03-26-18

Contact:
Ann McDonough
Object Management Group
+1-781-444 0404
mcdonough@omg.org


Object Management Group Experts Headline Financial Industry Business Ontologies Conference
Members apply FIBO to opportunities and challenges in financial services

NEEDHAM, Ma. — March 21, 2018 — Thought leaders representing the Object Management Group® (OMG®), an international, open membership, not-for-profit technology standards consortium, are scheduled to speak at the third annual 2018 FIBO Conference from April 24-26, 2018 in San Diego, California. The event will take place in conjunction with the Enterprise Data World Conference.
A joint initiative by OMG and the Enterprise Data Management Council, FIBO® is an industry standard to define financial industry terms, definitions and synonyms using semantic web principles and widely adopted OMG modeling standards such as Unified Modeling Language™. FIBO contributes to transparency in the global financial system, aids industry firms in providing a cost-effective means for integrating disparate technical systems and message formats, and facilitates regulatory reporting by providing clear and unambiguous meaning of data from authoritative sources.
Featured speakers representing OMG are:

  • Senior Consultant/Advisor to the Enterprise Data Management Council (EDM) Council, Dennis Wisnosky will explain that FIBO is delivered in 3 dialects of RDF/OWL—its System of Record and is delivered through eight other products including Visual OWL, spreadsheets, web searches and more. The goal of the EDM Council is for FIBO to be consumed by the most sophisticated Semantic Web Geek and the casual user looking for the definition of a single term such as Credit Default Swap. In his talk, Dennis will touch on each FIBO product by example and show how each can be accessed.
  • Elisa Kendall, Partner at Thematix Partners LLC, member of the OMG Architecture Board and Board of Directors, and a primary ontologist for FIBO; and John Glaubitz, Principal Architect at Vertex and co-chair of the OMG Retail Domain Task Force, will provide an overview of retail standards development, highlighting the body of work done by NRF ARTS (National Retail Federation Association for Retail Technology Standards), its transition to the OMG Retail Domain Task Force and the continued evolution of those standards to address the modern retail and technical landscape. A foundational element of the transition from ARTS to OMG is to bring the legacy terminology established in the ARTS Operational Data Model into a new Retail ontology, leveraging the work of FIBO and other standard ontologies to jump-start the effort and strive for greater interoperability in this highly connected world.
  • Pete Rivett, CTO at Adaptive and a member of the OMG Board of Directors, will present a proof-of-concept case study explaining how to take existing XML-based data and represent it as triples in FIBO that can be used in an operational and scalable environment. The area covered is Options but will also include Equities and Legal Entity information.
  • Cory Casanave of Model Driven Solutions, a member of the OMG Board of Directors and the FIBO Leadership Council, will present a path from the FIBO ontology and vocabulary to realized capabilities that integrate and federate financial systems, information, and stakeholders. FIBO provides a semantic foundation for integration and federation that must be implemented with mappings to multiple data sources, applications and analytics tools to provide value. Mr. Casanave will present an approach to implementing these capabilities utilizing open source, commercial and enterprise software.
  • Mike Bennett, Director at Hypercube and co-chair of the OMG Finance Domain Task Force, will present the findings of a proof-of-concept carried out within that task force on the use of ontologies in a blockchain setting. This proof-of-concept uses the FIBO ontology as a conceptual reference in the development of Smart Contracts in the derivatives space.
  • Avinash Patil, Consulting Partner (Capital Market Practice) at TATA Consultancy Services, will present a viewpoint for a functional perspective of financial services and how FIBO supports and complements this perspective. The view integrates Nobel Laureate Robert C. Merton's functional perspective, along with the works of Bill McCarthy and Bob Kowalski, into a consumer-centric future of financial services.

 

About OMG
The Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium with representation from government, industry and academia. 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. Visit www.omg.org for more information.

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