Demystifying Financial Services Semantics Conference: Martch 13, 2012, NY USA


The Business Need:
Financial services organizations have a language problem. Our world is driven by legal contracts about complex financial instruments and multi-faceted entity relationships - yet we have common business terms that have different meanings, common meanings that use different terms and vague definitions that don't capture critical nuances. This is out of place for an industry that operates in real time, on a global basis, performs intricate analysis across many functions, is required to report to regulators with precision and needs improved efficiency by automating business processes.

In our industry, precision of data matters. Unfortunately, the semantics (terms, business meaning, rules and context) rarely reside and travel along with the data. This results in a never ending process of mapping and way too much manual reconciliation. It makes it hard to perform analytics and feed our models with confidence. It increases the cost of integrating data and automating workflow. This lack of provenance and traceability reduces confidence in our data factors of input, leads to compliance conflicts and increases the cost of doing business. And if we add to the equation the necessity of data comparability to meet the new global regulatory objectives of transparency, systemic risk analysis and financial stability - - we begin to get the true picture of the business value and role of semantics for the financial industry.

Conference Objective:
The objective of this event is to help participants better understand the role of semantics in meeting both business processing and regulatory oversight objectives. You will learn about the Financial Industry Business Ontology (FIBO) standard for business entities, financial instruments and loans - and how the representation of these business concepts will improve reliability and facilitate data comparability. Sessions will also focus on the semantics' business case, the regulatory drivers for data comparability as well as on semantics implementation within operational environments.

Key Meeting Topics:
This exciting, one day event will bring together distinguished leaders and practitioners from private and public sector to illustrate why defining and managing the financial services semantics is the Achilles’ Heel of this industry. Throughout the day, panel members and speakers will address:

  check mark Business semantics in context and why this topic is creating so much interest among global regulators, market authorities, and financial institutions
  check mark The importance of 'public/private' partnerships to agree on semantic standards and enhance semantic processing capability throughout the financial ecosystem
  check mark The role of OMG and the Finance Domain Task Force in nt driving the suite of standards required for semantic deployment
  check mark The status and release plans for the Financial Industry Business Ontology- FIBO and how it can be used within financial institutions
  check mark What the alignment of semantic standards for front-middle and back office operations, trade surveillance, regulatory reporting, analytics, and risk management means and how it works

Who Should Attend:
The target audience of this event will include business and IT executives from financial services, standards organizations, software vendors, reference data providers, architects and modeling communities.

Morning Session:
Creators and consumers of regulations; senior executives involved in making data-driven decisions and those responsible for trading, risk & compliance operations and analytics; senior executives responsible for data management

Afternoon Session:
Anyone involved with standards development and implementation, data architecture & modeling, business intelligence, data virtualization and Big Data analytics

Other major OMG collaborators include: XBRL, FIX Protocol, BIAN, ISO, FPML, US Government Agencies.

Become A Sponsor
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Partner Sponsor
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Contact Ken Berk at
  or +1-781-444 0404 ext. 150

Program Committee:

  • John Bottega, CDO, Bank of America
  • Michael Atkin, Managing Director, EDM Council
  • Dr. Richard Soley, Chairman, CEO, Object Management Group
  • Dr. Harsh W. Sharma, Citi Chief Data Office
  • Eric Chacon, Global Head of Data Standards, Citi Chief Data Office
  • Joseph Bugajski, Managing SVP, Gartner
  • Prof. Beth Simone Noveck, NY Law School, Former Deputy CTO White House Open Government Initiative
  • Liv Watson, Founding Member, Chief Product Officer, XBRL International
  • David Newman, Vice President, Enterprise Technology Architecture & Planning Wells Fargo
  • Michael Lang, CEO, Revelytix

More Information
Exhibit space is available, for more information email Sponsorship opportunities are available; contact Ken Berk at or +1-781-444 0404.

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About EDM Council
The Enterprise Data Management Council is a nonprofit trade association created by the financial industry to elevate data management as an essential business mandate. The Council is focused on standards, best practices, and practical business processes needed to enable financial institutions to increase efficiency, minimize risk, and create competitive advantage. For more information, visit

About OMG
OMG® is an international, open membership, not-for-profit computer industry standards consortium. OMG Task Forces develop enterprise integration standards for a wide range of technologies and an even wider range of industries. OMG’s modeling standards enable powerful visual design, execution and maintenance of software and other processes. For more information, visit