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HomeNewsBFSIBoB's Akhil Handa CDO vs. CEO saga ignites debate on C-Suite accountability

BoB’s Akhil Handa CDO vs. CEO saga ignites debate on C-Suite accountability

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CDO's position is uniquely vulnerable to shifts in regulatory and technological tides, while the CEO's role is to steer the organisation through these shifts with an eye on sustainable growth and compliance.

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The banking world has been abuzz with the recent controversy surrounding , former (CDO), (BoB). Handa's departure from the bank has been shrouded in conflicting narratives, sparking widespread speculation within the industry and amongst observers.

Handa has been a pivotal figure in Bank of Baroda's digital transformation, leading initiatives that have shaped the bank's modernisation efforts. However, the circumstances surrounding his exit have become the subject of much debate.

On one hand, Handa asserts that he resigned from his position of his own volition, while on the other, Bank of Baroda's CEO, Debadatta Chand, has suggested that Handa was terminated as part of the bank's response to regulatory steps by the Reserve Bank of India (RBI) related to the ‘bob World' app controversy​​.

Handa's Position and ‘bob World' App Issue

Handa's role as the CDO placed him at the forefront of the bank's digital offerings, including the ‘bob World' app, which is at the center of the current dispute. The app has faced scrutiny over its onboarding processes, leading to regulatory concerns by the RBI.

The nature of these concerns and the bank's subsequent actions have not been made clear in public statements, which has contributed to the confusion and controversy. Handa has refuted any connection between his resignation and the app's operational issues, suggesting that the bank's leadership may be attempting to deflect attention from broader operational lapses​​.

Implications for CDO Community

The saga of Akhil Handa's departure has raised several pertinent questions for the CDO community at large. The role of a CDO involves navigating complex digital landscapes and ensuring compliance with stringent regulatory frameworks.

The controversy highlights the risks CDOs face when digital strategies come under regulatory scrutiny. Moreover, it underlines the need for transparent communication between a bank's leadership and its stakeholders, especially in times of crisis.

As the banking industry continues to evolve rapidly with digital transformation, the roles and responsibilities of CDOs are becoming increasingly critical. The Akhil Handa episode serves as a cautionary tale for digital leaders in the banking sector and beyond.

It underscores the importance of not only steering digital initiatives successfully but also maintaining clear and honest communication channels within an organization.

Role of CDO

In the digital age, a CDO is often the architect of a bank's digital infrastructure and the guardian of its data integrity and security. They are tasked with the implementation of digital strategies and may sometimes be in the line of fire when those strategies are scrutinized.

In Handa's case, his direct involvement with the ‘bob World' app, which came under regulatory review, put his role under the microscope. Handa's own statements have indicated his resignation was a personal decision and not directly related to the app's issues, suggesting that operational responsibility may not have been the sole factor at play​.

CEO's Oversight

The CEO, on the other hand, has the ultimate oversight of the bank's operations, including the implementation of digital strategies. In this instance, CEO Debadatta Chand's statements suggested that Handa's termination was related to the bank's response to regulatory steps concerning the app.

This brings to light the CEO's role in crisis management and decision-making at the highest level. It begs the question—should the CEO bear the greater responsibility for the controversies arising from executive decisions and the bank's direction?

Corporate Governance and Accountability

In corporate governance, accountability is typically structured such that the CEO, who reports to the board, is ultimately responsible for the overall performance and compliance of the company. The case of Handa's departure could be seen as a reflection of how a CDO's role is perceived in the broader context of corporate accountability.

If a strategic initiative fails or comes under question, it is essential to consider whether it is the responsibility of the specialist who designed it or the generalist who approved it.

Implications for Corporate Leadership

The controversy around Handa's departure has implications for corporate leadership models. It highlights the need for clear delineation of roles and responsibilities among the C-suite officers. The digital landscape within banking is fraught with potential pitfalls, where the lines between innovation, risk, and compliance are often blurred.

As such, the CDO's position is uniquely vulnerable to shifts in regulatory and technological tides, while the CEO's role is to steer the organisation through these shifts with an eye on sustainable growth and compliance.

The debate over whether the buck stops at the CDO or ascends to the CEO is more than a matter of assigning blame; it's about understanding the dynamics of leadership and accountability in the digital era.

The saga of Akhil Handa's departure may well serve as a case study for re-evaluating these roles within the financial industry, ensuring that both innovation and oversight are balanced for the betterment of the institution and its stakeholders.

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Sanjay Singh
Sanjay Singh
Sanjay Singh covers startups, consumer electronics and telecom for TechObserver.in
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