June 18 (Reuters) - Citigroup ( C/PN ) said on Tuesday it

will redouble its efforts to automate certain processes and data

related to regulatory reporting, and is committed to investing

in its risk and control environment in the near term.

The lender has been facing some regulatory challenges tied

to its so-called living will that details how the firm would be

unwound in the event of bankruptcy.

The board of the Federal Deposit Insurance Corp, a top

banking regulator, plans to vote on Thursday to downgrade its

rating on Citi's data-management systems to a "deficiency" from

a "shortcoming", Reuters reported on Monday.

Citi CEO Jane Fraser will give opening remarks in an

investor day on Tuesday, highlighting the strategy for its

services business, which helps to manage payments and liquidity

for multinational corporations.

She will be followed by Chief Financial Officer Mark Mason

and Shahmir Khaliq, who leads services.

The presentations will allow investors "to dive deeper into

a business that is at the heart of our strategy and unmatched

global network," Fraser said in a statement before the event.

Services is Citigroup's ( C/PN ) most profitable division and is

central to Fraser's turnaround strategy. The business generates

about 20% of Citi's revenue.