Hi Everyone,
As a follow up to our May 17, 2010 meeting, we would like to thank Kurt Brungardt, Chief Information Officer at MSD Capital, for hosting our outstanding event. Special thanks to Daren Orzechowski and Adam Chernichaw, intellectual property lawyers at White & Case LLP in New York who clearly caught our attention and left us with practical tips well worth reviewing on the legal front. In addition, special thanks to our panelists; David Hirschfeld, Managing Director and Head of the Times Series Practice Area within Morgan Stanley, Jeff Hammerbacher, Vice President of Products and Chief Scientist at Cloudera and World wide data expert and moderator, Stephen Brobst, for joining us yet again for an outstanding panel discussion.
Special thanks to all the attendees who joined us at this over booked event! Your thoughts and questions kept all our speakers on their toes!
Some thoughts from the meeting included the following:
From Daren Orzechowski and Adam Chernichaw, (White & Case LLP), re: Distinguishing the “CLOUD” from the “FOG”
(see attached presentation)
- Most vendors have very limited (if any) liability for security-related matters.
- Discussions on the Massachusetts law for the proactive consumer “WISP” (written information security program) – a new potential law coming regulating PII policy change controls.
- Don’t trust vendors with too much flexibility, as this may indicate weakness or over-promising.
- How far do you go in checking out your vendors? Do you want a future “disgruntled” employer working for your outsourced provider?
- Most vendors won’t allow direct audit / oversight, unless in an industry where required by government regulation.
- Not all vendors want your business. If your needs are too intrusive to their business, they will turn you down.
- Internationally, there is a fear of the US patriot act, some foreign bodies won’t allow data into the US.
- Data portability is important.
- Get support for acquisitions, at least to get the same benefits offered to new clients.
- What happens when the vendor bankrupts?
- Bankruptcy
- Lift non-solicitation
- License to use code
- Data may be stayed, even up to a week or two
- Data may not be directly covered by prevailing laws
- Bankruptcy
- Source code escrows can validate documentation and other quality issues.
- Consider an exit clause to ensure data removal.
- The language regarding SLA remedy is key, to maintain further legal rights.
- Treat service as you would IP.
- Think about the vendor’s subcontractors (and sub-services) and how contractual obligations would be applied.
From our panelists, Stephen Brobst, Jeff Hammerbacher, and David Hirschfeld, re: Searching for Hay in Haystacks
- The real value is not directly in data, but in information. We’re good at collecting data, yet bad at creating information.
- Never lose the raw data.
- Tools are far behind:
- Need better visualization tools, current ones are weak and antiquated
- Need faster, online data mining
- Strategic BI vs. Online BI — not clear if one is more important than other.
- Data gives answers. Visualization creates the questions. There was agreement that the questions are more important.
- Open source is very strong both for R&D and for enterprise buyers who are tired of the Microsoft / IBM ways. We must consider all tools.
- Commoditize systems that are non-strategic or value-adding.
- Data temperature: Characterize the access and performance goals of certain data types (archive vs. online).
- Temporal attributes are key. There has been a pending ANSI standard for these for 10 years, waiting on big vendors to implement.
- Non-numeric info is important: null vs. zero vs. “unsure”.
- Finding the linkages between databases is critical.
- Build the models into the processes to support outcomes that are dynamic.
Final Observations:
It was refreshing to get legal tips that are practical from both a vendor and client perspective.
The points made by Daren and Adam very much hit a nerve with each one of us. Last but not least, we are now all very well aware of the many issues to keep in mind when tackling the information & data priorities at our respective companies. The panel did a great job in focusing on all the questions raised, and on the real issues at hand. Thanks again to you all.
Wishing you all a great Memorial Day weekend and wonderful summer.
Looking forward to seeing you all in the fall!
Do let us know if you would be interested in hosting any future meetings, and all thoughts on topics are more than welcome!
