Semantics for Finance Fast Forward (FF) is a summary of the 55-minute FIB-DM education webinar for non-technical users. This video is the third FF in the “Semantic for ..” series.
An introduction to the ontology-derived Enterprise Data Model for Finance and Business stakeholders.
FIB-DM is enormous, with 3,074 entities as of July 2024, and still growing. The Fundamental Concepts are the bridge to understanding the design and content. This education module provides an overview of the fifteen concepts. A reference sheet for each concept shows.
- FIBO definition
- Concept hierarchy
- Significant associations
You can read the presentation or download the PowerPoint here.
Transcript:
Hello, welcome back to FIB-DM fast-forwards.
This session is Semantics for Business users and Finance users, and it’s an introduction into the data model and ontology content as well as the methodology.
The original full-length video is 55 minutes, and this is an abridged version of it. So, in this session, we learn an approach understanding the model, scoping and designing together with finance users.
The model is enormous, and the fundamental concepts are bridge for data architect or ontologist who is new to the FIBO or FIB-DM. It’s also bridge between ontologist/data architects and their business users. The session is for all audiences and the concepts themselves; they are defined within the open course source version.
Now, this probably is the central slide of the whole deck and we looked at this diagram before. The semantic enterprise information architecture: FIBO at the apex, then we have generated derived models for data and for objects. Now, what’s new is the introduction of the FIB concept map. That’s a model for business, a simplified conceptual model that’s in sync with both the ontology and the data model.
The concept maps have an agreed vocabulary. So, on the left-hand side we see an unstructured free form concept map. On the right-hand side, we have standardized icons for the concepts, and we have standardized labels on the relationship arrows. With that, the concept and the vocabulary establish a direct correspondence between the concept map and the data model.
This is just an overview of the concepts on one page. They all have a mnemonic icon, and they all have they’re designated abbreviation. From a business perspective, each FIB concept is an in-depth business taxonomy. And we can look at the taxonomy either in a taxonomy visualizer or in Excel.
So, FIB-CM relationships come from the vocabulary of more than 200 agreed names. We looked at the stock corporation has issued capital in the previous lesson. And that term, that label is coming from the Excel list of the concept map relationships.
Yeah, and with this resource of concepts icons and relationships, we can complete the concept map diagram. We can do that in MS-Visio or any other concept modeling tool. So for the data model, the key point is that a data model and concept map are directly linked.
So just like we can derive a PDM from a logical model we can derive conceptual model from the concept map. And we should always reflect CDM changes in the concept map.
All fifteen concepts are ultimate supertypes in the data model. And as a matter of fact they are the most significant ones in terms of the number of the subtypes. So the FIB concept map taxonomy is the subtype hierarchy in the data model and the FIB concept map relationships are the data model associations and associative entities.
Now, important for the ontologist, ontology and data model hierarchies are the same. So the only difference is in the diagram notation. And with that, the FIB-DM concept can help you understand the FIBO subClassOf hierarchies. The concepts and the vocabulary directly correspond to the ontology graph. They are derived from FIBO range, domain, and class restrictions. So it as an ontologist, you should create concept Maps to communicate your design with finance users.
And then, for every concept, we have a one-page reference sheet that has the concept icon the FIBO definition, number of subtypes, and a small diagram of the most important subtypes, and furthermore. in the lower part we have the significant concept relationships and left-hand side explanations examples.
A quick run through the Autonomous Agent and that is what the agent is. An example is a person: You are only one record in an Autonomous Agent table. And it relates to the Thing in Role. The Thing in Role is what the agent does, as a customer, regulator, or obligor/borrower, and so on. It has an identity of an autonomous agent.
The Reference is a large, one of the largest concepts in FIB-DM. It is, it contains identifiers, classifiers, codes. The relationship is that it provides an identity to the Autonomous Agents, Things in Role. It identifies transactions Agreements and geographic Locations.
Arrangements are organizing structures. There are schemes, collections, lifecycle, code sets. They define references, apply to arrangements. Locations are geographic or virtual Locations.
Documents are as it suggests, publications, legal documents, and reports.
We have concepts for Services, Financial Services, and Regulatory Services. They are provided by Things in Role and apply to agreements.
Likewise, the product: That’s something you can touch, like credit card. And products also provided by financial institutions and realized through Agreements and Accounts.
The Agreement is the center but it’s basically the contracts that involved Things in Role have with Things in Role.
Commitment is an obligation to do something or refrain from something. The applications are Payment, Debt, Guarantees. The commitment usually is conferred in an Agreement.
Contractual Elements further detail an Agreement. Most significant it is for transaction terms, settlement terms, securities contract terms. and so on.
Legal Construct conferred by law or by contract. The usual rights could be duties for parties, and also the legal capacity to engage in contract. OK,
Accounts are the containers to keep records. We mainly have Financial Services accounts, Bank accounts, and General Ledger accounts.
Time actually is two supertypes: Time instant, that can be a date, a time, or timestamp. The interval is a duration or entire a date period and every concept in FIB-DM has a relation to time.
Finally the Occurrence: That’s anything that happens another word for this is event. And, Occurrence is actually two supertypes: The Occurrence Kind defines the occurrence and Occurrence is an instance of it.
And the Education Module closes with references and further reading, and download link.
Well, thanks for watching. You can download the data model and data model resources on the FIB-DM website. And, please email me if you have any questions, thank you.