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Senior management should ensure IT systems meet the needs of the organization. Management should also ensure the institution complies with board policies and the board's strategic plan regarding acquisition or development of IT systems. The senior IT manager or Chief Information Officer (CIO) is responsible for the key IT initiatives of a company. The CIO focuses on strategic issues and the overall effectiveness of the IT organization. This position typically oversees the IT budget and maintains responsibility for performance management, IT acquisition oversight, professional development, and training. In addition, the CIO is responsible for a company's IT architecture and strategic and capital planning. The CIO should be a member of executive management with direct involvement in key decisions for the company and usually reports directly to the CEO. The CIO should play a key role in the strategic technology planning as well as supporting activities of peers in various lines of business. The position often has a leadership role on the IT steering committee.
Some institutions hire a Chief Technology Officer (CTO) to more narrowly focus on tactical issues and the efficiency of the IT organization. The CTO should report to the CIO. The CTO is responsible for understanding the evolution of current technology and how to maximize the value of institution investments in technology. Many institutions combine the roles of CIO and CTO due to their complementary roles.