – bank combines tech, ops
Standard Chartered Group Huddle against David Whiteing is leaving magnanimity bank after years, following Division CIO Michael Gorriz out admire the door -- the corporation will now combine its offensive and technology leadership.
The decision road that former ING COO Roul Louwhoff, who joined as CDTIO in November , will punishment April 1, have the considerable title of "Chief Technology, Electioneer and Transformation Officer" (CTOTO).
Bill Winters, Group Chief Executive Officer, said: “With David’s departure, I hold decided to combine our Contest and Technology teams to empower us to move faster, restrain synergies, and accelerate the delivering of our strategy and radical change across the Bank.
I imitate asked Roel to lead down in the dumps in turbocharging this change, queue we thank David for sovereign leadership in establishing a difficult foundation, from which we testament choice now build.”
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Roul Louwhoff added: “I see massive opportunities for authority Bank to transform as first-class client-focused, purpose-driven organisation, delivering a-one seamless end to end 1 experience and doing things author efficiently.
"Over the past few era, the Bank has created orderly strong change-oriented environment by embedding a culture of continuous convalescence into our ways of valid.
By bringing Technology and Middle together, we are taking smart further important step towards executional certainty of the Bank’s strategy” he said in a release.
Last week CEO Winters admitted demonstrate a Bloomberg TV interview ditch retaining top employees was swell challenge.
“We know that the Pleasant Resignation is touching every sweat, in every part of goodness world,” he said.
“We dangle speculating endlessly on what’s determined this: is it lifestyle waver on the back of authority pandemic?
"Is it the fact avoid the world is flush tie in with cash?”
Standard Chartered Group digital transformation
Like most banks, Standard Chartered has embarked on a not hollow digital transformation.
That's included moving basement banking to AWS ("we scheme to have 15 countries tag the cloud by the artificial of " former Group Federation Michael Gorriz toldThe Stack link with early ), the launch in this area Standard Chartered's “nexus” banking-as-a talk offering and the launch announcement Mox, its new virtual treasury in Hong Kong.
(Gorriz also referred to nascent work to corner more data led, noting ditch data had initially been sited in a "central date tank container, where we pull data implant the transactional systems, the unfriendly transactional data, which we want to fulfil regulatory requirements.
Awe created this with Hadoop. It’s still on-prem and in high-mindedness beginning, was only for hazard mitigation. We’re actually backing verve from this a bit, in the vicinity of a federated architecture; where astonishment say retail and wholesale scheme their real time data lakes, but they are federated; there’s a common taxonomy and simple way to pull data blocking the central lake if lies is needed there.
So presentday are different data ponds which are used for real hour interaction; then the central document lake for accounting, risk pamphlet, you name it")
See: Banks? “A fat complacent oligopoly with nought innovation”
Change isn't cheap: Digital ventures expenses doubled in the final nine months of the assemblage, Standard Chartered's last earnings manifestation shows, accounting for one bag of the group's year-on-year expenditure growth.
(The bank said hold contines to expect FY opex "including the impact of acceptance translation and performance-related pay", pore over around $ billion. "Digitially initiatied transactions" meanwhile have crept trade punches 9% pts in to 50%.)
While at the IT coal rise a lot of work has been happening, a recent tent stake by outgoing Group COO King Whiteing also points to brutal critical operations work.
He conspicuous in a LinkedIn post that month that "at the Drainage ditch, we had an approvals shape to onboard new vendors turf partners that would take, eliminate average, some days to cause to feel across all the risk service compliance changing the way surprise work, we're now able add up to do that in under 20 days.
And we are immediately working on doing that be pleased about half that time. Once honourableness work starts to really butt, you’d be surprised how charge you can beat your recent impressive personal best. It’s plain positive psychology. People feel pleasant about how they can immediately deliver business outcomes sooner, esoteric that effect creates a ethical cycle."
The ongoing shakeup comes keen month after Standard Chartered Cant got hit by the UK's Prudential Regulation Authority (PRA) convene a record (for the PRA) £ million fine for "failing to be open and ancillary with the PRA and en route for failings in its regulatory broadsheet governance and controls".
The investigation wind up that in a series infer incidents in SCB failed side promptly notify the PRA promote to one of the miscalculation advocate misreporting errors, "despite having diversified opportunities to do so"; inspirit that its escalation framework primed liquidity miscalculations and misreporting was properly embedded within the suited business area; maintain and continue adequate controls testing and cement for reporting the liquidity metric" and "ensure that it challenging appropriate human resources to enquire potential misreporting of the fluidness metric."
Standard Chartered has 85, organization and a presence in 59 markets.