AGENDA
 

Eric Chacon
Global Head of Data Standards, Citi Chief Data Office

Michael Atkin
EDM Council Managing Director
 

Joseph Bugajski
Co-Chair, OMG Finance Group

Rob James, HSBC
Co-Chair, OMG Finance Group
 

Roundtable Members
John Bottega
Federal Reserve, NY

John Mulholland
Fannie Mae

Andrei Kirilenko
CFTC

Adam Lavier
Office of Financial Research, US Treasury

Matthew Reed
U.S. Securities and Exchange Commission

Thomas Castriota
Managing Principal, Capco

This roundtable will feature representatives from regulatory agencies and industry in a discussion on the relationship between data standards (i.e. identifiers, hierarchies and semantics) and systemic risk oversight. OFR’s Legal Entity Identifier (LEI) requirements and issues will be discussed. Other challenges emerging from multi-agency ruling such as timeline disconnects, governance models for proposed standards, global applicability and scope issues will also be discussed.
 

Meredith Gibson
Director & Counsel, Citi

PJ Di Giammarino, CEO of JWG, will summarize the operational impact of the first half of the 250,000 pages of regulatory reform that are expected from international, regional and local regulators by the end of 2012. A regulatory data radar will be presented and the key challenges for G20 policy makers, firms’ data managers, academia, standards bodies and the industry’s supply chain will be identified. Together with Meredith Gibson, Director & Counsel, Citigroup they will discuss similarities and differences between US and EU approaches and the key questions for Europe that are being addressed by Global Regulatory Identifier Steering (GRIS) Group which is comprised of: the Association of Financial Markets Europe, the British Bankers’ Association and JWG
 

Presentation on the business, operational and technical challenges associated with meeting regulatory reporting requirements. This session will provide a realistic view of what global financial institutions need to address in order to meet these emerging mandates.
 

Dr. Harsh W. Sharma
Co-Chair, OMG Finance Group

Mike Bennett
EDM Council

Systemic oversight is about understanding the relationships and dependencies between the instruments the financial industry trades, the entities involved in issuance and transactions and the obligations held by the various participants. Understanding these dynamics becomes feasible if the industry adopts a common lingua-franca (terms, definitions and business to IT traceability relationships). This session will focus on why a modeling approach to develop a common language and symbology will offer a better ROI.
 

Eric E. Cohen
XBRL Global Technical Leader, PwC

The Extensible Business Reporting Language (XBRL) has emerged as a vital tool for more transparent and reusable business reporting information, both implicitly and explicitly serving a role in Dodd-Frank and other regulatory reporting. XBRL's design, uniquely formalizing how to capture and present key business reporting information, such as links to practical and authoritative guidance, make it a leading candidate for many areas of regulatory reporting with a goal of also reducing burden on reporting organizations and potentially seamlessly integrating with them. XBRL has a vital place in improving processes throughout the business reporting supply chain, from first transaction to end report. XBRL also relies on other foundational standards. What is in scope, out of scope and at the edges of the scope of XBRL? What is its place in open, collaboratively developed solutions to regulatory demands? What development considerations specifically related to the LEI can benefit from XBRL and provide benefit to users of XBRL?
 

Eric Chacon, Dr. Ian Maung
Citi Chief Data Office

This extended session will provide an overview (objective, structure and content) of the EDM Council’s Semantics Repository and OMG’s modeling standards. The objective is to define the plan for combining these initiatives into a single framework and standard under the governance of OMG. This session will cover (but not limited to):

• Vocabulary and model for: Legal Entity Identifier and Hierarchy, Product Identifier Hierarchy and supporting reference data
• Enhancements required to OMG modeling standards used in the development of Semantics Repository content
• OMG’s Request For Comments (RFC) Process for development of the standard

Richard Wayne
SVP, Risk Architecture, Citi
 

On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) - the largest single piece of financial reform legislation in our nation's history. The Dodd-Frank Act calls for well over 200 rulemakings and almost 70 studies, touching upon essentially every aspect of financial services. Many of the rules require new record keeping and reporting, thus data quality will be imperative to many of the new requirements.
 

Dr. Harsh W. Sharma
Co-Chair, OMG Finance Group
 

OMG Property and Casualty Insurance group has developed a business vocabulary and information model leveraging OMG modeling standards. During this session, the working group leads will conduct the ‘final review’ of the vocabulary & model and seek FDTF vote on recommendation for Adoption. The session leads will also discuss how Insurers plan to leverage this standard as part of their information management strategy. FDTF members will vote on recommendation for adoption of the P&C submission and Finalization Task Force (FTF) logistics.
 

John Hall
Co-Chair, OMG Regulatory Compliance

Demonstration of traceability using vocabulary and rules developed with the OMG’s Semantics of Business Vocabulary and Rules (SBVR) standard, using the P&C vocabulary as an example:

• Traceability from source content (industry glossaries, regulations, etc) to formalized vocabulary and rules; the process provides a rigorous validation of the consistency and coherence of the source documents.
• Mapping the SBVR vocabulary and rules to information system models; the main focus of the demonstration will be from vocabulary to data models

Documentation of traceability will enable impact analysis of changes.

Possibilities for sharing vocabularies and rules – within industries, across industries and between regulators and regulated organizations – will be discussed, with some examples from Dodd-Frank and other regulations.
 

Ken Lord
CEO, Firestar Software

Leading financial industry experts have long recognized the need for message interoperability in order to reduce cost, processing time, liabilities and risks. OMG Finance Domain Task Force members developed the MDMI standard to address message co-existence and interoperability while facilitating straight thru processing. MDMI is also being prototyped for use in Insurance and healthcare industry. MDMI leads will provide the scope and status on the implementation of the standard in above domains and planned enhancements to MDMI 1.x version.
 

• UML Profile for XBRL Update
  Eric Cohen
  XBRL Technical Lead, PricewaterhouseCoopers & XBRL
   
• ISO TC 68 WG4
  David Frankel
  Standards and Open Source Strategy, SAP Labs, LLC
   
• Banking Industry Architecture Network (BIAN)
  David Frankel
  Standards and Open Source Strategy, SAP Labs, LLC

• Noteworthy upcoming events and updates from other OMG groups
   
• Agenda items for the next meeting etc.