Finance-Related Ontology
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A Finance-Related Ontology is a domain-specific ontology for the finance sector.
- See: Financial Industry Business Ontology (FIBO), Financial Regulation Ontology (FRO), Ontology Web Language (OWL), Enterprise Data Management Council (EDM Council), Object Management Group (OMG), Financial Ontologies.
References
2024
- Perplexity
- A Finance-Related Ontology is a domain-specific ontology for the finance sector. The Financial Industry Business Ontology (FIBO) is a prominent example, developed as a collaboration between the Enterprise Data Management Council (EDM Council) and the Object Management Group (OMG)[1][5]. It defines the key concepts, entities, and relationships in the financial domain, covering areas like business entities, finance, securities, derivatives, and indices.
- FIBO serves as a conceptual model and reference ontology for the finance industry[2]. It is specified in the Web Ontology Language (OWL) and can express semantics, business rules, and constraints. However, FIBO lacks data properties, making it challenging to directly implement in conventional data management systems[2].
- To bridge this gap, the Financial Industry Business Data Model (FIB-DM) is derived from FIBO as an enterprise-level data model[2]. FIB-DM transforms FIBO into an entity-relationship model suitable for logical data modeling and facilitating collaboration between data architects, domain experts, and stakeholders.
- Another notable finance-related ontology is the Financial Regulation Ontology (FRO)[4]. It is an open-source OWL ontology focused on regulatory compliance for financial institutions. FRO integrates FIBO for financial concepts and the Legal Knowledge Interchange Format (LKIF) for legal rules and regulations. It contains the text of relevant U.S. laws and regulations, enabling semantic evaluation of regulatory requirements.
- Both FIBO and FRO demonstrate the application of ontologies to represent and reason over the complex domain of finance, facilitating data integration, regulatory compliance, and knowledge management within financial organizations[1][4].
- Citations:
[1] https://bankontology.com [2] https://fib-dm.com/finance-ontology-transform-data-model/ [3] https://isosonline.org/Ontology-of-Finance [4] https://finregont.com [5] https://spec.edmcouncil.org/fibo/