OMG in Finance Information Day. March 25, 2015. 09:00 - 17:30

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Join us on Wednesday, March 25th in Reston, VA for this 1-day event that will stress the importance of the FIBO standard and semantics across corporate and regulatory landscapes, with discussions on what's working today and where we need to go with standards in semantics for financial services. The goal is that the use of semantics, with an OMG style, model driven, disciplined methodology is increasingly critical to providing broader, more effective solutions to bear on tough business problems.

Detailed presentations and thought-provoking panel discussions make up a full day focusing on: how to use an agile approach to streamline ontology development and ontology evolution based on the FIBO standard; different ways the FIBO community can collaborate with each other; insight into why the FIBO standard will benefit financial services as the industry complies with new and future regulatory policies on how to manage risk; talks on FIBO domains for loans, and securities and equities; how to use FIBO for smart data integration and a user case on how to build and exchange models using FIBO.

The day will also include a session outlining the work done by the OMG Finance Domain Task Force in creating a Financial Industry Business Ontology standard.

Register Today!


0845 - 0900 Welcome & Introductions
Richard Soley, Chairman & CEO, Object Management Group
Dennis Wisnosky, Founder, Wizdom Systems, Inc.
0900 - 1000 KEYNOTE PRESENTATION: FIBO as an Agile Enterprise Ontology
Dave McComb, President, Semantic Arts

Traditional data modeling is anything but agile, as is traditional application development on relational databases. Our client work has recently brought us to the same conclusion that the FIBO management team has arrived at: there is a screaming need for an agile approach to ontology development and ontology evolution. Semantic Technology gives us new ways to be comprehensive and adaptable at the same time. But it doesn't come for free. Agility must be designed in. This presentation will focus on design approaches that lend themselves to evolvable Enterprise Ontologies. Dave will discuss:

  • Why elegance is your friend
  • The two edged sword of ontology reuse
  • How to put taxonomies in their place
  • Questioning the use of subclass assertions
  • Facetology
  • The key role that disjointness plays in error detection

This presentation will be valuable for the FIBO resource teams, as 20+ teams launch parallel efforts to extend FIBO, as well as to financial service enterprises looking to build their own Enterprise Ontology based on FIBO.

Dave McComb is President of Semantic Arts, a consulting firm specializing in helping large organizations incorporate semantic technology in their enterprise architectures. In the last 14 years Semantic Arts have built over 20 Enterprise Ontologies and helped as many firms on the road to more elegant information systems. Dave is the author of Semantics in Business Systems and co-founder of the Semantic Technology Conference.

1000 - 1015 Morning Refreshments
1015 - 1100 FIBO EcoSystem
Dennis Wisnosky, Founder, Wizdom Systems, Inc.
Dean Allemang, CEO and Principal, Working Ontologist, LLC

The FIBO Leadership Team has been evolving an inclusive Ecosystem to Build, Test, Deploy and Maintain the family of 29 Financial Industry Ontologies. This talk will focus on the three key elements of this ecosystem.

  • A collaborative environment for modelers to share and update models.
    • Modelers can work in any tool stack that outputs valid OWL/RDF (Protégé, TopBraid Composer, Franz Gruff, etc.), including ODM/XMI -based tools (MagicDraw, VOM, EA etc.)
    • Models are managed in GitHub and stored in a consistent format regardless of source, for superficial (line-by-line) comparison and version management.
    • Automated testing managed by Jenkins and links to issue management in JIRA
  • A business-facing web presence to enable FIBO users to look up terms, their definitions and relationships viewable in tabular and standard FIBO graphical formats.
  • Affiliated vendors provide auxiliary services
    • Testing coordinated through Jenkins
    • Reports business-facing displays and any other services
    • Publication and re-distribution including Reasoners and SPARQL endpoints
    • Affiliates manage their own software to avoid technical and license issues
    • Axiom- and Entailment-level diffs for understanding the impact of model changes.
1100 - 1200 Lessons Learned from a Failed BI Initiative: Why FIBO Matters for Risk Data Aggregation and Data Governance in Capital Market
Elisa Kendall, Partner,Thematix Partners LLC
Fabien Bonaure and Shaun Rolls, Global Analysis & Planning, Nordea Capital Markets Financial & Risk Control, Nordea Bank, AB

