Posts Tagged ‘Object Management Group’

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

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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.

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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.

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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

Dennis Wisnosky Will Lead FIBO Standards Forward

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).

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“From Research to Reality: Implementing the Semantic Web”: OMG hosts a Workshop and Information Day on Semantics

[Editor's Note: SemanticWeb.com has secured a discount with OMG for the event outlined in the release below. SemanticWeb.com readers can receive a 15% discount when registering for the Semantic Information Day by entering the discount code: SEVA1 .]

The Object Management Group (OMG®) will be holding a Workshop and Information Day on Semantics at its quarterly technical meeting in Reston, VA. The event will take place on Tuesday, March 19th and Wednesday, March 20th at the Hyatt Regency hotel.

The event will give attendees the option to focus on the uses of semantics in three key industries: healthcare, finance and government.

“Semantic technologies are remaking financial services, healthcare, manufacturing, and even defense systems,” said Dr. Richard Soley, Chairman and CEO of OMG. “The purpose of the Semantic Information Day is to explore how semantics can be used in these industries while laying the groundwork for future semantic-based standards.”

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Financial Services Industry Sees Operational Value in FIBO

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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Financial Services Industry Sets Realistic Expectations for Data Challenges

Thinking about this past week’s Demystifying Financial Services Semantics conference in NYC, hosted by OMG and The EDM Council, and messages that kept coming across: Think about the business issues first, and be realistic in the way your particular organization can accommodate them – semantic technology may be a large, limited or perhaps even non-existent factor, depending on the challenge.

Some commentary on this point from the panelists:

  • Citi chief data officer Eric Chacon discussed the challenges of not having a single source of master data that exists for businesses that grow  through acquisitions, as well as any organization highly decentralized in nature. Read more

FIBO, FIBO, It’s Off To A Financial Industry Business Ontology We Go

 

Photo Courtesy: Flickr, epicharmus

Credit default swaps. Collateralized debt obligations. Moral hazards. The average person might find the financial services sector and its language as mystifying as some of those involved in the industry might find semantic technology. An event hosted by OMG and the EDM Council in New York City yesterday was aimed at demystifying the latter for Wall Street. But putting the technology to work there might help clarify the discourse around financial instruments for a wider audience, including the regulators who want to deal with concentration of risk issues that played a big role in the Wall Street meltdown.

One part of the picture is FIBO, the Financial Industry Business Ontology, which was the subject of two sessions at the event. An advance discussion of the topic with Thematix principals Elisa Kendall and Jim Rhyne, who was a panelist at the event, set the stage for us here at The Semantic Web Blog. “The primary practical use for an ontology like FIBO that is descriptive of various kinds of financial instruments, including so-called exotics, is that regulators and financial market participants get a common language to talk about things,” Rhyne explains. This is important, given that financial regulators try hard to be collaborative with the industry, pointing out the need, he says, for careful management of financial instruments, including recommendations about capital buffers to deal with downside risk and asking for timely reports of information that would allow them to assess the possibility that a systemic problem could occur rather than directly intervening by stopping trades.

Especially in the derivatives marketplace, there is a lot of “funky terminology,” he says, and not all of it is as well-understood as it should be. Different parties and different parts of the marketplace may call the same instrument by different terms, and one of FIBO’s aims is to provide a common vocabulary.

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Making a Link Between Federal Agency Strategies and IT Expenditures

What do you get when you join up machine-readable representations of federal government agencies’ strategic plans and spending on IT resources? Expressing these as Linked Data adds value in that it becomes easier to correlate and mash up information, and even to determine how or whether technology implementations are helping to achieve agencies’ big-picture goals.

At next week’s Semantic Tech & Business Conference in Washington D.C., George Thomas, Change Agent at the U.S. Department of Health and Human Services, will discuss connecting these dots in a session entitled, Realizing the GPRMA using Government Linked Data. The Government Performance and Results Modernization Act of 2010 requires that agencies publish strategic plans, which they’re often doing as Word or PDF documents, on their websites. Meanwhile, the IT Dashboard website is the space for federal agencies to provide details of federal information technology investments. “So the idea of using Linked Data to realize GPRMA suggests we can do better in connecting or linking the strategic goals with the IT resource expenditures,” says Thomas.

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#SemTechBiz Keynote: Department of Defense Mandates use of Semantic Technology (Video)

Dennis Wisnosky“The Secretary of Defense is responsible for a half-trillion dollar enterprise that is roughly an order of magnitude larger than any commercial corporation that has ever existed. DoD estimates that business support activities—the Defense Agencies and the business support operations within the Military Departments—comprise 53% of the DoD enterprise.”

This was one of the realities put forward by Dennis Wisnosky, CTO and Chief Architect, Business Mission Area, U.S. Department of Defense, during his Keynote at the 2011 Semantic Technology Conference San Francisco. Mr. Wisnosky was speaking about how the US DoD leverages Semantic Technology across systems to meet the goal of having an “executable, integrated, consumable, solution architecture.” In particular, he spoke about using the Business Process Model and Notation (BPMN) standard by OMG for their Business Process Modeling efforts, in conjunction with systems built on RDF, OWL, and SPARQL.
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