Financial institutions around the world struggle to establish a common vocabulary that describes the structure and contractual obligations for financial instruments, legal entities and financial processes. The EDM council has developed the Financial Industry Business Ontology (FIBO); a framework that provides a consistent vocabulary, which organizations use to harmonize their data across repositories to support risk analysis and business process automation.
The FIBO vocabulary has been validated by financial industry subject matter experts. It provides the financial services industry with a shared meaning about financial instruments and processes for the alignment of internal repositories and to support both regulatory and business reporting.
Data precision and harmonization have been identified as imperatives for financial industry regulators and market advisors where legislation requires data from diverse sources to be aggregated and links and relationships created in order to understand and map relationships, effectively manage process flows and perform scenario-driven risk analysis.
To comply with these regulations and solve information problems, financial organizations must have the tools and technology that allow them to:
Semaphore, Smartlogic’s semantic platform, lets financial organizations precisely and consistently identify and tag all of their information assets so they can effectively manage information, comply with governmental regulation and implement information governance best practices that provide consistency and transparency for their data.
In a world where organizations have more information than they can easily manage, the ability to keep up and comply with an ever-changing regulatory landscape is difficult. The inability to identify, categorize and manage unstructured information within the enterprise is more than an influx of data, organizations also suffer from:
Many organizations are attempting to solve these problems with traditional ETL and data warehouse solutions unfortunately these solutions lack the flexibility to manage, tag and unify unstructured information in a way that supports current compliance mandates:
Semaphore, Smartlogic’s semantic platform, helps organizations take the FIBO vocabulary and put it work within the enterprise.
Whether you are interested in regulatory compliance (BCBS239, Prudential Standards, KYC/ FACTA), improving workflow processing, mining information assets or harmonizing your data to manage risk, gain market insight or a 360 view of your customer, Smartlogic can help.
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