Back in March, The Semantic Web Blog wrote an article about FIBO, the Financial Industry Business Ontology that’s on its way to being an Object Management Group series of standards. There, we explored its value as an open semantic standard that can be used by financial institutions and industry regulators, both to support conformance to federal regulatory reporting requirements and for internal business processes and risk analysis.

To continue the discussion about the operational value of FIBO, we recently spoke with key participants developing the standard: David Newman, Strategic Planning Manager, Vice President, Enterprise Architecture, Wells Fargo Bank, who is lead of the industry team collaborating on semantics OTC (over-the-counter) derivatives proof-of-concept, and Mike Atkin, managing director at the Enterprise Data Management (EDM) Council, where FIBO was born and is included as content of EDM’s Semantics Repository.

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The Cogito blog has been reporting some of the highlights at the Semantic Technology Conference this week. Recently the writers at Cogito shone the spotlight on several presentations from the financial track. The blogger writes, “The speech that was the most interesting to me was that of Wells Fargo’s David Newman. Newman argues that traditional information management systems are no longer sufficient to effectively manage the continuously growing flow of data. The reasons are varied, and include the fact that the increasing amount of information, without an intelligent filtering system, can lead to higher, unsustainable infrastructure costs.” Read more

We have witnessed over the years the progression from basic machine languages, to higher-level procedural languages, and then to object-oriented languages. Each advance introduced dramatic improvements in software capabilities that resulted in major leaps forward in fulfilling information technology requirements.

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