Elements of the Financial Industry Business ontology (click through for details):

FIBO OMG Standards Proposals

Description

These are a series of proposed Formal Specifications (RFC) that are being proposed through the OMG standards process. The proposed standards will cover:

• Pragmatic expression of the concepts in FIBO Business Conceptual Ontology
• Limited to those terms which have business value as conceptual model
• To be made available in ODM XMI and potentially in RDF/OWL formats (this latter is under review, since it is possible that people seeing this content in RDF/OWL may mistake it for semantic processing application material, or find fault with it for not being suitable as operational ontologies).
• Formal, written standards for each subject area, plus Foundations:
  • Business Entities, Securities, Loans, Market Data etc.

What is included in OMG standards?

Precise details of what to include is the subject of the ongoing work within the OMG Finance Domain Task Force. This is an industry collaborative effort and so it is up to the participants to determine exactly what is considered suitable for an industry standard conceptual model (with the proviso that this is not driven by technical or application considerations - that is a matter for operational ontologies).

The basis for deciding what to include in the OMG standards proposals, out of the available conceptual semantics in the Business Conceptual Ontology, is essentially Use Case driven. That is to say, the deliverable standards must cover the full range of possible use cases in the business domain. This will be a greater sub-set of the overall conceptual ontologies than would be needed for any one application, but we would expect these OMG specification proposals to exclude non use case driven terms and relationships.

For the current (business entities) proposale, the next activity is the recruitment of business domain subject matter experts who can define what the scope should be, in order to meet known current LEI and regulatory use case requirements. Other FIBO sections have already been extensively reviewed by business domain experts but a final SME review of the relevant use cases will be conducted for these also. In this way, the OMG Finance Domain Task Force is expected to formalize the use case scope for each FIBO OMG specification before it is put to a vote.

Current Work

please see to the OMG FDTF FIBO working wiki for complete and up to date details of thw work required and current activities within the OMG Finance Domain Task Force and by potential FIBO submitters.

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Projected Roadmap

The table below shows the anticipated development roadmap. This may be subject to change, and will be updated from time to time.