Mike Atkin of the EDM Council speaks eloquently about the "perfect storm" for data in Financial Services. Two converging forces, regulatory reporting requirements and the need for customer insight, are placing unprecedented demands on the data infrastructure in most financial institutions.
The ability to respond to the need for cross-business and cross-industry analytics is hampered by existing silos - business processes, applications and data repositories built at different times in different technologies. And this is not going to change soon. So, how do you harmonize data across so many disparate sources? The "intractable relationship between data and risk management" as Mike calls it.
Standards play a critical role in this data harmonization and the Financial Industry Business Ontology (FIBO), a common semantic model for the industry is a cornerstone standard for addressing this challenge.
FIBO is being developed by the EDM Council with many industry participants. It is built in OWL, an open standard for semantic modeling, and it provides a foundation for harmonizing meaning and integrating data from any source, inside or outside the enterprise.
To operationalize FIBO, you can custom integrate it with existing tools or leverage newer products like the Anzo Smart Data Platform from Cambridge Semantics that natively supports the standard and provides tools for easily mapping, integrating and analyzing data.
FIBO represents an exciting opportunity for data practitioners to truly harmonize the untapped data assets distributed across their organization and to leverage them for business value.
Check out the webinar on how to Reduce Time and Integration Costs by 10x using Anzo Smart Data Integration by leveraging common conceptual business models like FIBO