Since the onset of the financial crisis, regulators in the US and internationally have been putting increasing pressure on the banking industry to improve risk data transparency and their ability to report on concentrated counterparty exposures. The Basel Committee on Banking Supervision (BCBS), the primary international standards organization with respect to regulatory compliance and reporting, has a mandate to work towards increasing financial stability worldwide. To that end, they have issued a number of regulatory policies over the last several years, including frameworks such as Basel III, that aim to strengthen the regulation, supervision, and risk management of banks. One of these, BCBS 239, "Principles for effective risk data aggregation and risk reporting", issued in January 2013, addresses inadequacies in the banks' information systems and data architectures to support other regulations already in place, let alone any new reporting requirements levied to increase stability. They note that many banks were unable to manage risk appropriately due to the lack of IT infrastructure and data governance to do so. BCBS 239 requires banks to meet minimum goals for risk management and reporting by January 2016. That's right around the corner.

Improving the ability to aggregate risk data typically requires integrating information across a myriad of siloed transaction systems. In an attempt to meet these requirements and provide better data to their internal risk management team, Nordea Markets embarked on a journey two years ago to implement a new business intelligence capability. After more than a year of requirements gathering and process review, they concluded that one of the primary issues they had was even more fundamental: they lacked a common language to use internally within the business, and therefore could not communicate clear requirements to IT. That realization prompted them to look for a starting point, which, in turn, led them to FIBO. In this talk, two members of the original "scouting team" will share some of the insights gained and the path they are now on towards implementing a business vocabulary across wholesale banking, as well as expected benefits based on what they have achieved to date. Ms. Kendall will then present some of the lessons learned in extending FIBO to meet Nordea's requirements.

1200 - 1330 Attendee Lunch Break
1330 - 1415 Model Based Ontology Building and Management - a FIBO Use Case
Kent Laursen, CTO, No Magic, Inc. 

No Magic, Inc. is committed to the EDMC principle of basing FIBO on free and open standards. This it will be possible for FIBO adopters to build and exchange models in the tools of their choice for both people readable and machine readable use cases. In this talk, Kent will discuss the architecture that supports this concept and demonstrate its applicability.

1415 - 1500 Developing the FIBO Domain for Securities and Equities
Richard Beatch, Content Architect, Bloomberg LP

Following development of 3 core Ontologies - Foundations, Business Entities and Indices and Indicators, by the FIBO Leadership Team, FIBO is being built by individual FIBO Content Teams (FCT), each focused on one of the remaining 26 legacy FIBO models. This presentation will focus on the first FCT formed, i.e. Securities and Equities.

  • General structure of the FCT
  • Description of the Securities and Equities Domain
  • Team Agenda
  • Status
  • Way Forward
1500 - 1515 Afternoon Refreshments
1515 - 1600 Developing the FIBO Domain for Loans
Lynn Calahan, Vice President, Financial Reform-Data Strategies, Wells Fargo

The second FCT is focused on Loans and is led by Wells Fargo. The FIBO Build, Test, Deploy, Maintain Methodology prescribes a Spiral Development of Sprints applying the agile approach based on use cases and user stories which initiate the FCT and start it on its way to apply the FIBO Open Standards roadmap for the individual ontology and how it relates to others. This presentation demonstrates another facet of how FIBO is being built in its focus on Loans, the newest FIBO FCT.

  • General structure of the FCT
  • Description of the Loans Domain
  • Team Agenda
  • Status
  • Way Forward
1600 - 1645 Using FIBO for Smart Data Integration
Marty Loughlin, President, Financial Services, Cambridge Semantics

Data integration is a core part of any information-driven business. Yet, integrating data is often a slow, labor-intensive, and error-prone process that yields incomplete or inflexible results. A new approach is emerging using standard conceptual models like FIBO that allows you to quickly and easily integrate any data from any source. The conceptual model can be used to integrate data using standard ETL tools in a fraction of the time and cost of existing approaches. The same conceptual model can be used to track information brought into a data lake from spreadsheets, structured and unstructured data sources, providing business meaning and lineage for all your data.

1645 - 1730 Panel Discussion
Randall Coleman, Wizdom Systems, Inc.

Panel discussion lead by keynote/session leaders to summarize program results.

1730 - 1745 Closing Comments
 1800 - 2000 Attendee Reception & Exhibits


NOTE: If you register for the Technical Meeting Week, you do not have to pay the additional fee(s) to attend any or all of the special events.  If you register only for special events, the special fees apply.

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