OPEN.20131008 FIBO Technology Summit Report

1
Enterprise Data Management Council

Report of workshop, October 2013

Financial Inuustiy Business 0ntology (FIB0)
Technology Summit
San Fiancisco, CA }une S - 6 2u1S

Nichael Atkin, !"#$%&%'($ *+#+ ,+"+-$.$"# /01"2'3
Bennis E. Wisnosky, 4'560. 78(#$.(9 :"2;

2

"#$%&'#()*
Any opinions, finuings, anu conclusions oi iecommenuations expiesseu in this
mateiial of those of the authoi(s) anu uo not necessaiily ieflect the views of
membeis of the Enteipiise Bata Nanagement Council, Wells Faigo Bank, oi any of
the oiganizations affiliateu with the Summit paiticipants.

+%,-./&)01)()-2$
This iepoit is baseu upon woik suppoiteu by Enteipiise Bata Nanagement Council
(EBNC). The oiganizeis of the summit aie ueeply inuebteu to Eiic Fianzon anu the
staff of SemanticWeb.com anu meuiabistio (Nasuaq:NBIS) foi theii tiieless effoits
in suppoit of the summit.
Fina

S

1A8LL CI CCN1LN1S
EXEC0TIvE S0NNARY ANB REC0NNENBATI0NS .................................................................. 4
PREFACE T0 TBE S0NNIT ................................................................................................................... 7
0RuANIZATI0N 0F TBE S0NNIT ................................................................................................... 1u
TBE W0RKINu SESSI0NS ................................................................................................................... 1S
Woik Session Befinition - Challenge one - Theie is a neeu to geneiate opeiational
ontologies fiom conceptual ontologies in RBF0WL. ....................................................... 14
Woik Session Befinition - Challenge two - Theie is a neeu to conveit
iequiiements (e.g. iegulatoiy iules) into executable semantic iule statements. .. 2u
Woik Session Befinition - Challenge thiee - Theie is a neeu to visually iepiesent
all foims of semantic content. ...................................................................................................... 26
Woik Session Befinition - Challenge foui - Theie is a neeu foi shaieu semantics
anu analytics at the massive scale of the financial system. ............................................. S1
!"!!#$%! !'(()*+ ............................................................................................................................. S8
APPENBIX A - FIB0 Technology Summit Bypothesis anu Technology Aieas ............. 4u
APPENBIX B - Sample lettei of invitation .................................................................................... 46
APPENBIX C - Nichael Atkin Chaige to the Assembly ........................................................... 48
APPENBIX B - PARTICIPANTS .......................................................................................................... SS

4
Once upon a time, there were no standard definitions of financial terms and the
financial institutions could interpret the meaning of the rules and regulations of
the industry each in their own way. Everyday, new financial instruments and
transaction types were invented. One day, major companies in business for
many decades began to collapse and lead the world into general economic
depression. Because of that, regulators struggled mightily to understand the
condition of the worlds economy and it became clear that the companies
themselves did not know their true financial exposure. Because of that, an effort
was launched by the industry to develop a Financial Industry Business Ontology
(FIBO) - a common vocabulary based on international standards, that would
enable companies to better communicate within and among themselves and
would enable regulators to perform meaningful oversight as required by laws.
Until finally, the dual purpose of reducing the cost of manufacturing data required
by law became de minimis and Congress and regulators were confident of the
provenance of answers to their questions of the industry.
Dennis E. Wisnosky

LkLCU1IVL SUMMAk AND kLCCMMLNDA1ICNS
The Enteipiise Bata Nanagement Council, with the suppoit of Semanticweb.com,
oiganizeu a woikshop calleu the FIB0 Technology Summit on }une S-6 2u1S in San
Fiancisco, CA 0SA. The goal of the Summit was to begin to builu a community of the
best minus in the 0ntology community to focus on ciitical technology anu
collaboiation neeus to suppoit the Finance Inuustiy.
1. 0peiational 0ntologies
2. Semantic Rules
S. visualization
4. Scalability

Noie than 6u leaueis fiom uiffeient IT anu business sectois anu acauemia biought
vaiying peispectives to the meeting. The iesult was a ioaumap in each of the neeu
aieas as well as a bioau list of iecommenuations as follows:
-!"#$%&'() Cieate a Semantic Cooiuination Leaueiship team with a fixeu
membeiship anu publisheu meeting scheuule. Although vaiious public anu piivate
sectoi communities exist in this space, each is naiiowly focuseu. Theie is a neeu foi
a team of the best minus in finance, IT anu, mathematics anu business to be biought

S
togethei to focus on aieas such as financial inuustiy oveisight anu systemic iisk
analysis.
-*+%,) Iuentify souices anu a cooiuination piocess foi semantic technology
funuing. Liteially millions of 0$ aie focuseu annually on ieseaich in Befense, Autos
anu Eneigy with specific goals establisheu.
1
Compaiative spenuing to solve ieal
pioblems anu contiibute to the piocess of knowleuge management is tiivial by
compaiison.
--+./$&%) Implement a Semantic Technology Laboiatoiy (Centei of Excellence) as a
foimal mechanism foi the auvancement of semantic technology. Aiguably spiinging
out of the uiscipline of Aitificial Intelligence
2
, foi all piactical puiposes, Semantic
Technology was incainateu by the 0S BoB. Its piincipal application has been in
Bealthcaie anu Phaima, wheie much ieseaich anu uevelopment has been uone in
the uevelopment of open souice softwaie.
S
Example noteu univeisities
4
,
S
,
6
have
well uevelopeu Semantic Technology piogiams. Bowevei, theie is a notable lack of
ueuication in any one univeisity to the Finance Bomain.
-0&%1) Publish anu maintain a uiiectoiy of paiticipants anu a listing of
publicationsiesouices foi the auvancement of semantic technology.
SemanticWeb.com anu othei souices uo well in this task. It woulu be useful to woik
with Neuia Bistio to expanu this offeiing anu have a tiack ueuicateu to ontology,
infeience-piocessing anu iisk analysis.
-2((/) Implement annual Semantic Technical anu annual Semantic Applications in
the Finance Bomain Summits as checkpoints of piogiess. Builuing a ieseaich anu
uevelopment community of piactice must be a uiiecteu effoit. The builuing numbei
of seminais anu symposiums ueuicateu to this fielu is excellent. Bowevei, each is
geneial in natuie. The only known symposium ueuicateu to Semantics in Financial
Seivices
7
was ovei subsciibeu. The FIB0 Technology Summit itself hau an
expectation of 2S paiticipants. Theie weie ovei 6u in attenuance.
-3+45&.6) Pioviue a mechanism foi paiticipants to publish aiticles anu ieseaich
ielateu to semantic technology implementation. The Inteinational }ouinal on
Semantic Web anu Infoimation Systems
8
is an aichiveu jouinal of oiiginal

Aggiegation1
The 0bama inuustiy has the goal of 1 Nillion electiic vehicles by 2u1S.
Fiim goals anu fiim uates coulu be set foi Risk Bata Aggiegation, as an example in
the Finance Inuustiy.
2
http:www.ibiblio.oighhalpinhomepagepublicationshtmlaiieuux
S
Stanfoiu Centei foi Biomeuical Infoimatics Reseaich
4
Texas A&N 0ntological Semantic Technology Laboiatoiy
S
Rensselaei Institute foi Bata Exploiation anu Applications (IBEA)
6
http:ncoi.us
7
Bemystifying Financial Seivices Semantics Confeience: Naich 1S, 2u12
8
http:www.ijswis.oigI}SWIS.puf

6
manusciipts. While this is useful, a jouinal ueuicateu to uiiecteu topics woulu
acceleiate the auvancement of this technology anu its auoption.
The value pioposition foi auopting these iecommenuations as the means to assuie
the auvancement anu auoption of FIB0 is oveiwhelming. Ameiican Bankei says
that the cost to comply with Bouu-Fiank is between 0$1Su-0$SSuNpei yeaipei
oiganization - with no auueu value.
9
FIB0 auoption will ieuuce this cost
significantly anu pioviue auueu value foi both the banks anu foi the iegulatois.
Theie aie two piimaiy ieasons foi this asseition. 1) An ontology allows foi (2n-1),
which is neai lineai semantic integiation of uata, iathei than (n
2
- n) integiation.
1u

This is because an ontology pioviues a canonical mouel by which multiple uispaiate
uatabase oi message elements can map to a common semantic integiation layei.
Foi example, at a cost of 0$2uu,uuuuatabase, integiation of 1u uata stoies with an
ontology (FIB0) is 0$S.8N anu 0$18.N without an ontology. 2) Softwaie
uevelopment anu maintenance time anu effoit is ieuuceu by 4u% to 8u% accoiuing
to some inuustiy figuies anu case stuuies.
11

9
Semantics: The Next Big Issue in Big Bata - Ameiican Bankei ...
www.ameiicanbankei.com...semantics-the-next-big-issue-in-big-uata-1.
1u
http:ontolog.cimS.netcgi-binwiki.pl.Leo0bist, anu otheis. Nost ieseaicheis
have the cost foi uata integiation at >>$2uu,uuuuata stoie.
11
NPBASIS (BP) piesentation mateiial

7
kLIACL 1C 1nL SUMMI1
The neeu foi an entiiely new appioach to financial uata management has been
stuuieu anu uocumenteu by the National Science Founuation (NSF) anu acauemics
foi seveial yeais. A 2u1u NSF woikshop
12
citing 1S4 of the Bouu-Fiank Act
manuating that the 0ffice of Financial Reseaich (0FR) contain a Bata Centei
(0FRBC) to manage uata foi the new office so that it coulu: Publish financial
instiument iefeience uata, Publish legal entity iefeience uata, Publish uata
iepoiting stanuaius anu foimats, anu Collect contiactual positions anu tiansactions
uata among othei finuings concluueu that: "Financial iisk anu infoimation
manageis acioss the inuustiy anu iegulatoiy community shoulu: establish semantic
mouels that ieflect best piactice in knowleuge iepiesentation; establish anu auopt
piecise uata uefinitions baseu on sounu ontologies foi all basic financial uata; anu
piomote sounu stanuaius foi all metauata management." This finuing states
piecisely the puipose of FIB0. A seconu woikshop
1S
Next ueneiation Community
Financial Cybeiinfiastiuctuie foi Nanaging Systemic Risk fuithei uefines the neeus
foi: "A bluepiint foi ueveloping community infiastiuctuie that builus syneigy
among multi-uisciplinaiy neeus anu oppoitunities anu acauemic uisciplines". "A
uetaileu specification of the infiastiuctuie incluuing uatasets, annotations,
ontologies, tools, metiics, giounu tiuth, benchmaiks anu use cases."

The iegulatoiy community in iesponse to Section 719(b) of the Bouu-Fiank Act
which iequiies the SEC anu the CFTC (collectively the "Commissions") to jointly
stuuy the "the feasibility of iequiiing the ueiivatives inuustiy to auopt stanuaiuizeu
computei-ieauable algoiithmic uesciiptions which may be useu to uesciibe
complex anu stanuaiuizeu financial ueiivatives," has come to similai conclusions
14

- that theie is both the neeu, anu that it is technically feasible, to uesciibe financial
contiacts algoiithmically (in this case Beiivatives).

