AmCham Financial Forum: Political Swings & Addressing Legacy Systems

Cross-industry member leaders gathered at DNB’s Bjørvika offices for a morning Financial Forum focusing on the upcoming US election and cloud enabled digital transformation in finance.

DNB’s Senior Economist, Knut Magnussen, led participants through his macro team’s forecasts for how coming US election results can swing world markets.  
“Trumponomics 2.0” would likely see clear policy changes, most strikingly in the form of higher tariffs on trade – impacting all markets. Such tariffs could be quickly implemented through executive order. Immigration is another area of importance for the US economy as there is an acute need for labor. If this flow was to slow, it could put pressure on the labor market and wages.

Although daunting predictions, participants also discussed Biden’s achievements and the potential for the forecast to change as November approaches.

Richard Caven – 
Lead EMEA Banking Specialist

Knut Magnussen –
Senior Economist

Cloud Transformation – Opportunities & Challenges

CFOs and finance departments are key stakeholders during an organization’s cloud-enabled digital transformation. London-based Richard Caven is a Worldwide Banking Specialist at Amazon Web Services. He is responsible for the development and execution of strategic initiatives to help customers migrate to the cloud and drive their digital transformation journey.

Caven joined participants in examining the major opportunities and challenges of cloud transformation in financial services and roles, such as how to make the finance team’s life easier.

Financial services can certainly benefit from replacing legacy database platforms by migrating to cloud-native database. Older core banking systems are costly to maintain and increasingly complex with new layers on technology stacked on top – which can make the systems vulnerable.

Cloud technologies are more resilient, can cut storage and maintenance costs, reduce risk, assist in compliance, as well as drive agility and innovation. However, it is critical to first determine the business outcomes and data strategy to get there. Caven highlighted the importance of having a clear data strategy and choosing the right architecture, giving participants several use cases.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact for interest in future meetings.

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