Posts Tagged ‘FIBO’

What’s Next In Knowledge-Driven Finance?

4791385567_4a146e78c7_o

Photo courtesy: https://www.flickr.com/photos/free-stock/

Next week in the U. K. members of the financial industry will be coming together at The Universal Strategy: Knowledge-Driven Finance Event, hosted by semantic technology vendor Ontotext. The event, says independent consultant in semantics and event organizer Jarred McGinnis, is aimed at giving participants “a snout to tail view of semantics in finance.”

The use cases, he says, are there, and to that end the panel will include presentations by Financial Times CTO John O’Donovan, who will discuss issues including how the publisher’s semantic approach is driving smarter topic pages. (The event actually takes place at The Financial Times site.) Also scheduled to be present is Mike Bennett, director at Hypercube and Semantics Lead at The EDM Council, which is a cross-industry group developing the Financial Industry Business Ontology (FIBO), and John Schlesinger, Chief Enterprise Architect at Temenos, which develops software for retail banking companies, including solutions that will leverage triple stores.

In a preview of his talk, Bennett spoke to The Semantic Web Blog that about the current state of FIBO affairs.

Read more

The Office of Financial Research To Look Hard At FIBO For Financial Instrument Reference Database

3120877348_5130705a52

Image Courtesy: Flickr/ .reid

Ontologies are getting a thumbs up to serve as the basis for the Office of Financial Research’s Instruments database. Last week, the Data & Technology Subcommittee of the OFR Financial Research Advisory Committee (FRAC) recommended that the OFR “adopt the goal of developing and validating a comprehensive ontology for financial instruments as part of its overall effort to meet its statutory requirement to ‘prepare and publish’ a financial instrument reference database.”

The Instruments database will define the official meaning of financial instruments for the financial system — derivatives, securities, and so on. The recommendation by the subcommittee is that the OFR conduct its own evaluation of private sector initiatives in this area, including the Financial Industry Business Ontology (FIBO), to assess whether and how ontology can support transparency and financial stability analysis.

FIBO, which The Semantic Web Blog discussed in detail most recently here, is designed to improve visibility to the financial industry and the regulatory community by standardizing the language used to precisely define the terms, conditions, and characteristics of financial instruments; the legal and relationship structure of business entities; the content and time dimensions of market data; and more. The effort is spearheaded by the Object Management Group and the Enterprise Data Management (EDM) Council.

Read more

Interest Grows In Riding The Semantic Wave

Image Courtesy: Flickr/ Peter Kaminski

Image Courtesy: Flickr/ Peter Kaminski

Industry leaders in sectors including banking and financial services look to have high hopes for semantic technology. They’re thinking about FIBO (Financial Industry Business Ontology) and leveraging semantic technology for more traditional types of data integration and analytics projects. At Cognizant, Thomas Kelly, a director in its Enterprise Information Management practice – and the author of this white paper on How Semantic Technology Drives Agile Business – sees the positive development that clients in the Fortune 500 space like these “are maturing in their use of semantic technology, from a project focus to more enterprise initiatives.”

The interest in FIBO, he says, is representative of an overall interest across in industries in leveraging industry ontologies as mechanisms to help companies better standardize, align and learn from the output of industry-wide efforts. The attention that industry analysts, including Gartner, have put on the semantic web in the last year – not to mention regulators beginning to consider its use in sharing information on a regulatory basis – have helped increase interest by commercial organizations, Kelly notes. That’s also evident in the life sciences sector, as another example, with the efforts of the FDA/PhUSE  Semantic Technology Working Group Project to include a draft set of existing CDISC standards in RDF.

The pickup in attention to many things semantic ties to the different perspectives that organizations need to manage about their data, which include “how they currently think of their data, how it is currently perceived in managing business operations; and where they are looking to go in the future that makes it more inclusive of what’s going on in the world outside their walls – that is, how the rest of the industry looks at this data and uses it to support their business processes,” he says.

Read more

Good-Bye 2013

Courtesy: Flickr/MadebyMark

Courtesy: Flickr/MadebyMark

As we prepare to greet the New Year, we take a look back at the year that was. Some of the leading voices in the semantic web/Linked Data/Web 3.0 and sentiment analytics space give us their thoughts on the highlights of 2013.

Read on:

 

Phil Archer, Data Activity Lead, W3C:

The completion and rapid adoption of the updated SPARQL specs, the use of Linked Data (LD) in life sciences, the adoption of LD by the European Commission, and governments in the UK, The Netherlands (NL) and more [stand out]. In other words, [we are seeing] the maturation and growing acknowledgement of the advantages of the technologies.

I contributed to a recent study into the use of Linked Data within governments. We spoke to various UK government departments as well as the UN FAO, the German National Library and more. The roadblocks and enablers section of the study (see here) is useful IMO.

Bottom line: Those organisations use LD because it suits them. It makes their own tasks easier, it allows them to fulfill their public tasks more effectively. They don’t do it to be cool, and they don’t do it to provide 5-Star Linked Data to others. They do it for hard headed and self-interested reasons.

