Dennis Wisnosky is on-board to lead the standards implementation process for FIBO, the Financial Industry Business Ontology that is a joint effort of The Enterprise Data Management Council in conjunction with the Object Management Group.
The data management standards can be used by financial institutions and industry regulators to support conformance to federal regulatory reporting requirements and for internal business processes and risk analysis. Wisnosky, who previously was Chief Technical Officer and Chief Architect, Business Mission Area, U.S. Department of Defense, has spearheaded the U.S. DoD’s use of semantic technology across systems to meet the goal of having an “executable, integrated, consumable, solution architecture.” (See story here).
According to a release from the EDM Council, Wisnosky will provide technical strategy and operational guidance to help the Council finalize and implement FIBO standards. One of Wisnosky’s first goals, it says, will be to finalize the Council’s inaugural FIBO standard for business entities within the Object Management Group (OMG) governance structure and implement a formal methodology for implementation of FIBO in operational environments.
The FIBO industry initiative defines financial industry terms, definitions and synonyms using semantic web principals and widely-adopted OMG modeling standards (see our story here). The model is designed to be used for purposes such as fulfilling regulatory governance, data standardization, risk management and data analytics requirements.
For more details on the FIBO update, status and plans by the OMG Finance Domain Task Force, as of early January, go here.