Those who still fear cloud computing (and if you do, you're not alone, many bankers suffer from cloud anxiety) should consider the example set by risk analytics firm Axioma. The company puts 99.9% of its computing on the cloud, specifically on Microsoft's Windows Azure platform, and has done so for more than three years without incident. Azure is a platform used to build, host and scale web applications through Microsoft data centers. (In another banking example, Temenos' T24 core processing platform runs on Microsoft Windows Azure.)

"We're using the cloud to plan more effectively," says Philip Jacob, senior director of risk management at Axioma, New York, who spoke at a CIO panel sponsored by Intralinks yesterday and then in a follow-up interview. The company is building a multi-asset-class risk management system for calculating potential losses on large books of complex assets. It provides stress testing under a variety of market scenarios.

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