Fuithei the Basel Committee on Banking Supeivision in }une 2u1S issueu foi
comment a papei entitleu Supeivisoiy Fiamewoik foi Neasuiing anu Contiolling
Laige Exposuies.
1S
Theii conclusion is staitlingly similai to that of the NSF in othei
woius: "A neeu to Reengineei the ulobal Financial System". Accoiuing to the Basel
Committee, this woulu entail:

"A simplifieu anu ieplicable methou of calculating exposuie to iisk that can
be univeisally applieu to souices of tiansactions that aie ieconcilable to

12

http:www.ihsmith.umu.euunewsstoiies2u1uuocsInfoimationNanagement_
FinancialRisk_whitepapei_Nov2u1u.puf
1S
https:wiki.umiacs.umu.euuclipngfciimagesbbaNSF-Nextuen.puf
14
http:www.sec.govnewsstuuies2u11719b-stuuy.puf
1S
http:www.bis.oigpublbcbs246.puf

8
accounting iecoius
ulobal iuentification stanuaius foi legal entities, piouucts anu financial
events to facilitate the aggiegation anu compaiison of iisk exposuie uata
within anu between financial institutions anu acioss the inuustiy
A 'Big Bata' fiamewoik that is able to pioviue iegulatois anu otheis with
complete anu accuiate ieal-time infoimation ielating to the global financial
system"

This neeus statement is summaiizeu by the Basel Committee as "an intelligent
semantic netwoik foi systemic iisk analysis." This is the veiy essence of FIB0.

Woik uone to uate by companies with bioau commeicial inteiests (uoogle,
Facebook, Linkeuin, IBN (Watson), otheis) shows that this goal can be achieveu. In
auuition, woik in the acauemic ieseaich community (Buke, 0xfoiu, otheis) has
shown that theie is gieat potential foi both combining iesults anu pioviuing focus.

In late 2u12, the question within the Council became how to biing these woilus
togethei in a coopeiative enviionment. The conveisation began with the goal being
constiuction of a ioaumap of shoit teim, miu teim anu long teim iequiiements in
technology aieas ueemeu ciucial to the success of FIB0. These technologies weie
uesciibeu bioauly as:
1. Theie is a neeu foi a mechanism foi the geneiation of 0peiational 0ntologies
fiom Business Conceptual 0ntologies.

2. Theie is a neeu foi a mechanism foi geneiation of business iulesaxioms foi
analytics (i.e. how to conveit iegulatoiy iequiiements into iule statements).

S. Theie is a neeu to be able to uemonstiate the business value of FIB0 anu of
the content of the uata uiscoveiable thiough both the FIB0 Conceptual
0ntology anu the vaiious FIB0 0peiational 0ntologies as they evolve.

4. Theie is a neeu to be able to automatically conveit a pictuie into an 0ntology.
This pictuie may be of a concept, a question, oi a statement such as a iule.

S. Theie is a neeu to be able to link FIB0 in all of its aspects to othei 0ntologies
fiom othei inuustiies anu uisciplines that may not seem to be ielateu to
FIB0. That is, theie is a neeu foi Shaieu Semantics at the massive scale of the
financial system.

9
A seaich was conuucteu to iuentify the people anu the companies who aie known to
be leaueis in each of these aieas without iegaiu foi theii ielations to the financial
community. The list yielueu only a little ovei 1uu people. This shows the still
nascent level of this technology. It was ueciueu to holu a "by invitation only" event
to attiact these selecteu inuiviuuals. Finally, the uiscussions tuineu to the most
efficient piactical venue. Foi the past nine }unes, the Semantic Technology &
Business Confeience has been helu in the San Fiancisco Bay Aiea. Theie coulu be
no bettei choice than tagging on to this event wheie the majoiity of these 1uu oi so
piactitioneis woulu alieauy have conveneu. The team at SemanticWeb.com (a
Neuiabistio piopeity; Nasuaq: NBIS) ieauily consenteu to this iuea.
The plan was flesheu out as a hypothesis anu is uisplayeu in APPENBIX A - FIB0
Technology Summit Bypothesis anu Technology Aieas.

Letteis of invitation (Appenuix B) weie peisonally emaileu to peispective
paiticipants. Appenuix A was attacheu to the invite lettei anu each iecipient was
askeu to take issue with the hypothesis. Theie weie no issues iepoiteu.

A link in the lettei uiiecteu the invitees to iegistei anu to self select two of the five
technology aieas foi theii paiticipation. As iesults weie ieceiveu, it became cleai
that the technologists inviteu hau little inteiest in technology aiea thiee so the
uecision was maue to combine aieas thiee anu foui.

A leauei anu a sciibe weie uiafteu to manage each of the foui technology aieas. An
agenua was establisheu which ian two technology sessions in paiallel with time
befoie anu aftei each session foi joint uelibeiation.

The final oiganization of the Summit is the subject of the next section.

1u
CkGANI2A1ICN CI 1nL SUMMI1

The Summit was oiganizeu foi the seconu afteinoon anu the thiiu moining of
SemTechBiz 2u1S on }une 4-S, 2u1S with an evening cocktail event. The sessions
began with a well ieasoneu chaige fiom EBNC Nanaging Biiectoi, Nichael Atkin -
Appenuix C. Ni. Atkin chionicleu the histoiy of IT application in the Finance
Inuustiy that he has witnesseu. Be outlineu the pioblems facing the inuustiy touay
anu challengeu the expeits to collectively woik on solutions. The establisheu
agenua was:

Bay 1 }une 4
th

1:uu pm Keynote: Business Case foi FIB0 Nichael Atkin
(EBN Council)
Fianciscan C
1:Su pm ueneial Session: FIB0 0peiational 0ntology Baviu Newman
(Wells Faigo)
Fianciscan C
2:uu pm ueneial Session: Ciitical Challenges anu FIB0
Roaumap
Bennis Wisnosky
(EBN Council)
Fianciscan C
2:Su pm Bieak Fianciscan C
2:4S pm Bieakout Sessions

Session 1: Fiom Business Conceptual to 0peiational
0ntologies

Session 2: Executable Semantic Rules

Elisa Kenuall
(Thematix)

Benjamin uiosof

Fianciscan C-B
4:4S ueneial Session: Bieakout session summaiies anu
guiuance
Fianciscan C

11

Cleai anu concise goals weie piesenteu to the attenuees:

1. Cieate a sustainable mechanism foi ongoing collaboiation anu cooiuination
among the leaueis in the semantic community.

2. Solve the coie technical challenges iequiieu to ensuie the auoption of
semantic technology anu infeience-baseu piocessing.

Bay 2 }une S
th

8:uu am ueneial Session: Summaiy of Bay 0ne anu
guiuance on Bay Two
Bennis Wisnosky
Baviu Newman

Fianciscan C
8:Su am

Bieakout Sessions

Session S: visual Repiesentation of Semantic
Content

Session 4: Shaieu Semantics anu Scale foi
Analytics

Steve Ray (Cainegie
Nellon)

Bave NcComb
(Semantic Aits)

Fianciscan C-B
9:Su am
9:4S am
Bieak Fianciscan C
11:uu am ueneial Session: Results, Conclusions, 0pen
Issues, Next Steps
Bennis Wisnosky
Baviu Newman
Nichael Atkin
Fianciscan C

12
-7+""(%/ -/$/(9:$; <%$5=.&.: What is the cuiient state of ieseaich anu
uevelopment foi each of the technical challenges we've uefineu.

->(5&?("$45(. $%, @A$,B$;: What is the "enu game" as well as the
"inciemental milestones" (with taiget timescales) foi each of these technical
challenges.

-C(D6%&D$5: What aie the most impoitant technical capabilities that must be
uevelopeu to suppoit auoption anu implementation.

-!;("$/&A%$5: What aie the coie issues, obstacles anu constiaints that we
neeu to oveicome in oiuei to auvance this technology.

S. Pioviue a cleaiinghouse foi cooiuinateu funuing anu pioject visibility as well
as a foimal ieseaich exchange mechanism in suppoit of semantic technology
implementation.

Because of the goals of compaiing anu integiating finuings fiom the foui sessions, a
common iepoit-out foimat was pioviueu foi the leau anu the sciibe of each session.

1S
1nL WCkkING SLSSICNS

The 3"(E$D( /A /6( -+BB&/ section of this iepoit uiscusseu the oveiwhelming
uemanu foi the ability to uiscovei anu unueistanu the meaning of financial uata
within financial institutions as now stipulateu by laws anu iegulations. What has
been the piivate sectoi iesponse to this iequiiement.

Aiguably, Semantic Web technology began seiious uevelopment in the miu 199u's
sponsoieu by the 0S Bepaitment of Befense (BoB) Befense Auvanceu Reseaich
Piojects Agency (BARPA). Nuch of this woik was classifieu anu its use by the BoB
anu its contiactois continues to be mainly in what is iefeiieu to as the Baik Woilu.
Nigiating to the piivate sectoi, Semantic Technology has been utilizeu inteinally by
the laigest IT fiims foi neaily two uecaues anu within the last five yeais intiouuceu
as piouuct options (IBN
16
, 0iacle
17
, TIBC0
18
). In laige fiims that make theii maiket
on the web, Semantic Technology has been hiuuen behinu piouuct offeiings (uoogle,
Facebook, Linkeuin, Apple). Nuch of this capability was thiough acquisition (uoogle
- Applieu Semantics 2uuS, Netaweb 2u1u), Apple (Siii 2u1u), Niciosoft (Poweiset).

Staitups, many of which aie listeu in Appenuix A, have focuseu on a paiticulai
technology anu in some cases on a paiticulai maiket. The acauemic community,
with only a few exceptions (RPI, Stanfoiu, NIT, National 0niveisity of Iielanu,
ualway) is laigely maue up of inuiviuuals with specific ieseaich agenuas. These few
exceptions also concentiate on moie naiiow aieas of ieseaich. Stanfoiu 0niveisity
publishes the most wiuely suppoiteu piouucts unuei the Piotg name. As a
piactical mattei, only the FIB0 woik uone by the EBNC has begun migiation
thiough the 0Nu stanuaius piocess to suppoit the financial inuustiy.
19

16

https:www.ibm.comuevelopeiwoikscommunityblogsnlpiesouiceBB2_NoS
QLuiaphStoie.puf.lang=en
17

http:uownloau.oiacle.comotnuocstechsemantic_webpufoiaub_semantic_ove
iview.puf
18
http:www.thetibcoblog.comwp-contentuploaus2uu9u4tibco-
semantics_anu_cep-omg_uSu9_v1.puf
19
Amazon has moie than 12,uuu publications that appeai fiom a seaich of Books -
"Semantic Web". Thiity of these publications aie pieoiueis fiom August 2u1S to
Apiil 2u14. Cleaily, theie is intense anu giowing inteiest anu many opinions of the
meaning of meaning.

14
These FIB0 Technology Summit woiking sessions weie uesigneu as classical
biainstoiming activities applying the stanuaiu iules of biainstoiming:

1. Theie aie no uumb iueas
2. Bon't ciiticize othei people's iueas
S. Builu on othei people's iueas
4. Reveise the thought of "quality ovei quantity"
S. 0ne conveisation at a time
6. Stay focuseu

Following a biief intiouuction by the Council to vectoi the uiscussion, each
Technical Aiea leau anu Sciibe met with theii gioup foi intense anu lively uiscouise
keeping in minu that:

1. FIB0 will be a family of heavily annotateu ontologies, each built accoiuing
to the same iules anu stanuaius - EBNC, 0Nu anu otheis will publish
these iules anu stanuaius.
2. FIB0 must be able to link to othei uomain ontologies that uon't obey
these iules anu stanuaius - Real Estate, Insuiance, Bealth Caie anu moie.
S. FIB0 will have many stakeholueis anu, we hope, fai moie useis fiom
uoveinment, inuustiy anu acauemia - all view points must be consiueieu
4. Each technology aiea may consiuei topics that oveilap into othei aieas -
iules, foi example, is a consiueiation in each of the othei thiee technology
aieas.
S. Theie is a giowing uemanu foi FIB0 - consiueiing that while no ontology
is evei finisheu, the use of each can begin with a single tiiple.

