The 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.