The trend or hype of cloud computing has been building for several years, yet many corporations are still struggling to understand and capitalize on it. Goldman Sachs Group first adopted the utility-based processing model in-house, making use of a so-called private cloud for its derivatives business, ten years ago. Today clouds cost-effectiveness is showing its face, says Steven Scopellite, a 27-year veteran of the New York investment bank who has been CIO since 2008. A year ago I wouldnt have said that. The 48-year-old is referring to a hybrid cloud that combines internal, bespoke infrastructure with external, public clouds as needed. The bank can better prepare for high-volume days and off-load the technical sophistication we once had to build in-house, Scopellite says. The favorable economics are compounded as big, fixed-cost data centers are replaced with highly scalable, energy-efficient modular units that the CIO likens to a data center in a box. A practical application is dynamic capital and liquidity calculations. After making significant investments to scale our risk platform and develop a system that is common across all asset classes and taking advantage of cloud efficiencies, we have more visibility into how a particular transaction will affect capital ratios, Scopellite explains.
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