Christine Connors, founder and information strategist, TriviumRLG:

What sticks out in my mind is the resource market: We’ve seen more “semantic technology” job postings, academic positions and M&A activity than I can remember in a long time. I think that this is a noteworthy trend if my assessment is accurate.

There’s also been a huge increase in the attentions of the librarian community, thanks to long-time work at the Library of Congress, from leading experts in that field and via schema.org.

Read more

Following Up on FIBO At SemTechBiz

SemTechBizThe Financial Industry Business Ontology (FIBO) was a main topic of interest at last week’s Semantic Technology & Business Conference – which took place in New York City, the capital of the financial services industry. FIBO, as The Semantic Web Blog has previously discussed, is both a business conceptual ontology and an operational ontology delivered together, designed to be useful both to the financial industry and the regulatory community in understanding the complex patterns and relationships of information characteristic of the sector, with the goal of driving greater transparency. The FIBO initiative is a joint effort underway by the Object Management Group and the Enterprise Data Management (EDM) Council.  But many other different standards will be useful to solve the industry’s issues, as well.

At the presentation, Semantics in Finance, Thematix Partners’ principal Elisa Kendall – self-described standards wonk and member of the OMG Architecture Board and co-chair, Ontology Definition Metamodel (ODM) Revision Task Force – pointed out that the amount of regulation in the financial services sector has increased over 400 percent in the last two to three years. She argued for a little more sympathy for the financial services industry, too, which hasn’t been on the receiving end of a lot of that since about 2008 – even though some of these players stepped up to buy companies that were knocked flat by the mortgage market meltdown.

Read more

It’s Time To Take On Temporal Data Management For Semantic Data

Mankind has been trying to understand the nature of time since, well, since forever. How time works is a big question, with many different facets being explored by scientists, philosophers, even social-psychologists. Semantic technologists, however, are focusing a little more strategically, considering temporal data management for semantic data.

At the Semantic Technology and Business Conference in NYC, coming up in early October, Dean Allemang, principal consultant at Working Ontologist LLC will be hosting a panel on the topic of managing time in Linked Data. Relational database systems long have been tuned into dealing with bi-temporal data, which changes over two dimensions of time independently – that is, valid (real world) and transactional (database) time. Not so with RDF databases. But many institutions, in fields ranging from finance to health care, have no desire to go back.

“They’ll lose all the RDF powers they’re familiar with, all the semantic linkages,” says Allemang. “And if you want that kind of distributed data understood in your enterprise, a relational solution isn’t going to help.”

Read more

FIBO Summit Opening Remarks by EDMC Managing Director Mike Atkin

[Editor's Note: As our own Jennifer Zaino recently reported, the Enterprise Data Management (EDM) Council, a not-for-profit trade association dedicated to addressing the practical business strategies and technical implementation realities of enterprise data management held a two day FIBO Technology Summit in conjunction with MediaBistro’s Semantic Technology & Business (SemTechBiz) Conference, June 7th and 8th in San Francisco, California.  SemTechBiz was chosen for the summit because of its close proximity to the leading minds in Silicon Valley.
 
In afternoon and morning sessions, lead by distinguished academic and industry leaders, 60 top developers discussed 4 key technology challenges and developed plans that will lead to solutions critical to simultaneously lowering the cost of operations in financial institutions and ensuring the transparency required by regulations put in place since the beginning of the financial crisis of 2008.
 
Michael Atkin, EDM Council Managing Director began the deliberations with the following charge to the assembled experts.]

Photo of Mike Atkin, Managing Director, EDM CouncilI spent the majority of my professional life as the scribe, analyst, advocate, facilitator and therapist for the information industry.   I started with the traditional publishers and then moved on to my engagement in the financial information industry.  I watched the business of information evolve through lots of IT revolutions … from microfiche to Boolean search to CD-ROM to videotext to client server architecture to the Internet and beyond.

At the baseline of everything was the concept of data tagging – as the key to search, retrieval and data value.  I saw the evolution from SGML (which gave rise to the database industry).  I witnessed the separation of content from form with the development of HTML.  And now we are standing at the forefront of capturing meaning with formal ontologies and using inference-based processing to perform complex analysis.

I have been both a witness to (and an organizer of) the information industry for the better part of 30 years.  It is my clear opinion that this development – and by that I mean the tagging of meaning and semantic processing is the most important development I have witnessed.  It is about the representation of knowledge.  It is about complex analytical processing.  It is about the science of meaning.  It is about the next phase of innovation for the information industry.

Let me see if I can put all of this into perspective for you.  Because my goal is to enlist you into our journey.  Read more

FIBO Technology Summit At SemTechBiz: Financial Industry And Sem Tech Leaders Discuss Ontology Evaluation Tools, FLORA-2′s Potential, And More

Last week’s Semantic Technology & Business Conference played host to the FIBO (Financial Business Industry Ontology) Technology Summit. The event, which saw some 60 conference participants from the semantic web, financial industry and other sectors, as well as academia, was led by David S. Newman, SVP & Strategic Planning Manager Enterprise Architecture, at Wells Fargo and Chair of the Enterprise Data Management Council’s Semantics Program, and Dennis E. Wisnosky, founder of Wizdom Systems who is providing technical strategy and operational guidance to the Council for finalizing and implementing FIBO standards.

