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Enterprise Data Management Council Announcement

UCC based GRCTC (Governance Risk and Compliance Technology Centre) are pleased to mention that the Enterprise Data Management Council (EDMC) has announced that the OMG Architecture Board and Financial Domain Task Force unanimously approved FIBO--‐Foundations on September 26 at the OMG Technical Conference in New Brunswick, NJ.  

This announcement ensures that  the Financial Industry Business Ontology (FIBO) is on track to become a global financial technology standard. The FIBO standard delivers data quality, consistency and transparency to the financial industry, government regulators and other verticals. Harmonizing data across the financial industry helps support analytical processes, illuminates the links and relationships among financial instruments and business entities involved, informs data quality and verification procedures and empowers data integration from multiple sources and across linked processes.  With FIBO, firms will be able to use machine intelligence to make inferences that can mitigate regulatory and operational  risk. FIBO can map to and supplement existing legacy financial data standards,  and can be implemented unobtrusively and incrementally with legacy data.

UCC’s contribution to the Financial Industry Business Ontology is acknowledged in the released RFC. The document is accessible via the OMG and EDMC websites.

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