Thank you everyone for joining us at our MeetUp yesterday!
We had another great talk from Mike Bennett of the EDM Council talking about the Financial Industry Business Ontology (FIBO). FIBO is a business conceptual ontology developed by the members of the EDM Council. FIBO provides a description of the structure and contractual obligations of financial instruments, legal entities and financial processes. It is used for harmonization of data across repositories as a common language (i.e. Rosetta stone) for risk analysis and business process automation and uses RDF OWL. The principal organisations adopting FIBO are Banks, Asset Managers, Hedge Funds, Brokers and other financial services organisations that produce, exchange and integrate data.
Mike gave an overview of FIBO, how it is being developed and the different ways it may be used in a practical setting. These range from its use as a common language across the industry, to data integration, semantics-based risk management and reporting, and inference processing applications. These were illustrated with reference to real world applications and proofs of concept in financial firms. Mike also introduced the theory behind ontologies and how to present them to business stakeholders in a simple and clear way. It was also interesting to hear how FIBO got established and has evolved leveraging different tools and standards over the years.
It is great to see the group gaining more traction, for our next MeetUp we are planning to have Navino Evans from Histropedia to do a talk/demo of the Wikidata SPARQL endpoint, so come along and bring your friends!