Job Title : CIO
Organization : Bank of England
Simon Moorhead became CIO for the Bank of England in November 2008, the first CIO in the bank’s 318-year-old history. 2012 marks Moorhead’s third appearance on the CIO50 list.
His four years at the bank coincide with the financial crisis through which the Bank of England’s internal IT team has had to support regular market operations and rapid delivery of new facilities, such as this summer’s Funding for Lending scheme.
Moorhead’s main goal has been to ensure the focus of the IT team is on adding value to the Bank of England’s analysts and policy makers, to help them get the most accurate insights from the information the bank holds.
The past year has also been taken up with significant work to plan for the bank’s new responsibilities for supervising banks and insurance companies in the UK, including the creation of the Prudential Regulation Authority.
This development requires moving more than 1,000 people from the Financial Services Authority to a new building in the City, together with the applications and data to help them supervise firms. The bank’s internal IT team has grown by around 145 staff to cope with the increase in demand.
The other major area of Moorhead’s job is to oversee the trading and payments systems that help run the UK’s financial infrastructure, as well as the systems that inform monetary policy decisions for the UK. Managing these systems also requires Moorhead to co-ordinate with international interests and other central banks – information security is therefore an ever-present area of focus.
Moorhead joined the Bank of England from Reuters where he held a similar role supporting the global sales and service organisation.
Before Reuters, he was a strategy and change consultant focusing on financial services at both Ernst & Young and then Capgemini. His first role was also in banking, when he worked in a corporate lending team at Midland Bank.