Semantics for Managers Fast Forward Video

A summary of the introduction to the ontology-derived Enterprise Data Model for Finance and Business stakeholders.

Semantics for Managers fast forward is a summary of the FIB-DM introduction for Finance, Business, and other non-technical users. The video is the first “Fast Forward” version of FIBO data model webinars and presentations. The equivalent to flipping through a deck of slides, the FF has the gist of the underlying education module. The viewer can decide to watch the full video and study the PowerPoint The presentation formulates the chasm between semantic and conventional data management and FIB-DM as a bridge. It also discusses the Open Source core vs. extended version.
Data Architects and Ontologists should study this deck first, and then process to the technical tutorial.

You can read the presentation or download the PowerPoint here.


Welcome to this fast-forward of semantics for managers, the financial industry business data model FIB-DM. This is a summary of the introduction to the ontology derived data model for finance and business stakeholders.

The FIBO is the authoritative model of financial industry concepts their definitions and relations. The enterprise data management Council is a global association of more than 200 financial institutions. EDMC members created the financial industry business ontology as a business conceptual model.

So let’s say you work at a financial institution and already embraced model-driven development, industry standards, and reference models.
You can be on the finance side.
You can be a data or application architect or an ontologist.

Well, about myself: I started working 20 years ago at the German Stock Exchange. I particularly spent seven years as an IBM software group consultant for the banking and financial markets data warehouse, the BFMDW. And in that capacity, I was at 45 banks in North America, Europe, and Asia implementing and customizing the model.

Now, this is the central proposition:
There’s a chasm between semantics and conventional data management.
The EDMC specified FIBO in ontology web language, OWL. However, OWL needs specialist ontologists, and also it needs specialized databases, so-called RDF-stores or triple stores. And many banks and investment managers simply do not have set expertise in-house yet. Larger IT departments still must support and design conventional databases.
And FIB-DM is a bridge across the chasm.

So, the ontology transformed into a data model leverages the design for relational databases. We have RDF/OWL, the FIBO and deployed on RDF stores are also known as triple stores. We see configurable ontology to data model transformation. We can create a FIBO data model, and we can deploy it on relational database systems. So semantic enterprise information architecture means that we put the ontology at the apex of our hierarchy. From FIBO we can deploy on RDF triple stores; we have FIB-DM data model; we can physicalize the data model, create a schema and instantiate in our DBMS; and in the object world, we have FIB-UM, a UML model that we can use to generate Java and other object code.

Now, semantic model-driven development means that we start with the FIBO, the ontology we have FIB-DM generated conceptual data model; out of the conceptual we can generate a logical model, and we can generate the physical model.  So, midsize financial institutions without semantic technology yet adopt the FIB-DM strategic enterprise model. Large institutions use CODT to transform the in-house ontologies into data models for downstream implementation.

So, the financial industry business data model is the FIBO in PowerDesigner and other metallic modeling tools. It has 1875 entity’s complete definitions annotations and axioms. It’s a common language and design patterns for semantic and relational data.

So now, to transform an ontology into a data model, we have the following principles and considerations:
The model must be practical. It must be complete, must be fully documented, have diagrams, and very importantly it must map back to the source ontology.

If we look at the ontology graph and the conceptual data model side-by-side, we see that a domain ontology, like the FIBO creates the perfect conceptual Enterprise model.

So how does it work from FIBO to FIB-DM?  It’s a straightforward extract transform and load. And the internal CODT process; it works with metadata sets. So, from an ontology metadata set, we create a generic metadata set and then finally tool-specific metadata set for PowerDesigner, Sparx EA, and other tools.

Now, the ontology to data model transformation technology is patent pending.It’s a provisional patent application filed with the USPTO, and it’s very comprehensive.It protects FIB-DM users, ensures updates of the model, and it makes the transformation process itself available because, as a pending patent it’s no longer trade secret.

FIB-DM core is open source. The thousand-entity open-source model, half of the full FIB-DM version. And it contains the basic FIBO modules Foundation Business Entities and FBC. So we have the generic in the domain core, and extensions in the commercial license are securities derivatives and indicators. And soon-to-come packages still in FIBO developments are loans, market data, collective investment vehicles, also known as funds, and corporate actions.

So, FIB-DM extended is meant for larger financial institutions. It has the full FIBO model and it has your purchase and software license agreement upon request. You get access to the diagrams, PowerPoint, Excel, and Visio resources, with permission to lift off and rebrand for internal use. And you can have an optional 12-months maintenance agreement with the training model to lock in future updates and additions to the data model.Pricing is based on asset size. There are discounts for earlier adopters and special offers for regulators and government entities.

So, your FIB-DM evaluation should be fully transparent: You can download the open-source model and validate and check it out in PowerDesigner or your data modeling tool; review the education resources and examine and the full model content in the interactive model report. You’re welcome to schedule an online demo with your questions and answers.

Well, thanks for watching. You find the full video webinar on this link. You can download the model on the FIB-DM website. And please email me if you have any questions or want to schedule an online demo.