-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
The following companies are currently registered for the May 17th meeting:
Cloudera, Morgan Stanley, Barclays, Federal Reserve Bank of New York, White & Case LLP, Deloitte and Touche LLP, Eton Park, Touro College, MSD Capital, AEGIS, Deutsche Bank, Ionic Capital, MacAndrews and Forbes, Plural Investments, LLC, Security Capital Assurance, SBLI USA Mutual Life Insurance, XL Capital, JP Morgan Chase, Promontory Financial Group LLC, Beth Abraham Health Services, McGraw-Hill Companies, Folica.com, Moore Capital Management, Alliance Bernstein, Financial Guaranty Insurance Company, MBIA, Credit Suisse, Maverick Capital, Bank Leumi USA, Nomura, SIM, BNP Paribas, Investment Technology Group (ITG), Dun and Bradstreet, Third Point LLC, Hotel Funds, Societe General, Burke Supply, Angelo, Gordon and Co., McCann –Erickson Advertising, Broadridge, ESP Technologies Corp., Scholastic Book Fairs, Hub International, Visiting Nurse Service of New York, Barnard College, Platinum Reinsurance, Inc., The Aga Khan University, Graham Capital Management and Gravitas Technology.
In response to your numerous requests….
We are pleased to announce the return of our esteemed panel from the December 2nd East Coast CIO Forum:
Jeff Hammerbacher, Vice President of Products and Chief Scientist at Cloudera, David Hirschfeld, Managing Director and Head of the Times Series Practice Area within Morgan Stanley, John A. Bottega, Vice President and Chief Data Officer for the Markets division of the Federal Reserve Bank of New York, and World wide data expert, Stephen Brobst, who will also be moderating. (Please see all bio’s below).
We are thrilled to have brought together this extraordinary group of panel members, each known for their outstanding experience as well as outspoken views on many topics. We have asked them to join us, once again, and speak to some of our major business and technology challenges, in the coming year.
Joining as well, are Daren Orzechowski and Adam Chernichaw, intellectual property lawyers at White & Case LLP in New York who will be providing legal tips and helping us distinguish between the “cloud” and the “fog”. Thank you to Deena Coffman, of Deloitte and Touche LLP, for all her help in locking down this discussion.
Special Thanks to Kurt Brungardt, Chief Information Officer at MSD Capital for hosting this next event.
Meeting Agenda:
Distinguishing the “CLOUD” from the “FOG” – A Practical Legal Approach – White & Case LLP
- Practical negotiation tips and tactics from both client and vendor perspectives.
- An interactive discussion on legal concerns and issues when outsourcing to “the cloud”.
“A Demon of our own Design: Searching for Hay in Haystacks” – Panel Discussion
Many of the classic problems in data management and analytical processing are well addressed with the range of “usual suspects”: ETL tools, storage containers, fast disks and analytical processing engines. However, the emergence of ubiquitous web access and cheaper storage have conspired against the poor souls who have the never ending task of figuring out how best to store the data and then retrieve useful nuggets that are turned into business decisions. Before we can figure out what solutions are best suited, we at least need to take a step back and figure out why we need to do this.
- What compelling business advantage is likely or has accrued to those who have or will be masters of massive data management initiatives ? Will we just wind up with more Friends on Facebook or better Netflix recommendations ?
- Is the supply of tools the catalyst for creating the demand ? (Who knew we needed to walk around with 10,000 songs until we realized we could ?)
- What’s the relationship between the product take-up of smartphones and 3G and the data challenges ? If everyone’s got an Iphone, will keeping track of clicks still be our most compelling challenge ?
- Is it likely that the Open Source community will be more nimble to adapt to data management needs or will established players be the key providers ?
- As technology managers, how can we keep our teams aware of what’s required on the leading edge without sending folks onto science projects ?
- What are the New Directions in Financial Data?
The Panel will be organized to focus on the following:
- Business Drivers
- Markets/Trading
- Regulation & Oversight
- Requirements generation & Management
- New Data Sources
- Vendors
- Web/Social media
- Data Management
- Containers
- Platforms
- Talent Management
The following are questions that have already been submitted to the panel. We are accepting additional questions from those registered.
- Agile versus re-use – friends or foe?
- Skill set requirements for a successful analyst.
- What is the “best” programming model for analytics?
- The role of open source versus commercial software models.
- Traditional versus non-traditional data types.
- The role of file systems versus in-database processing.
- What are the most critical data management problems for enterprises?
- Where is the most data getting generated?
- What are the most important trends going on today in data management? How do these vary by industry and/or company size?
- How are large players (both on the vendor and industry sides) incorporating these trends into practice? How are they creating and impacting the trends?
- Is the stored procedure gone forever?
- What progamming models are breaking through the pack as leaders for analytics? And, how has the business intelligence needs of organizations impacted the models?
