Hi Everyone,
As a follow up to our November 29, 2010 meeting, we would like to thank Kurt Brungardt, Chief Information Officer at MSD Capital, for once again hosting our outstanding event. Special thanks to both of our outstanding speakers, Chris Corrado and Michael Atkin, who joined us at our meeting. Special thanks to all the attendees who joined us at this over booked event! We very much appreciate your participation and perspective on the topics.
Some thoughts from the meeting included the following:
From Chris Corrado – Mobile Technologies – current and future state + Impact of business.
Chris gave us an amazing view as to the key players in the market, and their thought process in increasing revenue. He described the change in definition of the smartphone along with a description of the current and future state. (please see attached presentation).
- China to be 20% of market
- Key players are Verizon and AT&T
- Android is growing fast
- Carriers used to control wireless ecosystem; now other players are involved such as Google or Apple
- Tech support / insurance is good, untapped aspect, but needs to be reliable
- Smartphones require more carrier support/investment;
+ more customer service
+ bigger infrastructure
+ more returns - Price & network quality are most important
- Churn is high due (primarily) to device problems, cost, coverage
- Trends include:
– VoLTE – Voice/text over LTE networks
– Femtocells – Home-based, micro cells
– META – TDM converting to IP
– Shift from unlimited plans to tiered
– New appstores competing against Apple
– Carriers loading up value-added services to combat churn
– E-billing presents opportunity to sell
– Apps drive tablets usage: healthcare, publishing
– 50 billion wireless devices by 2020 (including tablets, cars)
– More upcoming in location-aware services & payment services
From Michael Atkin – The New Financial Reforms – What does this really mean for us?
Mike gave us an outstanding view of the effect of the new financial reforms. Without a doubt it was clear that every company needs to step up and get involved in the process. The question was how do we implement the regulations with operational wisdom!
- Congress is “done” with reform, the shift is to regulatory requirements: (There are 224 rules, 130 studies in US alone. At least 48 EU rules, more internationally
– Most new requirements haven’t even arrived yet (coming Q3’11)
– Drafts are first coming out now - It is time for the financial firms to stop fighting the lobbyists, and get involved in order to guide the rules.
– There is no undoing the laws
– There are no open hearings on Dodd-Frank
– Discussions on Dodd-Frank Title 1 (systemic risk) & 7 (transparency & accounting)
– Title 1 factors: leverage, concentration, asset price bubble, liquidity, correlations of risk, and behavior
– Considerations: instruments, entities, and obligations
– 4 data categories: instrument reference data; entity reference data, pricing, positions. First two are factual, second two are interpretive.Top Ten Things everyone should be doing:
1. Data remediation / cleansing (should be doing this already)
2. Cross-reference data / mapping
3. Common language / semantics for instruments
4. Data integrity process & QA
5. Justify pricing
6. Automate corporate actions processing
7. Risk re-engineering
8. Connect to new government facilities
9. Global governance – needs more maturity
10. (most important) Partner with the regulators
Final Observations:
We have yet to see the full impact of future mobile technologies, as the various carriers struggle to align themselves accordingly.
We have yet to see the full impact of the new financial regulations, as we continue to discover all the elements of information that are going to be critical for future reporting needs.
Mike and Chris made it pretty clear that we need to get involved on both fronts, in order to position our organizations for the needs and requirements of the next generation. Taking the time right NOW, to speak to our carriers, and to our lobbyist’s is critical in educating all those who need to better understand our respective businesses. We look forward to inviting both Chris and Mike to join us again next year, so that we can look back at our discussion, and truly understand the future implications. Thanks again to both Chris and Mike who have provided their presentations for distribution to the group.
Thanks again to all the attendees for all your questions, views and opinions! And to our speakers, once again, thanks for creating an exceptional evening to remember!
Wishing you all a wonderful holiday season! See you all in the spring!
-malka
Malka Treuhaft
Executive Director East Coast CIO Forum &
President
Truision Inc.
646.942.2625 (office)
917.589.1069 (mobile)
718.375.1529 (fax)
www.truision.com
Hi Everyone,
Registration for the Monday evening, November 29th, 2010 in midtown continues in full force, on a first come basis. Please respond to this e-mail if you wish to register.
