Semantics: the Technical Lens for Financial Transparency and Risk Management
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  Larry Smith   Larry W. Smith
  Elisa Kendall   Elisa Kendall
Thematix Partners LLC
  Dennis Wisnosky   Dennis Wisnosky
Senior Consultant
EDM Council
  Richard Beatch   Richard Beatch
Semantic & Metadata Architect
Bloomberg LP
  Wesley Moore   Wesley Moore
Managing Director, Compliance
Wells Fargo Securities


Thursday, August 21, 2014
02:00 PM - 02:45 PM

Level:  All - General Audience

During and as a result of the financial meltdown in 2008, governments and regulators worldwide noted the incredible lack of transparency in many aspects of the financial system. Critical questions were raised about derivatives and over-the-counter instruments generally, the lack of standardized contracts for trade on exchanges, and the inability to identify “who owned what”. There was, in other words, no way to determine the level of exposure a given institution had to the numerous and varied instruments they held, or to other institutions and business entities, among some of the many problems.

A tremendous number of regulations and policies have been established to attempt to curb some of the behaviors that led to the crash. Despite that, the regulators and financial institutions recognize the need for far better visibility, auditable data quality and lineage policies and practices, and risk management. New ways of approaching these problems, capable of integrating vast quantities of information far faster and far more consistently and accurately than has been possible to date, are essential to achieving these goals.

The OMG’s Financial Industry Business Ontology (FIBO) and Financial Instrument Global Identifier (FIGI), and ISO Legal Entity Identifier (LEI) represent key components of any potential solution. They provide globally unique identification of the entities and instruments involved in every trade, with a common basis for understanding those instruments and identifying the complex relationships among their stakeholders. These standards are essential building blocks for institutions and large companies needing to increase transparency, limit risk, and improve compliance. They are already beginning to aid industry firms in providing a cost-effective means for integrating disparate technical systems and message formats, and to facilitate regulatory reporting by providing clear and unambiguous meaning of data from authoritative sources.

In this panel session we will hear from participants involved in developing and implementing the standards as well as from some of their biggest proponents in the finance community.

Larry W. Smith, Partner, Thematix LLC, is passionately curious about many things and highly knowledgeable about marketing, technology and finance. Prior to Thematix, he founded and led 5 businesses.At Thematix, Larry applies his sales, marketing, and innovation skills to develop semantic, business architecture, and data solutions to current and prospective customers in the Banking, Travel, and Entertainment industries. Thematix is a substantial contributor to Industry Standards at OMG, W3C, and EDM Council, including the Financial Industry Business Ontology (FIBO).

Ms. Kendall has over 30 years professional experience in the design, development and deployment of enterprise-scale information management systems, emphasizing information architecture, ontology, and knowledge-based systems design. Her focus includes business and information architecture, knowledge representation strategies, and ontology development for clients in financial services, government, manufacturing, media, and travel domains. She has developed a number of best practices for marrying business architecture, conceptual modeling, and traditional software engineering with semantics to address complex information management issues. Elisa represents ontology and information architecture concerns on the Object Management Group (OMG)'s Architecture Board, is co-editor of the Ontology Definition Metamodel (ODM), and a contributor to a number of other OMG standards, including the Financial Industry Business Ontology (FIBO) effort.

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.

Richard Beatch, Ph.D. is currently the semantic and metadata architect for Bloomberg LP based out of Princeton NJ. He holds a Ph.D. in ontology and has worked extensively in the field with roles ranging from Knowledge Architect through various senior management roles at a range of companies. Much of his work has focused on the intersection of well managed data and findability across a range of domains. For much of the past decade his work has focused on financial data and the development of semantics models aimed at optimizing the efficacy of that data.

Wesley Moore is Managing Director of Compliance Controls and Infrastructure at Wells Fargo Securities. Over his career in financial markets development and regulation, Wes has played lead roles on projects to merge and integrate broker-dealers, create swap dealer and futures commission merchant compliance programs, and numerous initiatives spanning anti-corruption, sales and trading practices, books and records, electronic communications, and clearing services. As Managing Director for Wells Fargo Securities, Wes manages teams delivering policies, procedures, training, technology, controls, and compliance certifications for registered legal entities within the capital markets domain. Wes is a FINRA registered Compliance Official and General Securities Principal. Earlier in his career, Wes held senior roles on mass privatization, capital markets institutions and systems development, and merchant banking teams in Eastern Europe and Central Asia.

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