The video is a ten-minute short overview of the latest release of FIBO Data Model transformation technology.
Hello, welcome back to FIB-DM, the Financial Industry Business Data Model.
This a short overview of the new release 2020/Q1, nicknamed “Atlantic”. You will see the Normative and the new Informative FIBO data model.
FIBO and FIB-DM are the financial industry-standard. Here’s a short update: On March 31st the EDMC releases the latest version of the ontology and five weeks later Jayzed Data Models ships the 2020/Q1 FIBO Data Model.
For our intended audience: You work at a Financial Institution, already embrace model-driven development, reference models, and industry standards. So, as a data architect, ideally you are already using the 2018/Q4 Open Source or Full Commercial version. As an ontologist, maybe you already scoped, customized, and extended the FIBO. Now you want to promote your enterprise ontology across the organization.
The vision is an exciting ride for DAs and ontologists. We have an encyclopedia of enterprise and project model building blocks. We use Semantic Enterprise Information Architecture and Model Driven Development, both having the ontology at the apex.
Atlantic is the way to Semantic and MDD. We have the World’s Largest Data Model. We have the Configurable Ontology to Data model Transformation.
The Enterprise Data Management Council, the EDMC is a global Association of financial institutions. Working with major global FIs and the Object Management Group, the EDMC created the FIBO as an industry-standard. The council features FIB-DM as a FIBO-derived partner product on their website and in a recent webinar. Financial Industry Business Data Model, this is a product delivered by Jurgen Ziemer. I hope we will have more products here.
Both the FIBO and FIB-DM come in two models, the Normative, and the Informative. The normative content is the smaller circle within the Venn diagram. Normative content in the Open-Source core version has four modules. Then 2020 Production added three more models: Indicators, Derivatives, and Securities. And finally the FIBO development version, the informative data model has five more modules: Corporate Actions, Loans, Market Data, Business Processes, and Collective Investment Vehicles. This is an ongoing process. As new modules enter FIBO development, they add to the informative model, and also informative packages become normative.
Now, how do we use the new informative data model? Our objective is implementation on the department, project, or application level. Our method is model-driven development. We want to derive implementation models. How we do it? We first adhere to the industry-standard, we use foremost the Normative version and we consult FIBO development, other industry-standards, our in-house models, and vendor models.
What we do is we we open both models the Normative/Informative, add it to our PowerDesigner workspace. With other modeling tools, we import both data models that ship with the commercial version. Then we can expand the Normative model. We see 14 base packages and the main model diagram is a package diagram. It shows the major dependencies, references from one package to another. At the top we have the upper ontology content, the ISO codes for language currencies and countries, and SKOS and specification metadata for annotations. And importing it is FIBO Core with Foundation FBC and BE modules. Then the Full Normative content in green, Securities Derivatives Indicators. Of course, the Full Normative content depends on the FIBO Core. Finally, in the FIBO development version are the Informative packages mortgages and loans, CIV, Market Data Corporate Actions, and Business Processes.
CODT is the patent-pending technology that created the fiber data model. That is because the old OWL file parsing-approach doesn’t produce usable data models and it cannot cope with very large ontologies like the FIBO. The new ETL inspired approach creates high-quality models, and the technology is fully scalable and configurable. As we can see it it’s to extract metadata from the ontology transform it and load it into the data modeling tool. Metadata Sets are keyed records that hold properties for all objects in the model. For instance, the entities metadata set has 4568 rows. Ontology metadata sets hold the records extracted from the ontology platform. The ER metadata sets transform the ontology into a generic entity/ relationships, and the power designer (or another tool) metadata sets are in the tool’s required import form.
Version Atlantic is where CODT meets Microsoft Excel, PowerQuery, and the M language. It’s been completely recoded in order to utilize the declarative capabilities, rather than having it all encoded in Visual Basic and complicated formulas.
Yeah, CODT is implemented in three Excel workbooks, one for ontology (not shown here) the ER metadata set, and finally, the tool metadata set, here PowerDesigner. What we see is the meta data sets, they are all tabs in the spreadsheet, and then the queries and connections that are MS PowerQuery. So, we have queries here that populate the tabs and when I refresh the query, what MS Query does the background is to update here all the metadata sets. That’s how we do a refresh. We can see here the classes and likewise, the PowerDesigner metadata sets. Here the queries, they draw from the ER metadata sets which in turn draw from the ontology metadata set. We have basic transformations: The class code becomes the entity code. The name of the entity is an Un-Camel function of the local name, and so on.
All in all, there are 139 metadata sets, in other words, tabs across the three workbooks and the corresponding queries.
Here again the PowerQuery ETL engine helps to master the complexity. The diagram shows the query dependencies and we can see here the arrows are a reference. We see entity-relationship metadata sets that take data from the ontology metadata sets.
Well, thank you for watching, enjoy the ride. Coming soon, there will be two in-depth webinars about the model content, and “Semantics for Large Banks”, how CODT works in detail. Look for the updates on the LinkedIn page take a look at the EDM Council website, and download this presentation the Data Model, and a dozen more tutorials on FIB-Dm.com Thank you