We are very excited to have Chris Corrado, Vice President, Technology Solutions, Governance and Asurion Mobile Applications, joining us to discuss the current and future state of mobile technologies, as well as the impact on future business.
We are also very excited to have Mike Atkin, Managing Director of the EDM Council, joining us for a lively discussion on the new financial reforms.
Meeting Agenda:
Mobile Technologies – current and future state + Impact of business – Chris Corrado
- Do smartphones and tablets (IPad) portend a fundamentally new way that we need to develop and design end-user apps.
- Will putting in proper security controls make the devices relatively useless for anything other than another fancy email device and pdf reader?
- Should companies focus just on Apple or Android? Does Microsoft have any chance to catch up?
The New Financial Reforms – What does this really mean for us? – Mike Atkin
It’s now been almost 2 years since the financial markets nearly collapsed. In the aftermath, we’ve seen venerable firms go out of business, new focus on greater government involvement in the oversight of the financial system and the passage of signification new legislation impacting almost nearly every aspect of our financial system (from individuals to the largest firms). However, we still have the unanswered question of what to do with the GSE’s, who affect a significant amount of the debt sectors.
At this point, can we start to not only look at some lessons learned and start to judge the impacts of the new regulatory environment? What is the potential for the “cure” to be worse than the “disease”? What do we think the financial system might look like 5 years hence? How will the formation of the Office of Financial Research in the Treasury Department have a practical impact?
- The financial reform legistlation – (Dodd–Frank Legislation (key points, timeline and major milestones)
- The Office of Financial Research (OFR) and Systemic Oversight (structure, powers, purpose, process and prognosis) – When would we start to feel the impact?
- Managing the Data Supply Chain (standards, source tagging, global coordination, reference data utilities)
- Implications beyond the Financial Community (art and practice of data management)
- What are some of the actual benefits we can look forward to in the shortterm.
Looking forward to seeing you all in November!
-malka
Chris Corrado ’s Bio
Chris Corrado, a well-known industry leader, has 25 years of technology and business experience domestically and abroad. Industries include financial services, consulting, computer hardware and services, telecommunications, wireless and e-commerce. He has managed a number of large, global teams driving innovative technologies supporting leading edge businesses. Chris’ specialties include enterprise architecture, business architecture, mergers and acquisitions, financial management, software development, operations management and strategy.
Currently, Chris is the Senior Vice President of Technology Solutions, of Governance and Asurion Mobile Applications. As Senior Vice President, Chris oversees Asurion’s expanding information technology, project management areas and Asurion Mobile Applications. Most recently, he was the Chief Technology Officer at eBay overseeing site operations, information technology, and security. Prior to eBay, Chris was with AT&T Wireless, where he was Chief Information Officer and Executive Vice President. While at AT&T Wireless, he oversaw the alignment of the company’s technical infrastructure with its business strategy. Prior to joining AT&T Wireless, Corrado was the head of the Security Solutions Practice at Wipro Technologies. In addition, he held CIO and CTO positions domestically and abroad at three marquee investment banks; Merrill Lynch, Deutsche Bank, and Morgan Stanley. All of these firms set the standard for outstanding use of technology in the financial services industry. Chris also helped Merrill Lynch manage through the 9/11 tragedy, restoring their capital markets businesses. Chris started his career as a programmer and project manager at IBM.
Michael Atkin‘s Bio
Mike has been a professional facilitator and financial information industry advocate for over 20 years. He is currently the Managing Director for the Enterprise Data Management Council – a business forum for financial institutions, data originators and vendors on the strategy and tactics of managing data as an enterprise-wide asset. Mike is an active participant in standards initiatives and has been involved with many organizations including the Reference Data Coalition (REDAC), the Securities and Financial Information Markets Association (SIFMA), the Association of National Numbering Agencies (ANNA) and the UK Reference Data User Group (RDUG). He was also a member of the SEC’s Advisory Committee on Market Data and a member of both ISO TC68 and ANSI X9D. Mike has been the Managing Director of the EDM Council since February 2006.
