The financial services industry are self proclaimed “data hoarders”. Data is the backbone of this industry and with today’s rapidly evolving data landscape existing systems struggle to handle diverse data and metadata to support operations.
In addition to the data overload they face increasing regulations with severe fines if found non-compliant. Thus, firms need to quickly understand large, diverse and complex data landscapes, map data to regulators' requirements, track decisions and controls on data and be prepared to respond to new requirements.
The financial services industry has started to turn to vendor-agnostic ontology driven architecture to track data lineage and usage . One such ontology is FIBO (Financial Industry Business Ontology), which allows firms to align on common meanings of financial concepts. FIBO is built on the concept of semantic standards that enables more flexibility and scalability than proprietary solutions.
- Regulatory Compliance: access to more meaningful data results in less errors by providing a holistic view of enterprise data across locations.
- Controls to keep data discoverable, consistent, and secure
- Data Lineage: ability to track lineage for an individual data value on forms such as the FRY-9C to the data elements it is derived from - by just following the connections.
- Flexibility and Extensibility are core to its model-driven design, so it can be easily customized to fit your unique needs.
Case Study: Managing Metadata to Leverage Data Governance and Sourcing
Video: See how TopBraid EDG enables semantic search of published documents on subjects relating to finance and economics.
FIBO Browser: Explore FIBO (the Financial Industry Business Ontology) in TopBraid Explorer, a web browsing tool available with TopBraid EDG.