- How are data management and analysis teams staffed in the enterprise (operations, engineering, analysis, management, etc.)? The data, storage, processing, and techniques are all changing. How can companies (large and small) staff appropriately to keep business moving and also stay on top of these changes?
Registration for the meeting continues via e-mail. Confirmations will be distributed on a first come basis. For those who miss this window you will be placed on a waiting list, pending any cancellations. As always, we will be limiting the number of attendees in order to allow for an interactive evening. Logistics and details will be send to all confirmed registered attendees.
Thanks, and looking forward to seeing you all in May!
-malka
Daren Orzechowski and Adam Chernichaw Bio’s
Daren Orzechowski and Adam Chernichaw are intellectual property lawyers at White & Case LLP in New York.
Daren handles both transactional and litigation matters involving software and information technology. He has been cited as a legal expert in the software and cloud computing areas in a variety of publications, including The Wall Street Journal, The San Francisco Chronicle and Computerworld.
Adam is a Chambers ranked attorney who focuses on business process and information technology outsourcing transactions. He represents global companies in strategic transactions in a variety of sectors including: financial services, telecommunications, broadcasting, food products and fashion.
David Hirschfeld Bio
Mr. Hirschfeld is currently a Managing Director at Morgan Stanley and Head of the Times Series Practice Area. Previously, he was COO of the Modelware Department, which provided the infrastructure for much of Equity Research and the equity fundamental analytics supporting Banking, Private Equity and Sales. He is now leading a new “practice area” within the Institutional Sales and Trading group managing all Time Series Systems and providing a unified approach across all business units and data domains . Prior to joining Morgan, he was SVP, Operations at Asset Control, a leading vendor of Data Management software. During his more than 25 years in the Financial Markets, he has had a variety of both trading, analytical, operational and technology jobs. These jobs have been at both buy side (Citadel Investment and Tudor Investment) and sell side (Morgan Stanley and Merrill Lynch) institutions. In his trading capacity, he has worked as a derivatives floor trader, an Index arbitrageur and a “black box” systems trader. He holds an undergraduate degree in Economics from Duke University as well as a Masters Degree in Economics from the University of Chicago.
Jeff Hammerbacher Bio
Jeff Hammerbacher is the Vice President of Products and Chief Scientist at Cloudera. Jeff was an Entrepreneur in Residence at Accel Partners immediately prior to joining Cloudera. Before Accel, he conceived, built, and led the Data team at Facebook. The Data team was responsible for driving many of the applications of statistics and machine learning at Facebook, as well as building out the infrastructure to support these tasks for massive data sets. The team produced several academic papers and two open source projects: Hive, a system for offline analysis built above Hadoop, and Cassandra, a structured storage system on a P2P network. Before joining Facebook, Jeff was a quantitative analyst on Wall Street. Jeff earned his Bachelor’s Degree in Mathematics from Harvard University.
Stephen Brobst Bio
Stephen Brobst is the Chief Technology Officer for NCR’s Teradata Division. His expertise is in the identification and development of opportunities for the strategic use of technology in competitive business environments. Over the past sixteen years Stephen has been involved in numerous engagements in which he has been called upon to apply his combined expertise in business strategy and high-end parallel systems to develop frameworks for data warehousing and data mining to leverage information for strategic advantage. Clients with whom he has worked in the financial services industry include Bank of America, Wachovia Bank, Wells Fargo Bank, DnB NOR, National Australia Bank, Principal Financial Group, Charles Schwab, Fidelity Investments, Equifax, Janus Funds, Investors Bank and Trust, Experian, American Express, VISA International, E*Trade, J.P. Morgan, Merrill Lynch, Toronto Dominion Bank, Barclays Bank, Amalgamated Banks of South Africa (ABSA), Banco de Credito, Bank of Montreal, Commonwealth Bank of Australia, First National Bank of Omaha, and many others. Stephen is an internationally known speaker and has authored numerous articles and books related to advanced data management techniques. Stephen has particular expertise in the deployment of solutions for maximizing the value of customer relationships through use of advanced CRM techniques (including Web deployment).