The sections below show the fuithei uefinition of each challenge, the builu-up, the
iepoit-out anu uiscussion.

Work Sess|on Def|n|t|on - Cha||enge one - 1here |s a need to generate
operat|ona| onto|og|es from conceptua| onto|og|es |n kDI]CWL.

1. The cuiient piocess of builuing, veiifying anu conveiting the ielevant
paits of a conceptual ontology to an opeiational ontology is manual
anu aiuuous.

2. The manual appioach is not scalable anu neeus to be automateu.

1S
S. Softwaie to iepiesent anu geneiate opeiational ontologies is neeueu.

4. Softwaie (such as the 0ntology Pitfall Scannei) to evaluate the
coiiectnessvaliuity of the ontology is neeueu.

Facilitatoi: Elisa Kenuall, Thematix Paitneis, LLC
Sciibe: Patiick uieenfielu, Wells Faigo

Woik Session Builu-up - In the FIB0 Financial Inuustiy Bomain, the FIB0
Conceptual 0ntology (FIB0-C0) is intenueu to be a canonical mouel of the piimaiy
business teims (Concept) useu in the inuustiy anu how each is ielateu. FIB0-C0 is,
of couise, specifieu at a high level of abstiaction, but is iepiesenteu as an 0WL-
compliant, logically consistent ontology that has been mouulaiizeu to fostei
extension anu ieuse. 0peiational usage may incluue auuitional ontologies that
extenu, ieuse, oi abstiact paititions fiom the FIB0-C0, anu will likely be specific to a
paiticulai oiganization's way of managing a business unit oi a business piocess.
Beiivatives will be coveieu as a high-level categoiy of financial piouuct in the FIB0-
C0, foi example. But the conceptual knowleuge uefining Cieuit Befault Swaps, a
type of Beiivative, might be iequiieu only in the opeiational ontologies foi specific
oiganizations oi applications, anu so only those woulu ieuse the ielevant FIB0-C0
mouules. 0vei time, one might expect theie to evolve inuustiy opeiational best
piactices with iespect to ieuse of specific paititions of FIB0-C0 foi given
applications that themselves coulu become iefeience mouels in the FIB0 family.
Thus FIB0 Business Conceptual anu 0peiational 0ntologies aie two siues of the
same coin as shown in the figuie below
2u
.

2u
Baviu Newman, Nichael Bennett, "<=$ >'"+"2'+3 :"61(#%8 ?1('"$(( @"#030-8A B
<%+"(C0%.+#'0"+3 7#$& C0% #=$ >'"+"2'+3 :"61(#%8D9 7$.+"#'2 <$2="030-8 +"6 ?1('"$((
/0"C$%$"2$9 7>9 E1"$ F9 GHIF

16

While both FIB0 Conceptual 0ntologies anu FIB0 0peiational 0ntologies aie being
built touay, uoing this is extiemely laboi intensive. Theie exist neithei the iules noi
the tools to builu eithei in such a way that theie is a seamless path fiom a
conceptual ontology to an opeiational ontology oi even to link the two
automatically wheie they inteisect, as is shown in the next figuie.

17
Theie aie many examples of Conceptual 0ntologies anu of othei Concept Nouels
seiving as the souice of opeiating mouels
21

22

2S
. Anu, in oui eveiy uay woilu:
-A Flight Plan to flying the AC
-The map of the entiie 0S to a ioute map foi paiticulai tiip
-Stoiyboaiuing the movie to making the movie
-A block uiagiam to a schematic uiagiam
The Conceptual 0ntology is the mouel of all that is possible oi may be possible in the
ieality uesciibeu by the mouel. In this sense, theie is only a single Conceptual Nouel
foi a single ieality.

This mouel is 'extenueu' by vaiious anu many opeiational mouels.
Foi example, 0peiational 0ntologies may be equivalent to business units oi
contiacts oi instiuments, etc., uepenuing upon how the paiticulai financial
institution opeiates. These 0peiational 0ntologies aie linkeu to the Conceptual
0ntologies typically thiough subclass ielationships. Foi example, the Conceptual
0ntology might contain a noue labeleu "Beiivatives". A paiticulai 0peiational
ontology might be linkeu to this noue thiough "Cieuit Befault Swaps" - a subclass oi
a type of Beiivative. The essence of this challenge is to uiscuss mechanisms foi
builuing anu maintaining this alignment.

21 Conceptual 0ntology Inteisection foi Napping anu Alignment of
...link.spiingei.comchaptei1u.1uu7%2F978-S-642-SS2u8-9_
22 An appioach to conceptual ontology integiation with an ontology
...ul.acm.oigcitation.cfm.iu=218Su9S
2S Fiom a Conceptual 0ntology to the TEL0S 0peiational System
...www.ieseaichgate.net...22868SSS2_Fiom_a_Conceptual_0ntology_to_th..

18
uiven the goals anu this staiting point, about Su expeits leu by Elisa Kenuall hau a
veiy lively uiscussion. Theii iepoit-out, in the stanuaiu foimat is below.

Theie aie many ways to builu anu to maintain ontologies. The main puipose of the
FIB0 Founuations 0ntology, as an 0Nu stanuaiu, is to lay the giounuwoik foi
success by establishing a common vocabulaiy anu a common piocess foi FIB0 as it
evolves to seive its many constituents. While the Council has an excellent stait, the
puipose of this session was to lay the set the stage foi this giowth. This was
accomplisheu.
7+""(%/ -/$/( <..(..B(%/ cleaily shows the infant natuie of the ability to satisfy
this technical neeu. The community is tiansitioning fiom highly iuiosynciatic,
mostly home giown methouologies. These ontologies aie not baseu upon
stanuaius, tenu to be unueistoou by only the few SNEs who built them anu aie not
thus extensible themselves, oi able to be linkeu to othei mouels. It is also cleai that
this technology neeu aiea oveilaps gieatly the othei thiee, especially iules. This
oveilap incluues iules foi how to ensuie that the inteisecting concepts (75$..(. $%,
;"A;("/&(., >(E&%&/&A%., F$B(.;$D(., <%%A/$/&A%.G have the same meaning in
both the conceptual ontology anu the opeiational ontologies, anu an ontology of
business iules that will enable opeiational ontologies to be executeu.

19
C(D6%&D$5 7$;$4&5&/= @(H+&"(B(%/. ievolve piimaiily aiounu the neeu foi tools
to builu anu to manage ontologies. This is a highly collaboiative enviionment. The
veiy stiength of a giaph uatabase, that foi all piactical puiposes, it is infinitely
extensible, is also its gieatest weakness. Theie is a neeu to uocument guiuance on
how to unueistanu the constiaints that must be followeu, so as to not bieak an
existing ontology, anu how to automatically map between ontologies. That is, fiom
a technical peispective - how to make extensions that woik. Theie is a neeu foi a
piocess to ensuie valiuation of ontologies anu softwaie to guaiantee that this has
happeneu befoie an ontology is publisheu.
!4./$D5(. $%, 7A%./"$&%/. fall into S catagoiies:
1) the neeu to agiee anu piioiitize use cases that will have a ciitical mass of
intellectual suppoit anu funuing,
2) appioaches to builuing anu testing ontologies that aie both sufficiently
flexible to hanule all use cases anu sufficiently iigiu that they ensuie that
constiuction anu testing iules aie obeyeu,
S) the fact that ontologies anu stanuaius that aie logically companions to
FIB0 such as auuiess anu countiy coue aie not yet matuie themselves.
Categoiy 1 shoulu be in the puiview of FIB0 uevelopeis anu piactitioneis to simply
agiee on the most significant pioblem aieas anu to ieuiiect the minus of people anu
funuing.

Categoiy 2 uemanus that the attention of uisciplines such as mathematics,
knowleuge management anu tiauitional softwaie uevelopment be ieuiiecteu to
semantic technology.

Categoiy S calls foi builuing FIB0 in the open anu asking foi the coopeiation of
many stanuaius bouies anu SNEs fiom othei uisciplines.

F($" C("BI <D/&A%$45( >(5&?("$45(. $%, C&B(E"$B(. weie iuentifieu to begin
the piocess of achieving the goals of this technology aiea - Theie is a neeu to
geneiate opeiational ontologies fiom conceptual ontologies in RBF0WL. Each is
cuiiently unueiway anu on scheuule within 0Nu-EBNC FIB0 Founuations anu
FIB0-BE stanuaius piocess.

2u

Work Sess|on Def|n|t|on - Cha||enge two - 1here |s a need to convert
requ|rements (e.g. regu|atory ru|es) |nto executab|e semant|c ru|e statements.

1. We neeu an efficient mechanism to tuin goveinment iegulations into
a stanuaius-baseu iules language.

2. Aie tools such as the Rules Inteichange Fiamewoik (RIF) oi the Web
0ntology Language (0WL) sufficient.

S. Theie is a neeu foi iegulations to be wiitten in a iestiicteu natuial
language.

4. Theie is a neeu to extiact semantic content fiom text (e.g. the teims
anu conuitions associateu with legal uocuments anu financial
instiument contiacts).

*$D&5&/$/A") Benjamin uiosof, Benjamin uiosof & Associates
-D"&4() Elie Abi-Lahouu, 0niveisity College Coik

Woik Session Builu up - In this technology aiea - laws, iegulations anu policies aie
synonymous with iules. The FIB0 niivana is complete anu unambiguous
unueistanuing of Financial laws, Regulations anu Policies, ';$. iules. The uouble
benefits of this aie that the financial institutions will know piecisely how to manage
theii business piocesses to be in compliance, anu the iegulatois will know piecisely
who is compliant anu who is not. An auuitional benefit is that the cost of
compliance with a potential new law, iegulation oi policy can be computeu in
auvance of publication. This is because the benefit of a ieuuction in iisk to the cost
of change can be actually computeu.

Rules aie the aii of the financial inuustiy. Rules aie of thiee types:
Bata Rules
Stiuctuial Rules
0peiative Rules
Bata iules aie constiaints on vocabulaiy. That is, they uesciibe what is allowable
uomain content - what content can be in the FIB0. What aie the piimaiy concepts
within that content anu what aie the ielationships between those concepts. They

21
aie uefineu by a moueling language anu oiganizeu by an ontology. Rules ensuie
that the meaning of concepts anu theii usage aie agieeu upon - theii semantics aie
unueistoou. Rules allow foi cases wheie uiffeient concepts might be useu to mean
the same thing, oi have oveilapping meaning unuei ceitain ciicumstances - a
contiact may have the same meaning as an instiument in some cases, foi example.
Soluieis anu Sailois anu Aiiman aie all Seivice Nembeis. This is piovable in a given
uomain anu peihaps only within a paiticulai context in a given uomain. The FIB0-
C0 is intenueu to pioviue the uomain vocabulaiy foi financial contiacts at an
abstiact level. The vaiious FIB0 0peiational 0ntologies will be specific to contiacts,
instiuments, piocesses, oiganizations, etc. as uesciibeu in the technology aiea 1
uiscussion.

