Standard Business Report Model

Standard Business Report Model

SBRM: A SPECIFICATION FOR STANDARDIZED INFORMATION EXCHANGE

A CALL FOR INPUT AND SPECIFICATION PROPOSALS

Organizations exchange information. Artificial intelligence, distributed ledgers, and machine-readable structured information offer unprecedented opportunities to automate many information exchanges within and between organizations. Furthermore, in many countries, organizations are required to submit form al information to one or more regulators regarding their business or financial performance, compliance, and risk exposures. These have traditionally been as documents (whether electronic or physical) that use standard forms or templates defined by each regulator.

Recent years have seen the emergence of Standard Business Reporting, an approach that supplements or even replaces traditional form-based documents with machine-readable versions containing structured data of the same content. The structured data, with identifiable fields (as opposed to electronic "e-paper" documents in formats like PDF), is important to allow the data to be stored, analyzed and compared. The widely-accepted standard for business information exchange is XBRL (eXtensible Business Reporting Language), which allows the definition of different report structures based on the tagged markup language, XML (eXtensible Markup Language). SBRM builds on XBRL, further increasing its usability and applicability, by formally documenting a logical conceptualization of a business report in both human-readable and machine-readable models.

 

The OMG Standard Business Report Model specification will:

  • Apply a business modeling approach to report definition, making reports easier to develop;
  • Enable business-level expression of rules in order to manage quality;
  • Facilitate reuse of information across multiple reports;
  • Allow use with industry- or enterprise-standard information models and ontologies;
  • Allow direct linkage with enterprise information sources for report data;
  • Provide alternative formats for reports to allow access by a greater variety of analytical tooling

Individuals, organizations, regulating authorities, reporting organizations (such as companies and financial institutions), and organizations with development capabilities are encouraged to provide input. Please review the Request for Proposal (RFP) and provide recommendations, critiques, use cases, or new information to help specification submitters and OMG members evaluate submissions.

The deadline to provide input is May 25, 2023. For organizations interested in proposing a specification, the deadline to submit a Letter of Intent is June 23, 2023, and the deadline for OMG members to develop a proposed specification (separately or jointly with other submitters) is November 6, 2023. Please provide contributions or questions to [email protected] before May 25, 2023.

Organizations interested in furthering this initiative can join OMG to influence the direction of this specification, and must do so by the above date in order to become a submitter.

Read RFP  LOI Template  Talk to OMG   SBRM Data Sheet

 

Frequently Asked Questions:

Do I need to be a member of OMG to submit a letter of intent?

No, you do not need to be a member of OMG to submit a letter of intent, but in order to ensure that your voice is heard and to submit to the RFP you must be a member of OMG by the submission deadline.

By submitting a letter of intent you ensure that you can submit to the RFP, either as part of a team or on your own. You are also placed on the specification voting list, but must be a member of OMG by the initial submission deadline in order to exercise that vote.

No. In order to submit to the RFP, you must submit a letter of intent by the submission deadline.

There are three criteria in order to vote on a specification: (1) you must be an OMG member in good standing by the voting list deadline; (2) you must be in a qualifying membership category that can vote at task force level; and (3) you must sign up for the voting list by sending an email to [email protected]. If you submit a letter of intent, you are automatically added to the voting list, but must meet the membership criteria in 1 and 2 above in order to exercise the voting option.

Yes. Many of our members do this. If your company has a particular interest in one standard over another, you can join and renew as your strategies and resources change.

The only authorized body allowed to change the deadlines is the OMG Task Force that proposed this RFP, which is comprised of member companies. This Task Force meets in-person quarterly and determines the roadmap and timelines as it sees fit. OMG maintains the schedule but does not interfere in timelines developed by its task forces.