In this breakfast session, we'll discuss illustrative semantic solutions within the Financial Services industry. We'll also feature a demo of using semantic technologies for compliance information management.

Distinguished panel members will discuss the importance of semantics to meet analytical, knowledge representation and processing objectives; the business case and value proposition for semantic implementation; the application of semantics within financial institutions, regulatory environments and across the US government; role of Chief Data Officer in promoting the business value of data semantics and the challenges associated with implementation.

This session will provide a summary of OMG Finance Task Force activities. Presenters will also discuss OMG’s role in supporting an ecosystem of private, public sector and standards bodies to develop complementary standards to address the current and emerging business challenges.

Business Natural Language processing is emerging as a key enabler for success of Big Data initiatives. Practitioners will share how they are leveraging OMG’s standards to precisely define and document business concepts, complex nuances and rules in machine readable business natural language (a.k.a. Finance Speech Communities). How BNL will promote consistent communication across business, architects, IT and data management staff as well as additional applications in areas such as financial regulations and legal contracts will be discussed.

Overview of the structure and contents of the Financial Industry Business Ontology (FIBO) suite of standards and how it fits into the overall OMG semantic framework being jointly managed by OMG and the EDM Council.

Heading, Altitude, & Airspeed: Service Orchestration, Cloud, & Semantics - All or Nothing!

Dennis E. Wisnosky
Chief Architect and Chief Technical Officer of the Department of Defense (DoD) Business Mission Area
Office of the Deputy Chief Management Officer

The US Department of Defense (DoD) is leading the transformation of architecture-driven business systems/services development and deployment. The goal is: interoperable business operations through shared understanding, enterprise wide. Mr. Wisnosky has been instrumental in leading this charge and will discuss the Department's three-pronged approach and successful proof of concept: the Enterprise Information Web (EIW). As a result of EIW, this technical approach is being rapidly adopted within the Department.

Overview of the EDM Council/OMG semantics proof of concept on OTC derivatives and insight into the operational value of FIBO (brief demonstration of semantics in action)nd how it fits into the overall OMG semantic framework being jointly managed by OMG and the EDM Council.

Panel Discussion: Applying FIBO for Systemic Risk Analysis

Panel members will share insights into semantic metadata; debate the capabilities and constraints of semantic technology; propose future opportunities to leverage FIBO; and outline next steps for semantics within financial services.

This presentation will describe how to leverage ontologies such as FIBO as a ‘semantic hub’ to relate and manage artifacts in the current IT and business environments including business vocabulary, relational databases, XML schemas, data warehouses, application and services designs and business reports.

Illustration of how to link disparate data sources through a single semantic layer to support data integration.

XBRL and OMG Finance Domain Task Force have partnered to collaboratively develop the framework to define and align the XBRL semantics leveraging OMG’s modeling standards for business, architecture and technology. XBRL leadership will present the proposed framework along with the XBRL Abstract model (in development) and discuss the potential business applications of the framework. How the XBRL community will leverage the framework and align XBRL taxonomies using OMG standards based ‘semantics registry’ (in a ‘public cloud’) will also be presented.

Big Data analytics is rapidly gaining attention across financial services with potential to gain competitive insights into corporate data as well as publically available data. As we look to mine large islands of often disconnected and globally dispersed data, we need to semantically ‘stitch together’ streams of data often in near-real time. In order to find the ‘right needles’ in the ‘haystacks of data’, financial services industry will require capabilities such as business natural language processing and machine learning. Distinguished leaders on this panel will discuss:

• Why Big Data needs smarter semantics without which we will only derive limited business value
• What standards and approach we might need to be able to develop ‘Semantically Linked’ Data networks (across public and private sector)
• Share success stories and challenges of business natural language processing and machine learning
• Emerging trends and lessons from other domains such as military and healthcare