FIBO: A Transformational Ontology for Wall Street
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  David Newman   David Newman
SVP, Innovation Group
Wells Fargo
  Mike Bennett   Mike Bennett
Enterprise Data Management Council
  Dennis Wisnosky   Dennis Wisnosky
Senior Consultant
EDM Council


Thursday, August 21, 2014
08:30 AM - 09:15 AM

Level:  Business/Strategic

Tremendous progress has been made recently by members of the Enterprise Data Management Council (EDMC) in the development of the Financial Industry Business Ontology (FIBO). In 2014 we expect to release the first versions of FIBO that will be published by the OMG as a financial industry standard. Also during 2014 the Office of Financial Research (OFR), within the US Treasury Department recommended the use of ontologies as the basis behind the OFR's congressionally mandated Instruments database. FIBO is a strong candidate for this. FIBO also provides financial institutions with a strong foundation for fulfilling the Basel Committee for Banking Supervision's Risk Data Aggregation and Reporting initiative. In addition, FIBO is gaining recognition across the industry as a common financial language that can be used for data harmonization, risk management, regulatory compliance and reporting.

We will present:

  • the modeling and methodology behind the creation of FIBO Foundations (FND) and FIBO Business Entities (BE) conceptual ontologies
  • how the conceptual ontologies can be converted to operational ontologies for purposes of executing various financial use cases
  • a live demonstration of operational capabilities that utilize FIBO-FND and FIBO-BE
  • the industry collaboration efforts and development life cycle behind the creation of these ontologies
  • the FIBO road-map for 2015/2016
  • updates on the reception of FIBO within the financial industry and regulatory communities

David Newman is Senior Vice President and Strategic Planning Manager for the Innovation Group at Wells Fargo Bank. David chairs the Financial Industry Business Ontology (FIBO) program for the Enterprise Data Management Council, which is an industry-wide initiative to develop semantic knowledge bases for the financial industry. FIBO is being developed as the next generation global financial data standard. At Wells Fargo, David provides leadership for innovation initiatives that utilize emerging technologies that will have positive impact upon Wells Fargo’s customers and internal operations. David’s area of concentration is the application of machine intelligence technologies to financial services. This includes a focus on semantic technologies, machine learning, natural language processing, and graph analytics. David also leads the Semantic Technology Community of Interest at Wells Fargo. David is a frequent speaker at technology, academic and financial industry conferences. David holds an MBA in Information Technology and an MSW in Psychiatric Social Work.

Mike Bennett is the semantics expert and ontologist for the EDM Council. He is the architect and editor of the Financial Industry Business Ontology (FIBO) and represents the Council within the Object Management Group and on ISO technical standards committees. He has over 15 years of financial industry experience with investment management software, data management systems design, messaging standards, product testing and project management. Mike is well-regarded as both a resource and frequent speaker within the semantics community.

Dennis Wisnosky provides technical strategy and operational guidance to the EDM Council with regard to finalizing and implementing the FIBO standards. Dennis brings extensive experience of enterprise architecture, ontology development and semantic web technology from his former role as the Chief Technology Officer and Chief Architect in the U.S. Department of Defense Business Mission Area, within the Office of the Deputy Chief Management Officer, and his many years of system development and deployment in the private sector.

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