The Australian Prudential Regulation Authority (APRA) has selected Surabhi Jain as its first-ever chief data officer, following Jain’s departure from Westpac Institutional Bank in March.
Jain joined APRA earlier this month, assuming the role in charge of the data branch within the newly established technology and data division, formed by APRA in February.
The technology and data division brings together APRA’s enterprise services technology team and the core data capabilities teams from its data analytics and insights division.
In her position, Jain will define the strategic direction and business plan of the data branch, reporting to Bruce Young, who became the head of the new division in March after being promoted from general manager of operational resilience to executive director of technology and data.
The data branch plays a crucial role in enabling APRA to fulfill its mission of safeguarding the Australian community through data-driven decision-making, as stated in the recruitment advertisement released by APRA when the role was created in March.
APRA’s responsibilities include collecting data from the financial sector and ensuring that authorized deposit-taking institutions fulfill their reporting obligations through the modernized economic and financial statistics scheme.
Jain’s responsibilities will also involve developing data procedures and policies, collaborating closely with various departments to gather, prepare, organize, protect, and analyze data assets while upholding APRA’s required governance and privacy standards.
Data forms a fundamental component of APRA’s compliance responsibilities. In its most recent annual report, APRA highlighted the launch of the “APRA Connect” data collection platform, which aims to enhance data-driven decision-making and improve APRA’s data collection capabilities on behalf of other government agencies.
Furthermore, APRA Connect facilitated the rollout of the second phase of a superannuation data transformation project in April 2022, bolstering APRA’s analytical capacity and promoting greater transparency within the superannuation industry.
With over 22 years of experience in data management across the financial services, telecommunications, media, and airline sectors, Jain previously served as Westpac Institutional Bank’s chief data officer for two and a half years. Prior to that, she held various roles at HSBC for 12 years, including global head of data risks and controls and chief data officer for Hong Kong.
Westpac Institutional Bank has not yet commenced the search for a replacement for Jain, with Sandeep Chandra, the head of change execution and data, assuming responsibility for the data-related duties previously handled by Jain.