“This was a tremendous milestone for FIBO and FIBO’s full evolution,” Newman told The Semantic Web Blog following the event. It brought “together a lot of smart people working with semantic technology for a number of years to get their insights into how to further mature FIBO, as well as how to mature the technology, so that FIBO can really resonate with the regulatory community and the financial industry, so that it will have some real solid traction, be able to truly scale to the needs of the constituencies” – that is, not only financial institutions but the entire financial system. Says Newman, “That’s a big, tall order.”

The idea behind FIBO is to standardize the language used to precisely define the terms, conditions, and characteristics of financial instruments; the legal and relationship structure of business entities; the content and time dimensions of market data; and the legal obligations and process aspects of corporate actions. As an open-source, global financial initiative, it is planned to bring health to the financial system, through defining a vast amount of information semantically and providing a better capability for the industry and its regulators to look at more complex patterns and relationships of information in friendlier ways than conventional technology can offer.

At a session following the FIBO Technology Summit at last week’s conference, Wisnosky, also formerly the chief architect and CTO of the Department of Defense, explained one way the financial industry should view FIBO. Today, he said, financial institutions “spend hundreds of millions of dollars gathering data for regulators, with no advantage internally. The carrot [of FIBO] is to reduce those costs.” Ignore the carrot and wait for regulators to ask for more data, and watch costs go up. Added Newman, “if information is highly trustworthy, then the perception of risk regulators have of the financial industry might be lessened, if they can govern and certify an institution aligns with a common data standard, which is FIBO in our proposal.”

During that session, Newman also brought up some of the outcomes of the FIBO Technology Summit, such as discussions that were held about challenges to defining regulatory rules that are more complex and beyond the means of OWL 2 DL and SWRL. In his conversation with The Semantic Web Blog following the conference, he provided more details.

Read more

Military Intel Gets Help From Semantic Tech In Connecting Big Data Dots

It’s been a couple of weeks now since the terrorist attack at the Boston Marathon, and since then the media and others have been questioning whether there was an intelligence failure at the FBI. It’s not an easy question to answer, given how many suspicious persons and activities government agencies must have on their radars, and all the data there is to deal with.

It’s undeniably hard work. Semantic technology does come into play to help the government connect the dots on information related to threats and other intelligence issues. For example, Dennis Wisnosky, formerly CTO and Chief Architect, Business Mission Area, U.S. Department of Defense, discussed semantic technology’s role in that institution at SemTech in San Francisco in 2011. (Wisnosky now is spending more time with FIBO in his role providing technical strategy and operational guidance to help the The Enterprise Data Management Council finalize and implement Financial Industry Business Ontology standards – see story here.) It’s also been reported that the FBI and CIA are practicing and developing semantic processing techniques to analyse social media to improve situational awareness and identify emerging threats.

Semantic tech is being applied by military intelligence, too, in services like the Air Force and Marine Corp., which are testing or have live deployments of semantic systems developed by Modus Operandi.  The Air Force is involved with analyzing email traffic on a 24/7 basis, while the Marine Corp. works with it as part of the cyber portion war games exercises. The Office of Naval Research also is utilizing it as part of its lab exercises, says Modus Operandi president Rick McNeight.

Read more

SemTechBiz Puts Spotlight On Financial Industry Business Ontology

Image Courtesy: Flickr/Patrick Hoesly

The financial services industry is taking to semantic tech in an important way, and that’s in the form of the Financial Industry Business Ontology (FIBO), which aims to standardize the language used to precisely define the terms, conditions, and characteristics of financial instruments; the legal and relationship structure of business entities; the content and time dimensions of market data; and the legal obligations and process aspects of corporate actions. Attendees at SemTech Biz in San Francisco will get a deep dive on the how’s and why’s, at this session, while the FIBO Technology Summit invitation event will present an opportunity for working collaboratively to continue advancing the effort that has its roots in The Enterprise Data Management Council and communities of interests.

Leading that event will be Dennis E. Wisnosky, founder of Wizdom Systems, Inc. and former CTO and Chief Architect of the DoD Business Mission Area, who was recently named to provide technical strategy and operational guidance to help the Council finalize and implement FIBO standards, and David S. Newman, SVP & Strategic Planning Manager Enterprise Architecture at Wells Fargo, and Chair of the EDM Council’s Semantics Program. (Newman, with Enterprise Data Management Council Head of Semantics and Standards Mike Bennett, will also host the SemTech FIBO session.)  Speaking of the upcoming event, Wisnosky explains that a goal is to cast a wide net to find the new tech ideas and developments that both can bring benefits to FIBO in the short term and influence the longer-term research agenda to help the financial industry.

As FIBO stands now, in June the second draft of the FIBO Foundations ontology and the conceptual FIBO Business Entities ontology will be presented at a meeting of the Object Management Group in Berlin. By year’s end it is expected that the OMG will have ratified these as formal standards. “We are on the path to turn the corner from thinking of what FIBO will be to delivering it,” says Wisnosky. Read more

NEXT PAGE >>