Financial Industry Business Ontology FIBO Monthly Statusreview call
Financial Industry Business Ontology (FIBO) Monthly Status/review call Wednesday November 2 nd 2011
FIBO Works update • Joint workstreams – WS 1: Content and RFC disposition – WS 2: Technical Model Framework (metamodel) – WS 3: Shared Semantics Treatment – WS 3+ Shared Semantics semantics? • Other FIBO Activity – Change Management – Migration – Documentation (RFC) • Other News 2
Derivatives Proof of Concept • To be extended into complete operational ontologies (suitable for Semantic Web applications) • Metadata to be added in line with WS 2 metadata works • This is a high priority for the industry • Demonstrate viability, provide practical guidance on implementation of semantics 3
FIBO Progress • Base Metamodel completed and agreed • Additional Metadata – almost complete (this week? ) • Migration to Adaptive – in progress – Tackling tooling related issues – Modularized model as required for Business Entity release • RFC Document authoring in progress • Ongoing discussions on shared semantics – Drafted treatments for a number of scenarios – Need to spin off actual semantics to separate calls • Existing SR content SME Reviews essentially complete – Business Entities sign-off imminent – Much work required on derivatives – Legal conceptual modeling to do 4 Cop yrig ht © 201 0 ED M
WS 2: Technical Modeling Framework • Base Metamodel (ODM) decisions complete • Additional metadata – What metadata we need – What standards to derive this from (DC, SKOS etc. ) – How to implement this • As OWL constructs • As UML constructs via ODM • What needs to be done in the model to achieve this 5
WS 2: Additional Metadata Requirements • Existing metadata (Term Origin etc. ) to be refactored as new metadata • New metaterm needed for classification facets • New metadata for cross reference to existing standards (mapping) • Change management metadata per OMG 6
WS 2 Metadata Implementation • Metadata derivation – Will create our own sub-terms of some Dublin Core and SKOS terms – Some implementation decisions to make re use of SKOS terms • Metadata implementation – Mainly OWL Annotation Property – Instance of annotation property (“Fact”) in model • There are some tool issues around this 7
WS 3 Shared Semantics • Identified treatments for each of a number of scenarios: – Ontologies to reference directly – Ontologies where: • We want to use only a subset of the terms • We want to use one aspect of the ontology (e. g. classes but not axioms) – Standard ontologies which are: • Not very semantic but presented in OWL • Not in OWL but still ontologies – Standards which are not formal ontologies • UML • XML Schema • Treatments to be written up and presented this week 8
Shared Semantics: Selection Criteria • Some standards already referenced • Want to find standards for the rest – Inevitably some will be left over • Criteria on which to select and apply standards – – See Selection Matrix on the wiki Degree of adoption or uptake of the standard How authoritative it is for its subject matter Geographical and political considerations • Selection criteria to be agreed and implemented 9
Shared Semantics – actual semantics • The WS 3 sessions have focused on more technical aspects of the treatment of ontology sharing • Need to hold separate business-facing sessions on the mid level ontology models – – Legal: Done Accounting / Transactions to do Date/Time: Liaise with OMG Date Time Vocabulary group Address / Location terms done? • Please mail me to register interest in these 10
Change Management • Process to be drafted with reference to OMG emerging “content” standard process – This is not a loosening but a change to how content managed – Needs a formal definition of what is “Content” • Some parts of the FIBO standard relate to the modeling framework and must come under the existing OMG RFC process • Need to add the metadata required for this – Defined in OMG draft documentation – We will use this in its current state 11
Migration • Made a start (ODM name changes etc. ) • Will do Business Entities initially • Expect to do a “Big bang” conversion of the model content when the migration process is fully determined and documented. – Doing parallel migration tests ahead of that time – The Big Bang should be after changes engendered by Shared Semantics (Mid level ontology) changes • Actions on the model itself – Modularization – Addition of metadata – Changes to existing metadata. 12
Documentation • Initial document created – Sections set out – Some content written • Normative v informative parts – Model output report is normative – Anything which directly impacts on the Business Entity content is normative – Shared semantics methodology is informative – Informative material on model position (Logical versus Conceptual models) etc. – Informative material on modeling principles 13
Upcoming Webinars • The EDM Council’s Semantics Initiative – An In-Depth Look at the Financial Industry Business Ontology and the Semantics POC on Derivatives – Dates: • Thursday November 17 • Monday November 28 • Semantics in Finance Webinar – Overview of the semantics activities underway by the EDM Council/OMG, SWIFT and XBRL – What each group is doing, how they relate to one another, areas of potential collaboration, methods to ensure non-duplication – Date: • 6 December 14
Semantics Community • Open Ontology Repository (OOR) – Provides a searchable repository for ontologies through a common interface. – We will share our • Element level metadata requirements • Use Cases for shared semantics • Joint IAOA-OOR-Ontolog "Ontologies and Standards" mini-series – This week (Thursday): Elisa Kendall is the invited speaker – ISO 19763 Metamodel Framework for Interoperability – http: //ontolog. cim 3. net/cgi-bin/wiki. pl? Conference. Call_2011_11_03 15
Standards News • ISO 20022 – Working Group 5 • • We have representation on that group Looking at what would make a semantics layer FIBO a possible candidate Semantics initiative in ISO 20022 Business Model (Registration Authority initiative) also applicable • WG 5 “Challenge” • Will do a Challenge (beauty contest) to the Semantic Tech community using sample data • Focus on Corporate Actions, Legal Entity terms • As with other logical and physical model standards, position FIBO as semantic “layer” not displacement of existing terms 16
Summary • Content – Business Entity sign-off imminent • Metadata – Expect complete decisions this week on what to use – To be populated for Business Entities model • Shared Semantics – – Treatments nearly finalized Some new standards to consider e. g. in Legal Model extensively modularized New Semantic sessions to do • Migration in progress • Documentation in progress 17
Questions? 18
- Slides: 18