Tuesday, April 24, 2018
11:30 AM - 12:30 PM
The Financial Instrument Business Ontology (FIBO) provides a common ontology for business and legal entities, financial products, instruments, services, and related knowledge, and is currently under development by the Enterprise Data Management Council (EDM Council) and standardized by the Object Management Group (OMG). It provides regulatory and compliance value by ensuring that a common language can be used for data governance, harmonization, interoperability, and reporting purposes.
The most general ontologies in FIBO define concepts that are not limited to the financial domain, however. They cover terminology that can be used as the basis for extension in many government and commercial applications. Examples of domain areas that have initiated or are considering such extensions at the OMG include aerospace, insurance, manufacturing, retail, and robotics. Outside of the standards world, several government organizations have extended FIBO for internal use, among others.
The OMG’s Retail Domain Task Force, formerly known as the ARTS (Association for Retail Technology Standards) Council, which was part of the National Retail Foundation (NRF) until early 2017, is the primary international standards organization focused on the development, implementation, and evolution of standards and best practices that increase the benefits and reduce the costs, risks, and timescales of using Information Technology within the retail sector. As a part of their work at OMG, the task force has initiated an effort to transform and update their existing Operation Data Model (ODM) and related XML Schemas to a set of ontologies that can rationalize terminology across the set of existing retail standards they manage and support new requirements for data analysis, governance, and interoperability.
In this talk, Thematix and Vertex will provide an overview of the retail standards landscape, discuss requirements that led to the realization that the next generation solution for the ARTS Operational Data Model should be an ontology, and show how FIBO and other standard ontologies are being extended to jumpstart that effort.
Ms. Kendall is a Partner in Thematix Partners LLC and graduate-level lecturer in computer science, focused on data management, data governance, knowledge representation, and decisioning systems. Her consulting practice includes business and information architecture, knowledge representation strategies, and ontology design, development, and training for clients in financial services, government, manufacturing, media, pharmaceutical, and retail domains. Recent projects have focused on use of ontologies to drive natural language processing, machine learning, interoperability, and other knowledge graph–based applications. Elisa represents knowledge representation, ontology, information architecture, and data management 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 ISO, W3C, and OMG standards, including the Financial Industry Business Ontology (FIBO) effort.
John Glaubitz is a Principal Architect at Vertex, Inc, a tax software company for corporations that includes solutions for retail. John acts as the lead data architect for the company's product line databases and develops the product data strategy. He is currently a co-chair of the OMG Retail Domain Task Force and has chaired and contributed to a number of standards organizations including Oasis, X12, and XBRL. He has over 25 years of experience as a Data Manager, Architect, and Administrator in a number of large financial institutions and software providers. John holds a Bachelor of Science degree in Math from Syracuse University and a Masters in Computer Science from NYU.