Bow these vocabulaiies can be people ieauable anu machine ieauable at the same
time uepenus upon stiuctuial anu opeiational iules.
Stiuctuial anu 0peiational iules
24
aie also pait of the vocabulaiy of the uomain.
Stiuctuial Rules aie equivalent to laws anu iegulations: "A subsiuiaiy of a bank oi
savings association shall complete a sepaiate loanapplication iegistei. The
subsiuiaiy shall submit the iegistei, uiiectly oi thiough its paient, to the agency that
supeivises its paient".
2S
"The Boaiu may waive the application of 2u6.4(a) of this

24
Ronalu u. Ross, "Can You violate Stiuctuial Rules. (pait S) ~
The Biffeience Between Bieaking Rules anu 'Bieaking' Knowleuge,"
Business Rules }ouinal, vol. 6, No. 4 (Api. 2uuS),
0RL: http:www.BRCommunity.coma2uuSb22S.html
2S
Title 12: Banks anu Banking PART 2uSB0NE N0RTuAuE BISCL0S0RE
(REu0LATI0N C)

22
pait to a bank if the piimaiy Feueial supeivisoi of the bank auvises the Boaiu that
the bank is not ieasonably able to obtain necessaiy seivices, incluuing payment-
ielateu seivices anu placement of funus, without incuiiing exposuie to a
coiiesponuent in excess of the otheiwise applicable limit."
26
Stiuctuial iules
establish cleaily what is alloweu anu not alloweu to occui within a uomain. The
issue ovei time becomes inteipietation of these iules. Rules expiesseu by an
ontology aie unambiguous. They aie inteipieteu in a piecise anu unique way anu
aie applieu in the context of the business by the opeiational iules. 0peiational iules
(opeiative iules) uesciibe when anu how the stiuctuial iules shoulu be applieu. In
the actual stiuctuial iule on waiveis above, an opeiational iule might be,:
"Beteimine if the bank is ieasonably able to obtain necessaiy seivices". "If yes, uo
not giant a waivei."

Touay people make these ueteiminations. When these behavioial iules aie
expiesseu in an ontology, howevei, they will be machine ieauable anu executable.
Foi this to be a ieality, the piocesses of the uomain must be uesciibeu in a people
ieauable anu machine ieauable (executable) mouel, anu iealizeu in a Business
Piocess Nanagement System (BPNS) oi similai applications oi seivices.

Theie aie many choices in BPNSs'. Nost use the 0Nu Business Piocess Nouel anu
Notation (BPNN) stanuaiu
27
foi iepiesentation puiposes. Recently at least six
venuois in the Business Piocess Noueling (BPN) space have shown the ability to
inteichange business piocess mouels with no loss of uata oi stanuaiu
visualization.
28

26
Title 12: Banks anu Banking PART 2u6LINITATI0NS 0N INTERBANK
LIABILITIES (REu0LATI0N F)
27
http:www.omg.oigspecBPNN2.u
28
http:www.omg.oignewsieleasespi2u1Su7-17-1S.htm

2S
A BPNN ontology was uevelopeu by the 0S BoB
29
anu is cuiiently woiking its way
thiough the 0Nu stanuaius piocess. In the meantime, it has been pioven that a
Business Piocess Nouel using this ontology can be executeu anu can invoke
behavioial iules in ieal time
Su

S1
.

The uesiieu scenaiio is to suppoit automatic anu unambiguous inteipietation of
finance uomain laws iegulations anu policies so that they aie both machine ieauable
anu people ieauable. The BPN community has been moving in this uiiection foi
uecaues. The iules community has been uoing the same. The iapiu emeigence of
Seivices 0iienteu Aichitectuie (S0A) oichestiateu in the clouu makes this
iealization both possible anu necessaiy.

Consiuei, foi example that the iegulatois must aggiegate uata fiom many, many
souices anu unueistanu the meaning of this uata accoiuing to the iules of Bouu-

29
http:ontolog.cimS.netfilewoik0ntologySummit2u122u12-uS-u1_0ntology-
foi-Systems-Feueiation-n-Integiation0ntologySummit2u12_Business-Enteipiise-
Aichitectuie-0ntology-Bevelopment--BenisWisnosky_2u11uSu1.puf
Su
http:www.afei.oigevents1AuSBocumentsBay0ne_SB_Chow.puf
S1
http:www.bpminstitute.oigiesouicespiesentationsexecutable-bpmn-bpmn-
-ontology-baseu-engine

24
Fiank. An executable Business Piocess Nouel invoking a business iules engine
efficiently anu effectively coulu pioviue this capability.
uiven the goals anu this staiting point about Su expeits leu by Benjamin uiosof hau
a veiy lively uiscussion. Theii iepoit-out, in the stanuaiu foimat is below.

Business iules management, uecision suppoit, anu iule-ielateu technologies aie
iepiesenteu by a matuie technology fielu anu community foi uecaues, with
piouucts fiom laige companies as well as open souice piojects in use foi many
yeais. Buiing this session it became cleai that theie is no agieement on a best
appioach to inteipieting iules that aie at least paitially encoueu in an ontology, oi
on any one specific execution stiategy. Theie J+( agieement on the necessity, anu
that most likely any piactical capability will iequiie multiple appioaches.
7+""(%/ -/$/( <..(..B(%/ - Rules engines fall into thiee piimaiy categoiies:
Beclaiative Logic Piogiams, Fiist 0iuei Logic anu its subsets anu supeisets, anu
Common Logic (which is also a classic fiist oiuei logic). Theie aie auvantages anu
uisauvantages foi each of these categoiies, anu theie aie both piopiietaiy anu open
souice choices. It was agieeu that Rulelog
S2
best meets the long teim iequiiements
foi FIB0, but that Rulelog is eaily in commeicialization. Cleaily, uecisions going

S2
http:iuleml.oigiifiulelogspecRulelog.html

2S
foiwaiu must be maue collaboiatively anu keeping in minu the evolving woik of
WSC on the Rules Inteichange Foimat (RIF)
SS
, the RuleNL
S4
community, anu the
0Nu on the Semantics of Business vocabulaiy anu Business Rules (SBvR)
SS
anu a
numbei of othei stanuaius in the iules space, such as the Piouuction Rule
Repiesentation (PRR)
S6
stanuaiu anu emeiging woik in uecision management, all of
which have oi will have inteiaction patteins with RBF0WL.
C(D6%&D$5 7$;$4&5&/= @(H+&"(B(%/. - Expiessive powei must be sufficient to
hanule exceptions anu change. Rules engines must allow uefeasibility, ';$., have the
ability to hanule a hieiaichy of iules no mattei theii foim. They must be scalable
computationally anu have the ability to evolve as knowleuge changes within its own
uomain anu as it is linkeu to othei uomains. They must suppoit cost-efficient
Knowleuge Acquisition (authoiing) methous foi known knowleuge anu knowleuge
inteichange anu tianslation. They must also fit within the enteipiise softwaieuata
enviionment anu have an implementationmaintenance path consistent with well
accepteu commeicial softwaie anu best piactices.
!4./$D5(. $%, 7A%./"$&%/. - Legacy (iule) systems aie expiessively limiteu,
because they use subsets of logic piogiams (LP). Piouuction iules uominant in the
business iules sectoi aie often pooily built semantically
S7
(though some venuois,
incluuing IBN
S8
, TIBC0, anu Faii Isaac aie beginning to suppoit the use of 0WL
ontologies to pioviue the vocabulaiy to be useu as the basis foi iule uevelopment).
Business iules aie often tempoial anu piobabilistic - foi example iegulations neaily
always have waiveis anu constiaints. They aie not iigiu anu uet,eiministic which
aie much easiei computationally. Thinking of, anu couing, iules as tiiples is not
common piactice. Natuial Language Piocessing (NLP) foi ieal-time automateu
knowleuge acquisition has seveie issues with accuiacy anu computational
scalability.
F($" C("BI <D/&A%$45( >(5&?("$45(. $%, C&B(E"$B(. J It was suggesteu to
establish a Pioof of Concept (PoC) by expiessing RegW
S9
iules in RuleLog anu align
the iesult with FIB0 concepts. 0se SBvR to captuie inteipietation of RegW - to
geneiate a shaieu vocabulaiy anu as a miuule step between the oiiginal text anu
RuleLog, then to align the SBvR shaieu vocabulaiy with FIB0 concepts. Floia-2
4u
,
now publisheu as open souice coulu be useu foi this puipose.

SS
http:www.wS.oigTRiif-iuf-owl
S4
http:iuleml.oig
SS
http:www.omg.oigspecSBvR,
http:uomino.watson.ibm.comlibiaiyCybeiBig.nsfpapeisA9777F4EBB2SS2AE
8S2S7BS4uu4C4EBS$Fileic2SS6S.puf
S6
http:www.omg.oigspecPRR
S7
http:www.tmifinuia.oigeseiiesebookv2-C2.puf
S8
http:ceui-ws.oigvol-874papei1u.puf
S9
http:www.investopeuia.comteimsiiegulation-w.asp
4u
http:floia.souicefoige.net

26
Work Sess|on Def|n|t|on - Cha||enge three - 1here |s a need to v|sua||y represent
a|| forms of semant|c content.

1. visual iepiesentations of ontologies foi both technical anu non-
technical useis aie neeueu to suppoit analytical unueistanuing anu
uelivei business value.

2. Theie is a neeu to geneiate RBF0WL fiom visual motifs that is
iigoious enough to suppoit ieasoning.

S. What is the best way to geneiate visual iepiesentations of the content
ietuineu fiom semantic queiies.

*$D&5&/$/A") Steve Ray, Cainegie Nellon
-D"&4() Naik Temple-Raston, Citi

Woik Session Builu up - This is paitial list of the many, many visualization tools
which was piesenteu to the team.
-CiopCiicles
-uoBai
-ui0WL
-IsAviz
-}ambalaya
-0ntouiaf
-0ntoSpheie
-0ntoviz
-0WLviz
-TuvizTab
-TopBiaiu Composei
visualization of FIB0 anu its iefeience to instance uata must consiuei the neeus of:
0ntologists
Business 0seis
o Bankeis
o Regulatois

27
o Seivice Pioviueis of softwaie
o Seivice Pioviueis of consulting
o Tiaue Associations
o Stanuaius Bouies
SNEs

This is a wiue anu uiveise auuience with many many uiffeient views incluuing:

Foi Beveloping
Foi Authoiing
Foi valiuating
Foi Biscoveiy
Foi Refeience
Foi Analysis
Biffeient vieweis will see the same uata in uiffeient ways. This famous
illustiation
41
, known to have fiist appeaieu in the late 18uu's, makes this cleai. Is it
a young woman oi an olu woman. The biain can see eithei oi both. Both aie

41
http:mathwoilu.wolfiam.comYounguiil-0luWomanIllusion.html

28
uiffeient views of exactly the same uata.
uiven the goals anu this staiting point, about Su expeits leu by Stephen Ray hau a
veiy lively uiscussion. Theii iepoit-out, in the stanuaiu foimat is below.

The uichotomy of this technology challenge is that its solutions seem so obvious, but
they aie not. The "0bseivei effect" is well known in IT
42
, the physical sciences
4S
anu
to Stai Tiek
44
aficionauos. This is the phenomenon of looking at how the uata
evolves, anu how such changes affect the uata. With business uata, this often
happens with the piactice of iounu tiipping. That is, the obseivei 'coiiects' the uata
in the visualization tool that is connecteu in ieal time to the actual uata stoie.
Piecautions must be taken to manage this piactice while, at the same time, allowing
extieme access anu flexibility to visualization of ontologies anu theii iefeienceu
instance uata.

