The Cloud – A New Era of Innovation, Productivity and Service

The Cloud – a new era of innovation, productivity and service. That’s what we all took away from Financial Technologies Forum’s Cloud Computing on Wall Street Breakfast Briefing this past Tuesday in NYC. Thanks goes out to all the attendees for making this event so great and for participating in the open forum discussions around the benefits vs. the risks of the cloud. Special thanks also go out to all the knowledgeable speakers and the event sponsors who included i365 and SunGard!

Eugene Grygo, editor of the FTF Newsletter, kicked off the sessions with the survey results FTF compiled from our readership earlier this year revealing users’ expectations of cloud computing. According to the survey findings, respondents expect the cloud will have a positive impact upon their jobs, a topic that came up often throughout the day’s sessions. While it was frequently the question of job security that came up, with some feeling that their jobs could be in jeopardy, the general consensus in the end was that cloud computing will have a beneficial outcome for everyone (as our survey results supported) rather than a negative impact on their job role. One speaker noted that the cloud shouldn’t affect job security; there are plenty of other things for you to do! And another pointed out that we are not even at a point yet where 100% of our environments can be virtualized, which means that humans will still be needed to carry out day-to-day tasks and other IT functions (thank goodness!).

And no big surprise to everyone, the hottest topic and the biggest complaint with the cloud is the risk. It was discussed that, at the very least, a special work-flow system would have to be established and a designated ‘cloud coordinator’ would be needed to monitor possible abuses to the system – even if on a relatively small scale. This idea aligned completely with the emphasis on strong security measures. Though with the many benefits that can be found in the cloud, such as development of infrastructure, easy horizontal scaling and proper staff aligning, the general consensus was that the risks are worth the reward.

Overall it was a great and informative day where many areas of cloud computing were brought to light by the distinguished panelists, moderators and speakers. It seems, through all the concerns and hurdles, cloud computing will someday be fully accepted on Wall Street. But I guess only time will truly tell…

For more in-depth coverage on what was discussed at the event watch for some upcoming highlights in the FTF Newsletter.

Thanks to SunGard for sponsoring the event lanyards!

Brian McCallion, Global Performance Architect at AIG, giving the Keynote Address – “The Cloud Cocktail – What Ingredients Make a Successful Cloud?”

Caitlin tweeting live from the event. Follow the event highlights at #FTFCloud.

“What’s the Cloud Computing Forecast for Wall Street?” Panelists Uche Abalogu, CTO at Harbinger Capital, Daniel Rhee, CTO at OrbiMed Advisors and Peter Mager, CTO at DK Partners give their insight.

Networking Break with i365

Michael Kurzer from Milbank, Tweed, Hadley & McCloy LLP using his fun Jeopardy format to lead his panel discussion.

Dennis Smith from BNY Mellon speaking on how they implemented the cloud.

Thanks to i365 for exhibiting at the event!

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