Cloud is a business transformer, not a technological shift, according to Olivier Colinet, cloud leader, financial services, EY, who featured on a panel at the Financial Information Management (FIMA) conference in London.
Colinet explained that “cloud is a disruptor and it is about considering cloud as a business accelerator”.
Colinet added: “Clarity over compliance remains the key barrier to cloud adoption”, and he drew upon his presentation which questioned the possibilities of being able to demonstrate to the regulators a real-time view of controls in a format they recognise.
He asked: “And what if you were able to be alerted to shadow IT the moment someone spins up a new system?”
Colinet also stated that cloud is about changing the mindset and he looked into what the ‘new normal’ might look like. He said: “All security safeguards are to be broken; instead detect new threats and respond rapidly—an open versus walled garden security model.”
He added: “Data creation, data exchanges, data inputs may at times escape corporate policies, shadow IT and set controls to get alerts in real-time.”
Meanwhile, discussing the opportunities around cloud, Colinet highlighted that the cloud offers unparalleled opportunities and he drew upon the data quality (DQ) regulations and data quality machine learning (DQML) tool.
Clients want to know what the cloud looks like, therefore, EY has been investing in using visuals to translate the value of using the cloud, Colinet revealed.
He said: “The EY DQML tool is a mobile responsive application that enables clients to detect and address data quality issues such as duplicates, missing values, outliers and address verification using advanced machine learning algorithms and models.”
“Moving to the cloud isn’t simple—it is important to use the cloud as a journey and driving metrics behind these initiatives is crucial. Drive cloud adoptions, deliver on cloud vision, and lead cloud transformation.”
He also suggested that cloud is paramount in building the bridge between cloud and business. He commented: “It is about finding innovative and disruptive ways of doing things as well as the agility and the speed of doing things.”
“It is an exciting time, being able to see how the cloud can be transformational in your organisation. We believe that cloud is the new IT.”
He also cited that the mindset needs to change the surrounding cloud, adding that we are operating in an open environment rather than a walled garden.
“Cyber is operating in an open environment and the same environment applies to data. It is important for CTOs to set the right controls in place.”
“Architecture is becoming a commodity so don’t stop yourself innovating and using the full power of the cloud,” Colinet advised.
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