42
http:en.wikipeuia.oigwiki0bseivei_effect_(infoimation_technology)
4S
http:en.wikipeuia.oigwiki0bseivei_effect_(physics)
44
http:en.memoiy-alpha.oigwiki0bseivei_Effect_(episoue)

29
7+""(%/ -/$/( <..(..B(%/ - visualization falls into the geneial categoiy of Buman
Inteiface ieseaich. The list of tools iesulting fiom this woik seems to be neaily
enuless, incluuing: CiopCiicles, uoBai, ui0WL, IsAviz, }ambalaya, 0ntouiaf,
0ntoSpheie, 0ntoviz, 0WLviz, TuvizTab, TopQuauiant - TopBiaiu Composei,
KeyLines, Fianz - uiuff, Auaptive, uephi, Cytoscape, E6T0wl, Knowleuge Exploiei,
Quantum4B, Enteipiise Aichitect, Nagic Biaw 0NL + the visual 0ntology Nouelei,
Knooule, visio, PoweiPoint, Excel, }alapeno, }S Plum, Tableaux, Centiifuge, IBEF
Tools, RBF uiavity, Infoimation Lens, Simile, Neon, KB viz anu otheis. The
challenge becomes both unueistanuing the unueilying logic of a paiticulai tool anu
the fact that most use theii own piopiietaiy uata stiuctuie. The piefeience foi FIB0
is tools baseu upon open stanuaius anu available as open souice. At least 2u
visualization tools aie fiee oi neaily so
4S
. At least seven tools aie ueuicateu to
ieauing RBF tiiple stoies anu anothei 17 aie Piotg visualization plug-ins.
46

C(D6%&D$5 7$;$4&5&/= @(H+&"(B(%/. - There must be a common unueistanuing
of visualization usage:
Nust be useful to business
Nust be intuitive
o Queiy geneiatois aie not usually useful visualization engines
o Can be useu by "non-geeks" - Nouels anu tools aie uata iich but
usually not intuitive to use
Nust be uesigneu foi the specific auuience. What capabilities uo they neeu,
what is theii toleiance foi a "technical" usei inteiface.
Nust have "help iesouices" to suppoit the ueliveiy of value (not just limiteu
to piint)
Nust be able to be manageu by SNEs
A value pioposition of semantics is having flexibility in suppoit of au-hoc queiy
capabilities. visualization capabilities neeu to be as flexible as an ontology to allow
foi scenaiio-baseu moueling with the capability to:
Nanage the flexibility of the queiy
Nanage all links anu ielationships
Piioiitize the impoitance of components
0nueistanu the peispective in which the usei wants to unueistanu content
It woulu be useful to have a libiaiy of useful queiies
Ensuie that useful queiies can be ieuseu
Pioviue a catalogue of both use cases anu queiies baseu on use cases

4S
http:www.netmagazine.comfeatuiestop-2u-uata-visualisation-tools
46
https:confluence.ontotext.comuisplayReseaichSpaceRBF+visualization

Su
Pioviue guiuance on what tools aie useful foi which "use case" (anu use case
type)
Pioviue a 0sability Natiix (what tools aie useful foi what application)
Pioviue stanuaiu views

visualization Layout must be veiy flexible
Nust have the capability to ensuie that the "ielative position" of concepts on
a page coiiesponu to theii location within an ontology
Nust have the ability to scopeuisciiminate baseu on "piioiities" anu
"uimensions"
Nust have layout capabilities to make the visualization uiagiam useful in
teims of continuity anu oiientation
A stiong uashboaiu functionality that is neeueu
Baseu on viewspiofiles
Incoipoiating aleits anu tiiggeis
With automateu geneiation of "infeiences" - even if not specifieu by the usei
Nust have ability to peifoim (view fiom) ioot cause peispective (i.e. foi a
stiess test oi living will)

!4./$D5(. $%, 7A%./"$&%/. - Incluue the neeu foi auuitional focus anu funuing
theme common to each challenge. The veiy vaiiety of tools pioviues meaningful
choices, but the inability to exchange uata causes iewoik anu unnecessaiy expense.
The lack of a common iconogiaphy foi the meaning of shapes anu colois
exaceibates this pioblem because useis must often ieleain what the pictuies mean.
Theie must be consiueiation to "entitlement contiol" anu the piotection of sensitive
uata. It must be assuieu that a usei oi a hackei cannot ieveise engineei
maiketplace intelligence fiom a visualization tool. Theie is concein about the lack
of how visualization tools ielate to the iaw uata, i.e., when a bank senus uata anu a
iegulatoi incoipoiates this uata into a visualization tool, it must not change the
meaning of the uata.

F($" C("BI <D/&A%$45( >(5&?("$45(. $%, C&B(E"$B(. weie iuentifieu that can
piimaiily be accomplisheu by both liteiatuie ieseaich incluuing those iuentifieu in
footnotes Su anu S1 anu by a suivey that coulu be conuucteu on among EBNC
membeis.
1: Builu a Catalog of 0se Cases
2: Peifoim 0sability Stuuy on what types of tools anu how aie they useu, anu
who aie the useis anu what capabilities uo they neeu
S: Stuuy anu iepoit on what tools woik well with othei tools
4: Builu a Catalog of visualization Tools incluuing a featuie matiix

S1
Work Sess|on Def|n|t|on - Cha||enge four - 1here |s a need for shared semant|cs
and ana|yt|cs at the mass|ve sca|e of the f|nanc|a| system.

1. We neeu mechanisms to bettei shaie ontologies anu to integiate
contiolleu vocabulaiies.

2. We neeu the ability to bettei leveiage pieuictive analytics with
semantically obtaineu giaph stiuctuies.

S. We neeu to be able to suppoit semantic piocessing anu infeience-
baseu ieasoning at the massive scale associateu with the financial
system.

*$D&5&/$/A") Bave NcComb, Semantic Aits
-D"&4() Nike 0csholu, Semantic Aits
Woik Session Builu up - In his excellent kick off to the SemTechBiz Confeience,
"Semantic Technology, Reauy foi Piime Time", Baviu NcComb useu the path to
"0pen-Linkeu Bata" pioneeieu by Tim Beineis-Lee to answei this question.
47

FIB0 will be ueployeu into the ecospheie of "Linkeu 0pen Bata". Theiefoie, wheie

47
http:www.wS.oigBesignIssuesLinkeuBata.html

S2
FIB0 inteisects with uata is moie the iesponsibility of an oiganization in the
uevelopment of ielateu uomain applications, FIB0 will link to that uata, not ieplicate
that uata. Foi example, given that geospatial infoimation is accessible in an existing
ontology
48
, one coulu use that togethei with FIB0 to iepiesent bank bianch
locations. Theiefoie, theie is no ieason to make this ontology pait of FIB0. Insteau
it will be linkeu to FIB0. The above pictuie fiom a 2uu6, uesciibes the evolution anu
the benefits of linkeu open uata. The path to touay was thiough .puf anu othei open
license file foimats that alloweu files to exchangeu easily. Then stiuctuieu uata
coulu be exchangeu thiough piopiietaiy file foimats with piopiietaiy softwaie such
Excel. 0pen File foimats such as Comma Sepaiateu values (CSv) alloweu uata to be
exchangeu without piopiietaiy softwaie. 0pen Stanuaius such as RBF, 0WL anu
SPARQL fiom the WSC that opeiate thiough 0niveisal Resouice Iuentifieis anu
0RLs - oi Cool 0RIs, a teim coineu by Beineis-Lee, weie the next step to being able
to link uata - pioviueu that ceitain iules aie obeyeu.
49

1. 0se 0RIs as names foi things.
2. 0se BTTP 0RIs so that people can look up those names.
S. When someone looks up a 0RI, pioviue useful infoimation, using the
stanuaius (RBF*, SPARQL).
4. Incluue links to othei 0RIs so that they can uiscovei moie things.
In 2u1u, Beineis-Lee auueu his stai iating system that is uepicteu in the figuie
above on the path to Linkeu 0pen Bata.

In his talk, Baviu NcComb likeneu Linkeu 0pen Bata to chiluien's "Tinkei Toys".
Su

Tinkei Toys
S1
have only sticks anu spools. 0ne stick (Pieuicate) anu two spools
(Subject anu 0bject) can be combineu to make a simple toy. This woulu be the

48
http:www.geonames.oigontologyontology_vS.1.iuf, mappings
49
http:inkuioiu.oigjouinal2u1uu6u4the-S-stais-of-open-linkeu-uata
Su
http:semtechbizsf2u1S.semanticweb.comagenua.cfm.pgiu=1
S1
http:en.wikipeuia.oigwikiTinkeitoy

SS
equivalent of a single RBF Expiession: Bennis is a peison. The spools aie noues in
an RBF giaph.

Spools can be 0RIs to locations in the Web, oi of othei vaiious types, incluuing
specific values (Liteials). Bennis Lives in Napeiville.
Extenuing this Tinkei Toy metaphoi to the web of things exactly makes the case foi
this challenge to seek ways to obey the iules of 0pen Linkeu Bata, oi peihaps cieate
new iules applicable to the ueteiministic uomain finance.
In this example below, uata uesciibing Wall Stieet Bank in the yellow box at the top
of the pictuie is containeu in its ontology anu linkeu at the time of a SPARQL queiy
to answei questions about owneiship hieiaichy anu counteipaity exposuie.
S2

S2
Baviu Newman in many piesentations of pioof of concept 0peiational 0ntology
using Allegiogiaph anu uiuff fiom Fianz, Inc,

S4

This uata will be uistiibuteu woiluwiue. As Linkeu 0pen Bata, subject to as yet to
be ueciueu access contiol, ultimately it must be possible to ask any question at any
time, much as is shown in the below figuie, anu ietuin an accuiate iesponse.
SS

uiven the goals anu this staiting point about Su expeits leu by Bavu NcComb hau a
veiy livey uiscussion. Theii iepoit-out, in the stanuaiu foimat is below.

SS
Bennis E. Wisnosky EBN Council.

SS

This challenge is common to the entiie semantic web community.
S4
Summeis anu
Salo in theii papei "Linking Things on the Web: A Piagmatic Examination of Linkeu
Bata foi Libiaiies, Aichives anu Nuseums" uiscuss the genealogy of linkeu uata
incluuing issues anu pieuict futuie uiiections. Bis thesis is the neeu foi all uata
uesciibing all things in all libiaiies, aichives anu museums to be linkeu. Baviu
Booth, in his papei "RBF as a univeisal Bealthcaie Exchange Language"
SS
poignantly
says: "Imagine a woilu in which all healthcaie systems speak the same language
with the same meanings coveiing all healthcaie." Be then auus: "What woulu it be
like. "Bettei tieatment, Bettei ieseaich, Lowei cost". Bis uoal: Tiue semantic
inteiopeiability.

In the Financial Bomain, the goal woulu iemain tiue semantic inteiopeiability, foi
Bettei Tianspaiency, Bata Piovenance, Lowei Cost. The conclusion of expeits in
these thiee uomains is the same. Bata uesciibeu in RBF is the only piactical
appioach. The question that this challenge team woikeu on answeiing is how to
make this a ieality.

S4
http:aixiv.oigabs1Su2.4S91
SS
http:ubooth.oig2u1SmunneckeBaviuBooth-iuf-as-univeisal.puf

S6
Cuiient State Assessment - Theie aie a numbei of ontologies fiom which FIB0
coulu boiiow using 0WL mapping constiucts incluuing exemplaiy ontologies
S6
anu
0pen 0ntology Repositoiy
S7
. The 0ntology Baseu Stanuaius
S8
movement begun in
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S7
http:ontolog.cimS.netcgi-binwiki.pl.0pen0ntologyRepositoiy
S8
http:ontolog.cimS.netcgi-binwiki.pl.0ntologyBaseuStanuaius
S9
http:www.scienceuiiect.comscienceaiticlepiiSu9Su7uS112uu1S2S
6u
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http:www.acauemia.euu19S2976An_0WL_0ntology_foi_Risk_Nanagement_Bas
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S7
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fai, howevei, none of oui computei piogiams loaus this uata without ciashing,"
7u

saiu Scott 0'Nalia, a CFTC Commissionei eailiei this yeai. FIB0 coulu solve this
pioblem.

