Financial Industry Business Ontology (FIBO)

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A Financial Industry Business Ontology (FIBO) is a finance-related ontology that provides a common vocabulary and semantic model for representing and understanding financial industry concepts, products, entities, and relationships.

References

2024

  • Perplexity
    • The Financial Industry Business Ontology (FIBO) is a formal ontology that provides a common vocabulary and semantic model for representing and understanding financial industry concepts, products, entities, and relationships.
    • Key Points about FIBO
      1. FIBO defines the key concepts, properties, and relationships within the financial domain, covering areas such as securities, derivatives, loans, corporate actions, business entities, and processes.[1][2][3]
      2. It aims to establish a standardized, unambiguous, and machine-readable representation of financial terminology and knowledge, enabling data integration, interoperability, and automated reasoning across systems and organizations.[1][4]
      3. FIBO is developed using the Web Ontology Language (OWL), ensuring that concepts are framed in a precise and logically consistent manner.[1][3]
      4. The ontology is hosted and sponsored by the Enterprise Data Management Council (EDM Council), with contributions from industry practitioners, semantic technology experts, and information scientists.[2][4]
      5. FIBO is standardized by the Object Management Group (OMG) and is published in various formats, including human-readable glossaries and machine-readable knowledge graphs.[1][3]
      6. It provides a common reference standard for aligning multiple data repositories, facilitating data integration, supporting business process automation, and enabling consolidated views across the financial industry.[5]
      7. FIBO aims to promote unambiguous shared meaning and a standardized language for internal and external communication within the financial sector.[5]
      8. Use cases for FIBO include securities master data management, regulatory reporting, risk analysis and management, and enabling advanced analytical capabilities for financial services.[1][5]
      9. FIBO Production and Development Releases
        1. FIBO Production Release: Published quarterly by the Enterprise Data Management Council (EDM Council), thoroughly vetted by subject matter experts, ensuring completeness, integrity, and adherence to mandatory annotation properties. Considered very stable, establishing the normative financial industry standard.[5]
        2. FIBO Development Release: Published in real-time as changes are incorporated by the FIBO Community, reflecting new and updated content, but more volatile with potential structural changes. Represents the future industry standard and is considered informative.[5]
    • By providing a formal, standardized, and semantically rich representation of financial concepts and relationships, FIBO aims to address challenges related to data integration, regulatory compliance, and knowledge sharing within the complex and diverse financial industry.[1][2][4]
    • Citations:
[1] https://github.com/edmcouncil/fibo
[2] https://edmcouncil.org/frameworks/industry-models/fibo/
[3] https://spec.edmcouncil.org/fibo/
[4] https://www.ontotext.com/blog/fibo-in-context/
[5] https://www.3ds.com/products/catia/no-magic/financial-industry-business-ontology
[6] https://spec.edmcouncil.org/fibo/release.html
[7] https://spec.edmcouncil.org/fibo/ontology_tools.html
[8] https://metacpan.org/author/FIBO/releases
[9] https://fib-dm.com/full-data-model-upgrade/
[10] https://www.linkedin.com/pulse/normative-informative-fibo-data-model-versions-jurgen-ziemer-1c
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