Stephen has hands-on experience in benchmarking and data warehouse construction with every major SMP, NUMA and MPP architecture available in the industry today. Stephen has served as an advisor to the Transaction Processing Council in regard to design for the TPC benchmarks and was involved in the development of the DataChallange benchmark in cooperation with the Transaction Processing Council. He has also served on the Oracle VLDB Steering Group Committee and the Teradata User Advisory Board. Stephen has worked extensively on VLDB implementations with Oracle, DB2 (both OS/390 and UNIX), Teradata, Informix (both XPS and ODS), Sybase (both Adaptive Server and IQ), Microsoft SQL Server, Red Brick, Non-Stop SQL, and many other leading DBMS products. Prior to joining NCR, Stephen successfully launched three start-up companies related to high-end database products and services in the data warehousing and e-business marketplaces: (1) Tanning Technology Corporation (acquired by Platinum Technologies), (2) NexTek Solutions (acquired by IBM), and (3) Strategic Technologies & Systems (acquired by NCR).
Previously, Stephen taught graduate courses at Boston University and the Massachusetts Institute of Technology in both the MBA program at the Sloan School of Management and in the Computer Science departments of both universities. He received instructor of the year award for two of his last five years in the MET Computer Science department at Boston University and continues to guest lecture frequently at the Massachusetts Institute of Technology and the Kellogg Graduate School of Management. Stephen performed Masters and PhD research at the Massachusetts Institute of Technology where his dissertation work focused on load-balancing and resource allocation for parallel computing architectures. He also holds an MBA with joint course and thesis work at the Harvard Business School and the MIT Sloan School of Management. Stephen completed his undergraduate work in Electrical Engineering and Computer Science in just three years at U.C. Berkeley, and was awarded with the highest honor given to a graduating senior in the College of Engineering (Bechtel Engineering Award). Stephen is an elected member of the Phi Beta Kappa, Eta Kappa Nu, Tau Beta Pi, Sigma Xi, New York Academy of Sciences, U.C. Berkeley Alumni Scholars Association, and California Scholarship Federation honor societies. He is also a member of the Association for Computing Machinery, IEEE, Society for Information Management, and Computing Professionals for Social Responsibility. Stephen also serves as an advisor to the National Academy of Sciences in the area of IT workforce development.
Stephen has authored numerous journal and conference papers in the fields of data management and parallel computing environments and is an internationally recognized speaker (and practitioner) in the area of breakthrough systems implementation. He recently co-authored a book, Building a Data Warehouse for Decision Support, published by Prentice Hall PTR. Stephen is currently working on a second book focused on high-performance database design for VLDB data warehouse implementations. He has been a contributing editor for Intelligent Enterprise Magazine and has published dozens of technical articles in The International Journal of High Speed Computing, Communications of the ACM, The Journal of Data Warehousing, Enterprise Systems Journal, DM Review, Database Programming and Design, DBMS Tools & Techniques, DB2 Magazine, Oracle Magazine, Teradata Review, and many others. Stephen has also served on the RealWare Panel for recognizing outstanding implementations in the field of e-commerce and customer relationship management (CRM) solutions. Stephen has been on the faculty of the Data Warehousing Institute since 1996 and teaches courses related to Real-Time Data Warehousing and High Performance Data Warehouse Design.
John A. Bottega BIO
John Bottega is Vice President and Chief Data Officer for the Markets division of the Federal Reserve Bank of New York. John joined the Bank in February of 2009, responsible for driving and implementing the Data Management strategy. Prior to joining the Bank, John held the position as Chief Data Office for Citi, making him the first person in the finance industry to hold this title. At Citi, he was responsible for planning and managing the Investment Bank’s data management strategy, data policies, operational line functions and data investments.
John has over 28 years of experience managing and transforming reference data functions, having spend 9 of those years at Lehman Brothers from 1990 to 1999 building their data management infrastructure of centralized market data processing and data quality, and 9 years collectively at Merrill Lynch, first as an applications developer, then as Product Manager for their Product & Pricing Data environments. As an active industry participant, John has given over 2 dozen presentations and participated in dozens of round-table discussions on data management best practices at various Data Conferences globally, including a presentation to the State banks of China, an anti-money laundering conference in Singapore, and a presentation on data management organizational structure and strategy to the US Department of Defense.
John is currently the Chairman of the Board of Directors of the EDM Council (Enterprise Data Management Council), an industry association focused on Financial Industry Data Management. He has also has served as the chairman of the executive committee of the Financial Information Services Division of the SIIA, has been a member of the SIA Standards and Protocol Committee, the Market Data Definition Language Committee and has been a member of the ISO Working Group 10 and Working Group 11 industry standards bodies.