Finally, it was suggesteu that the Council iesponu to anu NSF-0FR "Beai Colleague"
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64
http:answeis.semanticweb.comquestions1u917scalable-owl-ul-ieasonei-
foi-veiy-laige-a-box
6S
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67
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69
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uu144feabucu.html#

S8
! #!#$% &' ()*+, -Combining Foui 0ntologies to aggiegate Instance uata in suppoit of,
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uepicts this concept.

S9
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71
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4u
ALNDIk A - II8C 1echno|ogy Summ|t nypothes|s and
1echno|ogy Areas
*KL! C(D6%A5A#= -+BB&/

Concept outline

M N 3 ! C M O - K -

PQ *KL! &. &% $ R%&H+( 3A.&/&A%

a. FIB0 iepiesents ontology of the contiact within the financial inuustiy.
This common language is an essential iequisite foi iegulatoiy
oveisight as well as efficient opeiational management within financial
institutions. FIB0 is unique anu ielevant.

b. We aie stanuing at the inteisection of two ciitical use cases: one foi
classification of financial concepts baseu on basic elements anu how
they legally ielate to one anothei; the othei foi infeience-baseu
piocessing combining the common language of the contiact with
stiuctuieu business iulesaxioms to fostei ielationships anu peifoim
complex analytics. This iepiesents a high visibility anu impoitant use
case combination.

c. FIB0 has been constiucteu as an open souice pioject baseu on
collaboiation among a laige anu uiveise gioup of piofessionals. FIB0
coulu be vieweu as one of the laigest collaboiative uevelopment
piojects within eithei the financial inuustiy oi among the semantics
community. This is a mouel that can be leveiageu foi the futuie.

u. FIB0 is at a ielatively auvanceu stage. The EBN Council, 0Nu,
financial institutions anu semantic technology companies have
investeu multiple peison-yeais in its uevelopment. The financial

41
community has embiaceu the impoitance of the activity anu is
uevoting iesouices to ensuie that FIB0 accuiately ieflects theii
business ieality. The semantic community anu 0Nu aie coalescing
aiounu this mechanism as an impoitant uemonstiation of semantic
viability. This activity is well beyonu the conceptual stage but is not
yet complete.

2. *KL! &. $/ $% KB;A"/$%/ S+%D/+"(

a. FIB0 Founuations anu FIB0-Business Entities iepiesent the fiist of a
suite of stanuaius foi expiessing the contiactual basis of the financial
inuustiy. The fiist set of stanuaius is scheuuleu to be ieleaseu
Septembei 2u1S. The timing is iueal.

b. We aie stanuing at the piecipice of a numbei of technical
implementation issues . the migiation fiom mouifieu 0NL to
RBF0WL . the conveision fiom business conceptual to opeiational
ontologies . the uevelopment of a stanuaiu methouology foi
ueveloping, extenuing anu integiating FIB0 into piouuction
enviionments . visual uesign of ontologies.visual iepiesentations of
semantic queiies, .ability to scale semantic systems to ieflect the
massive quantities of uata flowing acioss the global financial
ecosystem.ability to conveige semantic piocessing with pieuictive
analytics in oiuei to bettei monitoi emeiging institutional anu
systemic financial iisks . the piactical application of the 0Nu
timeuate stanuaiu . anu the techniques foi semantic alignment
(shaieu semantics) acioss uomains.

TQ C6( 2$/+"&/= AE *KL! 6$. -&#%&E&D$%/ KB;5&D$/&A%.

a. The uevelopment of a common contiactual language foi the financial
inuustiy holus gieat potential in suppoit of financial stability analysis.
It is an essential pie-iequisite foi complex analysis anu it iepiesents
an impoitant step foiwaiu foi the financial inuustiy as well as the
global iegulatoiy community.

b. The application of semantic technologies (infeience-baseu
piocessing) to the complex analytical challenges of systemic iisk
iepiesents a milestone foi the iegulatoiy community (anu the public

42
at laige). Without this capability, it is haiu to imagine how those
iesponsible foi financial stability will accomplish theii objective.

c. The collective activities aiounu FIB0 piesent a unique oppoitunity foi
the semantic technology, iegulatoiy, financial inuustiy anu acauemic
communities to align on a common objective.

C M O * K L ! C O 7 M F ! 0 ! : N - R 2 2 K C

1. The cuiient FIB0 ecosystem incluues tiauitional solution pioviueis (IBN,
0iacle, Teiauata, etc.), niche semantic playeis (Revelytx, Fianz, Cambiiuge
Semantics, Thematix, Auaptive, Yaic Bata, FiistRain, etc.), financial
institutions, maiket authoiities anu iegulatois. The tiauitional solution
pioviueis lack the incentive to uisiupt theii existing business mouels in
oiuei to iealize the full potential of semantics. The niche playeis lack the
iesouices to invest in the futuie of unceitain business oppoitunities.
Financial institutions, maiket authoiities anu iegulatois aie unfamiliai with
anu auveise to what they see as iisk in auopting ontologies anu semantic
piocessing. A change in this uynamic is necessaiy in oiuei foi both FIB0 anu
semantic technology to escape fiom theii iestiictive "zones of pioximal
uevelopment."

2. 0ui pioposal is to invite the leauing minus in the semantic anu ontology
communities to come togethei anu woik collaboiatively (using FIB0 as the
mechanism) to iealize the piomise of combining both the "ontology of the
contiact" anu semantic technology towaiu a highei puipose. As pait of the
expeiience we will pioviue exposuie to all known technical ueficiencies to
the collective technology leaueiship foi theii consiueiation. The FIB0
Technical Summit can be a vital mechanism to biing these uiveise iesouices
togethei towaiu a common objective - anu (in the piocess) help the piactice
of knowleuge management take a giant step foiwaiu.

C(D6%&D$5 K..+(.976$55(%#(. EA" *KL! -+BB&/

The Enteipiise Bata Nanagement Council (EBNC) www.eumccouncil.oig has been
ueveloping the Financial Inuustiy Business 0ntology (FIB0) foi seveial yeais with
Communities of Inteiests (CoI) self chosen fiom its membeis. FIB0 Business Entity
(FIB0 BE) anu FIB0 Founuation will be publisheu in 2u1S as 0bject Nanagement

4S
uioup (0Nu) www.omg.oig stanuaius along with at least one iefeienceu
0peiational 0ntology.

As a iesult of these effoits, the business neeu anu the potential of FIB0 is geneially
unueistoou. As the basic science anu unueilying tooling has evolveu, it has also
become cleai that theie is a ciitical neeu foi significant auvances foi FIB0 to be
uevelopeu anu utilizeu at the scale iequiieu in the Financial Inuustiy in at least the
five ciitical aieas outlineu below.

6. Theie is a neeu foi a mechanism foi the geneiation of 0peiational 0ntologies
fiom Business Conceptual 0ntologies. A business Conceptual 0ntology is an
annotateu high level giaph that shows anu logically links all legal entities,
piocesses, instiuments, etc. in the Financial Inuustiy. It is like a ioaumap of
the inuustiy. It is intenueu foi this Conceptual 0ntology to be ieauable anu
unueistoou by executives woiking in the inuustiy. Be oi she shoulu be able
to easily see his oi hei iole in theii business anu how theii business is
connecteu to othei ioles anu businesses. Fiom the FIB0 Conceptual
0ntology it must be possible to geneiate WSC stanuaiu RBF0WL uata
stoies. These uata stoies aie the seeus of inuustiy best piactice 0peiational
0ntologies. These 0ntologies must be people ieauable, machine ieauable
anu executable. Cuiiently the piocess of builuing, veiifying anu conveiting
the ielevant paits of the Conceptual 0ntology to an 0peiational 0ntology is
essentially manual anu aiuuous. The piocess is not scalable to the neeus of
the inuustiy. Theie is a neeu foi softwaie to substantially automate this
piocess.

Regulations aie often wiitten in language that can have seveial
inteipietations. The effect of iegulations on the Inuustiy anu on the
Regulatois themselves is often not known foi yeais. A iegulation uesciibeu
as 0ntology has a cleai anu unambiguous meaning. Bowevei, this piocess is
manual anu uepenuent on the inuiviuuals with knowleuge of the both law,
anu the Semantic Web. We must finu an efficient way to tuin iegulations into
WSC compliant 0WL thiough the Rules Inteichange Fiamewoik (RIF). Theie
aie many appioaches as to how to uo this. If we coulu stait fiom
sciatch, iegulations woulu be wiitten in a Contiolleu Natuial Language (CNL)
anu then a CNL machine woulu geneiate the ontology of the iegulations. This

44
shoulu be the long-teim goal. The neai-teim goal is to use a computei to
paise iegulations, anu then hanu the iesults to the iegulation wiiteis anu ask
them if the computeis says what they meant to say in the iegulation. Theie
is a neeu foi softwaie that inciementally moves the uoveinment anu the
Inuustiy towaiu a cleai anu unambiguous unueistanuing of iegulations.

8. Theie is a neeu to be able to uemonstiate the business value of FIB0 anu of
0ntology anu the vaiious FIB0 0peiational 0ntologies as they evolve. This
incluues:
a. Repiesentation of ontologies to non-technical useis (to enable theii
paiticipation in the uevelopment piocess)
b. Piesentation of ontologies to business auuiences in foims, symbols
anu teims typical of the Inuustiy
c. Piesentation of the uata containeu within 0ntologies such as:
i. Spieausheet iepiesentation
ii. uiaphic iepiesentation as business facing uiagiams
iii. 0se of 0pen Souice Business Intelligence Engines
Theie is a neeu foi Semantic Web softwaie that is fiienuly to non-technical
useis anu also auheies to WSC anu 0Nu technical stanuaius.

a. visual uesign of ontologies incluuing netwoik giaphs
b. visualization of the iesults of SPARQL queiies
c. Rigoious iepiesentation of business iules (e.g. using "R")
Semantic Web technologies have evolveu fiom mathematics anu logic. To
this extent 0ntologies aie the natuial pioviuence of engineeis anu scientists.
Theie is a neeu foi softwaie that conveits pictuies into 0ntologies
sufficiently iigoious to suppoit ieasoning.

1u. Theie is a neeu to be able to link FIB0 in all of its aspects to othei 0ntologies
financial system. This incluues:
a. Ability to link to exteinal ontologies anu extenu FIB0 as concepts aie
uevelopeu
b. Nechanism to shaie ontologies anu integiate contiolleu vocabulaiies
c. Automateu inseition of coue (automateu enhancements)

4S
u. Ability to conveige pieuictive algoiithms with semantically piocesseu
uata
e. Leveiaging semantics anu giaph patteins with analytics (tools)
Softwaie to builu ontologies, test the mathematical coiiectness
of ontologies such as the 0nt0logy Pitfall Scannei, known as 00PS,
massively scale semantic platfoims anu maintain the ontologies (FIB0s)
is a univeisal pioblem that must have at least a v1.u solution.

46
ALNDIk 8 - Samp|e |etter of |nv|tat|on

I am wiiting to you to extenu a peisonal invitation to paiticipate in an exclusive
event being helu in conjunction with this yeai's Semantic Technology & Business
Confeience (SemTechBiz) in San Fiancisco. The uetails of this event aie outlineu in
the attachment.

