The many financial instruments, relationships and transactions which constitute our world economy today necessitate a common language which captures its critical nuances
According to a recent IBM estimate, $3.1 Trillion of America's GDP is lost due to bad data and 1 in 3 business leaders don't trust their own data. An Experian survey found that no fewer than 95% have seen poor quality data undermine their business performance. This is an acute problem across all sectors of the financial industry as regulators increasingly request near-real time trade transaction data to conduct systemic risk analysis.
The OMG congratulates the US Congress and President for enacting the Financial Data Transparency Act (FDTA) in December 2022, which mandates data standards for the data and reports collected by nearly all US financial supervisory and regulatory agencies! The FDTA requires that their data be machine-readable, semantically modeled, non-proprietary, and interoperable; all of which are critical for a safe, secure, and productive financial system. As OMG is a recognized standards development organization (Voluntary Consensus Standards Body (VCSB)) for the financial sector, it stands ready to work with agencies, associations, the financial community, and regulatory bodies to develop and promulgate rigorous and reliable specification standards. Stay tuned to OMG for a series of briefs and events on what the FDTA will mean to you and your business!
- Help members understand data is a business asset
- Promote data + data semantics = financial services DNA
- Develop best practices, innovative strategies and standards which convert financial data to smart data
- Partner with other OMG groups and SDOs to accomplish the above
- Financial Industry Business Ontology: Foundations (FIBO/FND): Defines the FIBO foundation module represented by a set of business concepts (contractual, legal and organizational), which are intended to support financial industry term semantics presented in other FIBO specifications.
- Financial Instrument Global Identifier (FIGI): Created out of the recognition that chaos theory has nothing on the complexity generated everyday by millions of security transactions and with the clear understanding that a published interface for creating identifiers and linking together relevant parties, through the use of technology is a critical part of the operationalization of this standard.
Call for Responses on Standard Business Report Model RFP:
Public sector Standard Business Reporting (SBR) programs are on the rise, and agencies increasingly demand that companies produce standardized reports on financial institutions and markets, ESG goals, security, and other domains. While standard languages and formats (e.g., eXtensible Business Reporting Language, XBRL) already facilitate the collection, interchange, and usage of reports, there is a distinct need for greater rigor in modeling and specifying semantics in those reports. Current approaches which represent business definitions haven't delivered the required process improvements to enable precise yet intuitive reporting, management, and usage (e.g., analytics) of data required by SBR programs.
For this reason, we commenced a Standards Business Report Model (SBRM) Initiative and issued a Request for Proposals (RFP). We invite all those interested in the SBRM initiative to review the linked overview and RFP, and provide recommendations and/or new information via [email protected] that can assist our SBRM specification submitters. Input must be provided by May 25, 2023. OMG members will review all responses to this notice at our next Technical Committee Meeting on June 20, 2023.
Don't be left out! Join the SBRM initiative, which will facilitate the effectiveness of governmental programs around the world, and likewise promote the growth of new programs.
Additionally, any interested individuals and organizations can fully participate in the OMG standards development process by reviewing the RFP, submitting a Letter of Intent (LoI) via [email protected] by June 23, 2023, and developing a proposed specification (separately or jointly with other submitters) by November 6, 2023.
If you're an OMG member, have a member account, and want to get involved, you can Subscribe to The Financial Sector DTF Mailing List to receive frequent group email updates and/or contact [email protected]. If you don't know if your organization is already a member, check the OMG Member List, Request An Account, and follow the prior steps, if your organization is a member, to get engaged. If not a member and interested in getting involved please visit our Membership Overview Webpage and/or contact [email protected].