The CDO Intention
- BCBS 239
- Living Wills
Consumer Protection (Consumer Financial Protection Bureau)
Financial Crime Protection
Will this new law lay squarely on the shoulders of the current CDO, or will it lead to the creation of a new corporate role: the Data Protection Officer?
Understanding the talent pool
Current CDO Profiles
Understanding the talent pool (cont'd)
Functional Reporting Lines of Current CDOs
- The role of the CDO within financial services is an ongoing evolution, with individual firms’ strategy focused on business needs.
- Majority of current CDO mandates focused on compliance and regulatory reporting requirements; some organizations beginning to position function beyond goal of achieving regulatory compliance (defensive risk oriented vst offensive insight driven).
- 31 out of top 37 holding companies with total assets of $100 billion to $2.5 trillion have a designated CDO in the U. S., with an average tenure of just over two years. Three of the top ten companies do not have a designated CDO at the enterprise level. Two organizations are currently in the market for their next CDO.
- Annual turnover rates among financial services CDOs remain high, with 25% of firms either losing or replacing their data executive since 2016.
- Profiles of present-day CDOs more diverse; nearly a third of CDOs identified as having an Operations & Strategy profile – a key skill set needed to successfully set vision, improve processes, control costs, and influence transformational change.
- CDO reporting lines vary from institution to institution; trending toward more businesscentric functions such as COO or CAO, the latter reporting structure re-aligned by two of largest banks in the first quarter of 2017.
- Nearly 60 percent of organizations promoted their CDO from within, signaling greater emphasis being placed on corporate culture and internal working relationship dynamics.
- Organizations will continue to be faced with the challenge of identifying an executive with technical foundation, business acumen, emotional intelligence, charisma and leadership skills
5National Information Center. A repository of financial data and information on banks and other financial institutions collected by the Federal Reserve as of 12/31/16