Peihaps you aie awaie that the Enteipiise Bata Nanagement Council (EBNC)
staiteu seveial yeais ago to uevelop a Financial Inuustiy Business 0ntology (FIB0).
The majoiity of the Westein woilu's financial institutions, anu many of theii
supplieis aie membeis of the Council. Beginning with the challenge of Saibanes-
0xley, Basel III, anu ieinfoiceu by the Bouu-Fiank Act, it has become cleai to the
technical community in these oiganizations that ielying on methous of the last
centuiy to comply with new iequiiements is simply cost piohibitive. In fact,
Ameiican Bankei says that the cost to comply is between 0$1Su-0$SSuNpei
yeaipei oiganization - with no auueu value.

FIB0 is well on its way to changing this. By the enu of this yeai, 0Nu will publish
two of many FIB0 stanuaius that will seive as the beginning of a common
vocabulaiy foi the banks anu foi the iegulatois.

But, moie must be uone fastei. SemanticWeb.com (Neuia-Bistio) has geneiously
offeieu to shaie theii venue foi SemTechBiz 2u1S with the EBNC foi a no cost to the
invitees to the FIB0 Technology Summit. This event will be the afteinoon of 4 }une
anu the moining of S }une in the San Fiancisco Bilton wheie the Confeience is being
helu.

If you choose to attenu SemTechBiz, you must iegistei anu pay the fee. But, the
FIB0 Technology Woikshop will cost you nothing but woik. You anu a select
numbei of othei notables in this fielu aie being askeu to look at these five FIB0
neeus below anu uetaileu in the attachment. Pick out the 2 of them that inteiest you
the most.

11. Theie is a neeu foi a mechanism foi the geneiation of 0peiational 0ntologies fiom
Business Conceptual 0ntologies.

47

1S. Theie is a neeu to be able to uemonstiate the business value of FIB0 anu of
0ntology anu the vaiious FIB0 0peiational 0ntologies as they evolve.


1S. Theie is a neeu to be able to link FIB0 in all of its aspects to othei 0ntologies
financial system.

At the event, on the 4
th
, aftei an intiouuction to FIB0 anu a chaige to the assembleu,
teams will be foimeu in these aieas to go off anu to consiuei: 1) Wheie uoes
technology exist that coulu be immeuiately applieu. 2) What uevelopments aie 'just
aiounu the coinei' that FIB0 coulu use. S) What aie the tiue longei teim ieseaich
neeus. Each team will be askeu to iepoit theii finuings in uetail on the S
th
. We aie
expecting woius anu a ioaumap that the Council can use as a tiue ieseaich agenua -
focuseu on FIB0, but useful to the Semantic Technology community at laige.

Please consiuei this event anu these aieas. Then go to
https:www.eiseveiywheie.comsemtechbizsf2u1S.categoiyiu=4969S9. Theie
you can iegistei foi the FIB0TechnologyWoikshop. You will see a uiop uown that
opens up the link to this invitee only FIB0 Technology Summit which is fiee to you.
You can inuicate in which technology aiea you woulu like to paiticipate anu you can
also iegistei foi the entiie symposium.

Bope to see you theie,

48
ALNDIk C - M|chae| Atk|n Charge to the Assemb|y
1. I am the chaii of the Bata anu Technology Committee anu chaigeu with
helping the 0FR uefine the pathway foiwaiu fiom a uata peispective. Anu
they unueistanu the impoitance of uata compaiability. They unueistanu that
without uata stanuaius (i.e. iuentifieis, language of the financial contiact anu
classification) - they won't be able to pioviue oveisight ovei the uniuly
financial inuustiy. I sit on the Financial Stability Boaiu's Public Sectoi
Auvisoiy uioup helping to implement a legal entity iuentification stanuaiu.
So you neeu to fix this uata pioblem. The seconu is that the banks have to
implement an aligneu uata infiastiuctuie. This incluues iuentifieis,
metauata, naming conventions anu haimonizeu uata uefinitions. This is the
infiastiuctuie manuate foi uata management. All aiounu the financial
inuustiy fiom the financial institutions themselves to the iegulatois that
oveisee them to the uata venuois that seive them - the objectives of
tianspaiency, financial stability anu cioss-asset maiket suiveillance aie
tailoi maue foi the piomise of piecise language, baseu in contiactual ieality,
combineu with executable business iules, integiateu with othei taxonomies,
aligneu with messaging anu manageu via infeience piocessing. We uon't
ieally unueistanu uata as meaning. We uon't ieally unueistanu that this is
not a uata piocessing oi IT pioblem. We uon't have aligneu uata glossaiies
acioss business units. At the moment, uata management is on the agenua of
eveiy financial institution. It coveis all known financial instiuments. It
coveis business entities anu the ioles they play in financial piocesses. The
semantic community.
2.
FIB0 Technology Summit - 0pening Remaiks
Nichael Atkin, Nanaging Biiectoi, EBN Council
}une 4, 2u1S

S. I spent the majoiity of my piofessional life as the sciibe, analyst, auvocate,
facilitatoi anu theiapist foi the infoimation inuustiy. I staiteu with the
tiauitional publisheis anu then moveu on to my engagement in the financial
infoimation inuustiy. I watcheu the business of infoimation evolve thiough
lots of IT ievolutions . fiom miciofiche to Boolean seaich to CB-R0N to
viueotext to client seivei aichitectuie to the Inteinet anu beyonu.

49
4. At the baseline of eveiything was the concept of uata tagging - as the key to
seaich, ietiieval anu uata value. I saw the evolution fiom SuNL (which gave
iise to the uatabase inuustiy). I witnesseu the sepaiation of content fiom
foim with the uevelopment of BTNL. Anu now we aie stanuing at the
foiefiont of captuiing meaning with foimal ontologies anu using infeience-
baseu piocessing to peifoim complex analysis.

S. I have been both a witness to (anu an oiganizei of) the infoimation inuustiy
foi the bettei pait of Su yeais. It is my cleai opinion that this uevelopment -
anu by that I mean the tagging of meaning anu semantic piocessing is the
most impoitant uevelopment I have witnesseu. It is about the iepiesentation
of knowleuge. It is about complex analytical piocessing. It is about the
science of meaning. It is about the next phase of innovation foi the
infoimation inuustiy.

6. Let me see if I can put all of this into peispective foi you. Because my goal is
to enlist you into oui jouiney. I know (with absolute ceitainty) that we aie
stanuing at a bieakthiough moment anu I'm foitunate enough to have a fiont
iow seat in many of these uiscussions. Some of you may know that I iun the
EBN Council anu have been pieaching the gospel anu auvising financial
institutions aiounu the woilu on the uata manuate foi many yeais - anu now
they caie. Anu they caie at the top of the house. Anu they caie enough to
ueal with the huge task of changing how theii oiganizations opeiate. Anu
they caie enough to ushei in a whole new infiastiuctuie acioss theii
oiganizations anu acioss the woilu. This is tiuly a big ueal.

7. I am a membei of the 0S Tieasuiy's Financial Reseaich Auvisoiy Committee.
This is the mechanism cieateu by the new 0ffice of Financial Reseaich to
implement uata stanuaius anu conuuct ieseaich about systemic iisk. I am
the chaii of the Bata anu Technology Committee anu chaigeu with helping
the 0FR uefine the pathway foiwaiu fiom a uata peispective. Anu they
unueistanu the impoitance of uata compaiability. They unueistanu that
without uata stanuaius (i.e. iuentifieis, language of the financial contiact anu
classification) - they won't be able to pioviue oveisight ovei the uniuly
financial inuustiy. Anu they aie staiting to unueistanu the impoitance of
semantic piocessing as the pathway thiough the analytical minefielu of
inteiconnecteu global iisk.

8. I am a membei of the Technical Auvisoiy Committee of the Commouity
Futuies Tiauing Commission. They aie sitting in the miust of a uata wilufiie

Su
- anu they know it. They neeu to facilitate tianspaiency in the ueiivatives
maiket. They neeu to unueistanu how these bespoke contiacts actually
woik. They neeu to stanuaiuize piouuct iuentification. They neeu to classify
these instiuments so they can be aggiegateu anu linkeu. They neeu to align
uata meaning with messaging stanuaius. They neeu to valiuate anu
noimalize uata acioss exchanges anu acioss geogiaphy. Anu they neeu to
suppoit complex analytics baseu on au-hoc scenaiios anu on-uemanu - when
thieats to financial stability begin to emeige. It's the penultimate use case
foi both ontologies (the language pait) anu infeience piocessing (the
technology pait).

9. I sit on the Financial Stability Boaiu's Public Sectoi Auvisoiy uioup helping
to implement a legal entity iuentification stanuaiu. This stanuaiu is only the
fiist step. The ieal goal is foi iepoiting about owneiship stiuctuies, contiol
ielationships anu inteicompany linkages. Anu the light is beginning to shine
- not just on the impoitance of the iuentifiei, but on the iole of ontologies
about owneiship anu contiol anu in unueistanuing the natuie of (what Baviu
Newman uesciibes as) tiansitive exposuie. This is about unueistanuing
who finances whom, who owns whom, who guaiantees whom, who is
obligateu to whom - what happens unuei what conuitions anu ultimately "uo
I get paiu befoie you uo" in the auvent of anothei financial ciisis. This (of
couise) is the focus of FIB0 foi business entities - the fiist stanuaiu that we
aie ieleasing in paitneiship with the 0Nu.

1u. Anu this stoiy continues. We aie iight now woiking with the Bank of
Englanu to align theii liquiuity iepoiting iequiiements to FIB0 - so that
theie is claiity in iepoiting anu an ability to uo compaiative analysis. We aie
iight now woiking with some of the laigest banks in the woilu to align theii
uata iepositoiies in oiuei to uo consistent aggiegation - so that they can
peifoim the iange of stiess tests now being manuateu by the Feueial
Reseive. We aie iight now woiking with Fannie Nae anu the housing
iegulatois to align uata . to integiate it into the NISN0 XNL messaging
schema . anu to help them uniavel the uynamics of the moitgage-backeu
secuiities maiket.

11. But most impoitantly, we aie iight now geaiing up to auuiess the most
impoitant new objective within this wonueiful new Age of Tianspaiency.
Eailiei this yeai, the Basel Committee on Banking Supeivision ieleaseu a
veiy impoitant uocument - affectionately known as the Basel Risk Bata
Aggiegation Piinciples (oi Basel RBA).

S1

This uocument is the iesult of an evolutionaiy piocess. The evolution began
just aftei the 2uu8 ciisis as the global maiket authoiities staiteu
uocumenting what went wiong anu what we neeu to fix as a iesult. In 2uu9
the SEC anu CFTC jointly ieleaseu a stuuy specifying that the only way
thiough the minefielu of complexity was to specify these complex financial
instiuments baseu on the unueilying facts that uefine them. Anu that the
financial inuustiy shoulu paitnei with goveinment anu acauemia to
implement this "algoiithmic capability" (that's the teim they useu). This is
theii impoitant stuuy known to BC policy wonks as Section 719(b) of the
Bouu-Fiank Act.

In 2u1u, the Senioi Banking Supeivisois uioup (these aie the heaus of the
woilu's leauing cential banks) ieleaseu a stuuy that uefineu the concept of a
"iisk uata appetite fiamewoik" anu maue the stiong anu intiactable
connection between iisk management anu uata. The stoiy went something
like this . we iegulatois aie entiusteu with a bunch of new tasks (financial
stability, tianspaiency anu all that). In oiuei to accomplish these new tasks
we neeu compaiable uata acioss youi oiganizations anu acioss the inuustiy
so we can feeu them into oui mouels anu iun oui economic scenaiios. Plus
we iegulatois aie not technically capable of uoing the ieconciliation - so the
onus is on you (the banks) to uelivei aligneu uata. 0h anu by the way - if you
can't uo this, we woulu be veiy woiiieu about youi inteinal ability to contiol
ovei youi own iisk. So you neeu to fix this uata pioblem.

This yeai, the Basel Committee ieleaseu the RBA piinciples uocument. This
uocument takes the SBSu iecommenuations up a few notches anu manuates
the implementation of this contiol enviionment. The 14 RBA piinciples say
thiee things about uata that give me hope anu get me chaigeu up. The fiist is
that the ability to aggiegate iisk is manuatoiy anu that executive
management is iesponsible foi making suie that happens. This is the
goveinance manuate foi uata management. The seconu is that the banks
have to implement an aligneu uata infiastiuctuie. This incluues iuentifieis,
metauata, naming conventions anu haimonizeu uata uefinitions. This is the
infiastiuctuie manuate foi uata management. Anu the final pait is that the
banks must have the ability to aggiegate iisk acioss business units on
uemanu anu in iesponse to au-hoc economic scenaiios. Anu while the
financial institutions anu the iegulatoiy authoiities uon't fully unueistanu it
yet - this is the semantics manuate foi the financial inuustiy.

S2
12. Anu this, the . "they uon't know it yet" pait . is the essence of the challenge
that lies befoie us. All aiounu the financial inuustiy fiom the financial
institutions themselves to the iegulatois that oveisee them to the uata
venuois that seive them - the objectives of tianspaiency, financial stability
anu cioss-asset maiket suiveillance aie tailoi maue foi the piomise of
piecise language, baseu in contiactual ieality, combineu with executable
business iules, integiateu with othei taxonomies, aligneu with messaging
anu manageu via infeience piocessing.

It is an outstanuing use case foi ontologies anu foi semantic tiiples. It is
backeu with the thieat of iegulatoiy manuates. It is uesigneu to be
implementeu via stanuaius. Anu it is combineu with the necessaiy
goveinance to ensuie that we uon't ignoie the pioblem uue to conceins
about business case oi fall victim to the unfoitunate "cuise of the shoit view"
that is so pievalent among laige financial institutions.

1S. Anu so, while we have the financial inuustiy use case with all the iegulatoiy
tiimmings - we uon't have complete awaieness. We uon't ieally unueistanu
uata as meaning. We uon't ieally unueistanu that this is not a uata
piocessing oi IT pioblem. We uon't have aligneu uata glossaiies acioss
business units. We uon't even know how to spell metauata - let alone uttei
the "o" woilu in polite company. We live a woilu of ieconciliation. We'ie
useu to ieconciliation. We know how to ueal with opeiational ciisis on a
tactical basis. We've been piacticing that ieality since the uawn of cieuit.

14. But I'm unuaunteu. In fact, I'm exciteu. Bata management has iisen like a
phoenix, ciawleu out of the uepths of the back office anu is no longei
consiueieu as the ugly stepchilu of IT. At the moment, uata management is
on the agenua of eveiy financial institution. In fact, it is one of the top issues
on the agenua of executive management within the financial inuustiy.

1S. It is also the hot topic of the uay within the iegulatoiy community.
Regulatois, maiket authoiities anu agencies aiounu the inuustiy aie waking
up to the fact that they cannot accomplish theii new goals of uniaveling the
complexity of the global financial maiket without compaiable uata anu
without a shaieu view about the "things" in oui woilu, the "facts" about these
things anu about how the "ielationships" among these things woik in ieality.

16. But we aie at the beginning of the jouiney, not the enu. Awaieness is
essential. ulobal economic ciisis anu tough iegulatoiy oveisight was

SS
necessaiy to change the oiientation of this inuustiy. But awaieness anu
uiiveis aie not sufficient. We have woik to uo. Anu we uon't have a huge
winuow of time in which to opeiate.

17. But we uo have a goou stait. The EBN Council has been ueveloping the
ontology of the contiact as a collaboiative pioject unuei the leaueiship of
Nike Bennett foi the past S yeais. This is the Financial Inuustiy Business
0ntology (oi FIB0). It exists. It coveis all known financial instiuments. It
coveis business entities anu the ioles they play in financial piocesses. It
coveis lots of the basic concepts of iisk, tiansactions, coipoiate actions,
issuance, guaiantee anu collateial. It plays nicely in the sanubox with othei
ontologies anu with messaging taxonomies. Anu it's goveineu by the
technical iigoi of the 0Nu stanuaius piocess.

18. We uo have a stanuaiu methouology foi FIB0 uevelopeu anu implementeu
unuei the steauy hanu of Bennis Wisnosky anu in paitneiship with the 0Nu
aichitectuie boaiu unuei the tiieless ueuication of people like Elisa Kenuall
anu Pete Rivette.

19. We uo have a iobust illustiation of an opeiational ontology showing the
inteisection of inteiest iate swaps, cieuit uefault obligations anu legal entity
ielationships unuei the uiiection of the iemaikable Baviu Newman fiom
Wells Faigo anu his 0TC ueiivatives team. We uo have a metauata
iepositoiy anu a means of extiacting FIB0 in RBF0WL thanks to Auaptive.
We uo have goou woiking ielationships with othei stakeholueis incluuing
the messaging schemas, the SemTech community, the financial institutions
anu the iegulatoiy agencies in the 0S, 0K anu Euiope. So we'ie in a faiily
goou place.

2u. What we neeu to complete this pictuie howevei - is you. The semantic
community. Theie aie some ieal technical challenges that neeu to be solveu
- like the foui that have been teeu up foi this Summit. We uo have to be able
to uelivei on the piomises that we aie making. Anu the stakeholueis aie
seiiously listening to the piomises - mainly because they have ieal tasks to
accomplish anu this is the iight pathway foiwaiu.

21. What I feai howevei is fiagmentation iathei than haimonization. I see lots
of activity - but not a sufficient mechanism foi achieving alignment among
the banks, the iegulatois, the semantic community, acauemia, the ontologists
anu the uata venuois. That's what we hope to see emeige out of this event -

S4
the mechanism foi alignment - the piocess foi collaboiation - anu the means
to collectively step up to the challenge.

22. We aie stanuing at that iaie moment - the peifect stoim (if you will)
between business objectives, iegulatoiy manuates anu uata as the
funuamental pillai that links these things togethei. It's been a long time
coming anu (as Rahm Emanuel once saiu) - "shame on us if we waste a goou
ciisis." Thank you.

SS
ALNDIk D - Ak1ICIAN1S

!ans Aasman CLC lranz lnc.
Llle Abl-Lahoud 8esearch lellow unlverslLy College Cork, C8C1C
uean Allemang rlnclpal ConsulLanL Worklng CnLologlsL, LLC
Mark Apsey Pead of CperaLlons, Amerlcas nomura
Mlchael ALkln Managlng ulrecLor LuM Councll
Mlchael 8arneLL Sv, knowledge Lnglneerlng SmarLCloud, lnc.
8ryan 8ell LxecuLlve vlce resldenL LxperL SysLem uSA
Mlke 8enneLL Pead of SemanLlcs and SLandards LuM Councll
San[lv 8haLL
vlce resldenL, 8anklng and CaplLal
MarkeLs SoluLlons
MphaslS
umlLry 8ogachev ulrecLor, lnvesLmenL ArchlLecLure CnLarlo 1eachers enslon lan
uavld 8ooLh Senlor SofLware ArchlLecL knowmed
!efferson 8raswell loundlng arLner 1ahoe 8lue
SLephen 8uxLon ulrecLor of roducL ManagemenL Markloglc
Andrea ulerna AcqulslLlons LdlLor
Morgan kaufmann, an lmprlnL of
Llsevler
AnLhony uoba[ arLner ro[ecL Manager laceLApp LLC
Mlcah uublnko Lead SemanLlcs Lnglneer Markloglc
uanlel Llenlus Senlor SofLware Lnglneer S8l lnLernaLlonal
Lee lelgenbaum v MarkeLlng & 1echnology Cambrldge SemanLlcs
8eglnald lord Senlor rlnclpal Lnglneer S8l lnLernaLlonal
uouglas loxvog ConsulLanL ConsulLanL
uavld lrankel Sole roprleLor uavld lrankel ConsulLlng
Mark Cerken
Chlef SclenLlsL, SLraLeglc lnlLlaLlves
ulvlslon
lnLellegenL SofLware SoluLlons

S6
aLrlck Creenfleld Compllance ConsulLanL Wells largo SecurlLles
8en[amln Crosof resldenL 8en[amln Crosof & AssoclaLes, LLC
1lm Parsch
MaLLhew Porrldge SofLware Lnglneer AuLhor of WebroLege
lgor lkonnlkov lnformaLlon ArchlLecL Manullfe llnanclal
Mark !ohnson Senlor rogram Manager S8l lnLernaLlonal
Lllsa kendall arLner 1hemaLlx arLners LLC
Mohamed keshk Sr SemanLlc ArchlLecL SemanLlc 8Mn
venkaL krlshnamurLhy roducL Manager ?arcuaLa
8oberL kruse resldenL laceLApp LLC
Corey Lanum Ceneral Manager - norLh Amerlca Cambrldge lnLelllgence
Crley Llndgren Co-lounder and ulrecLor LnLropy ManagemenL LlmlLed
8ob Mark Managlng arLner 8lack ulamond 8lsk LnLerprlses
Sean MarLln C1C & Co-founder Cambrldge SemanLlcs
uavld McComb resldenL SemanLlc ArLs
ueborah McCulnness rofessor of CompuLer Sclence 8l
Wesley Moore
Managlng ulrecLor, Compllance
ConLrols and lnfrasLrucLure
Wells largo
Arka Murmer[ee CLC Clobal lus
8lalr Myers
klran narsu Clobal Pead of llnanclal Servlces ?arcuaLa
uavld newman
vlce resldenL, SLraLeglc lannlng
Manager LnLerprlse ArchlLecLure
Wells largo 8ank
!ohn C'8ourke ulrecLor of rofesslonal Servlces lranz lnc.
8avlchandra apolu Schwab
8lck avllk
ulrecLor, Advanced 1echnology
rograms
lnLellegenL SofLware SoluLlons
uennls lerson Senlor ArchlLecL Mphasls

S7
SLeven 8ay ulsLlngulshed 8esearch lellow Carnegle Mellon Slllcon valley
Susanne 8lehemann SofLware uevelopmenL Lnglneer S8l lnLernaLlonal
eLe 8lveLL C1C AdapLlve
1erry 8oach rlnclpal CASlCuM 8uslness ArchlLecLs
Slmon 8obe ConsulLanL SemanLlc ArLs
8urL SmlLh Managlng arLner Amplrlx ConsulLlng
8rlan SLeln ulrecLor rlcewaLerhouseCoopers
8obbln 1eegarden LarLhllnk
Mark
1emple-
8asLon
Sv - Clobal Lead for uaLa
ManagemenL
ClLlgroup
Mlchael uschold Senlor CnLology ConsulLanL SemanLlc ArLs
Lonnle van ZandL Chlef ArchlLecL no Maglc
Amanda vlzedom CnLology ueveloper and ArchlLecL lndependenL ConsulLanL
Lowell vlzenor SemanLlc 1echnology racLlce Lead Allon Sclence and 1echnology
Marcelle
von
Wendland
vlce ~resldenL llncoreLLd
8lchard Wallls 1echnology LvangellsL CCLC
Mlke Warner CLC CuanLum4u
Cralg Weber
uennls Wlsnosky SLraLeglc ConsulLanL LuM Councll/Wlzdom SysLems
eLer ?lm resldenL & CLC ClM3

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