An introduction to the ontology-derived Enterprise Data Model for Finance and Business stakeholders.
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FIBO is the authoritative model of Financial Industry concepts, their definitions, and relations. Data Management best practices
The Enterprise Data Management Council (EDMC) is the Global Association of over 200 Financial Institutions (FI).
• Development and implementation of Data Standards.
EDMC members developed the Financial Industry Business Ontology (FIBO), a business conceptual model.
More than 1600 classes detail financial instruments, business entities and processes.
https://fib-dm.com © Jayzed Data Models Inc. 2019
You work at a Financial Institution and already embrace model-driven development, industry standards, and reference models.
Finance business stakeholder and expert with a working knowledge of Entity-Relationship and Ontology diagrams.
Data or Application Architect experienced in Enterprise Reference models. You may have used FIBO design patterns and definitions.
As an Ontologist with an in-depth understanding of the FIBO, you already use the reference ontology for your design and want to spread adaptation across your enterprise.
Introduction to author and publisher
Jurgen Ziemer has 20 years industry experience as a data architect and ontologist at leading Financial Institutions and service providers.
• Seven years as an IBM Software Group Consultant for the Banking and Financial Markets Data Warehouse (BFMDW) model at 45 banks in North America, Europe, and Asia.
• Four years implementing BFMDW at Citi and Deutsche Bank.
• Speaker at FIBO conferences
Jayzed Data Models Inc. is a US consulting company incorporated in 1999.
Jayzed holds the copyright to the Financial Regulation Ontologies offered under Semantic Compliance®; a USPTO registered Trademark.
https://fib-dm.com © Jayzed Data Models Inc. 2019
There is a chasm between semantic and
conventional data management.
The EDMC specified FIBO in Ontology Web Language (OWL).
OWL needs highly specialized ontologists.
FIBO is comprehensive with detailed coverage of business entities, loans, securities, derivatives, and indicators.
Large financial institutions started implementations on RDF (“triple”) stores
Many banks and investment managers don’t have the expertise inhouse.
IT-departments must still support and design conventional databases.
FIB-DM is the bridge across the chasm.
The ontology transformed into a data model leverages the design for relational databases.
• RDF-stores soon dominate data systems for knowledge management.
• RDBMS remain the dominant database for traditional transactional and business intelligence systems.
• Hence, Financial Institutions still need relational models and data modelers.
• However, Ontology Web Language replace the Entity-Relationship Model (ERM) as the notation of choice for Industry Domain and Enterprise Models.
Semantic Enterprise Information Architecture
Semantic Model-Driven Development
• Midsize Financial Institution without Semantic Technologies yet, adopt FIB-DM, a compatible enterprise model.
• Large institutions use CODT to transform their inhouse ontologies into data models for downstream implementation.
Financial Industry Business Data Model
• Financial Industry Business Data Model of 1875 Entities, complete definitions, annotations, and axioms (business rules).
• Data Architects leverage the full content of the Industry Standard.
• Common Language and design patterns for Semantic & Relational data.
Transformation principles & considerations for the derived data model
1. The model must be practical.
Overly normalized designs become too abstract for business users and developers.
2. The model must be complete.
We don’t want to miss information from the ontology
3. The model has complete documentation. The diagrams depict all subject areas and design patterns.
4. The model maps back to its source, the ontology
Domain ontology generates a perfect CDM
Ontology graph Conceptual Data Model
Finance key point
This entity-relationship diagram is the best representation of the Bank Account, its provider, and ID. ~=
There are no missing and no superfluous entities and relationships in the design.
From FIBO to FIB-DM – how does it work?
The Configurable Ontology to Data-Model Transformation (CODT) is basic ETL.
We extract metadata from the source ontology, transform ontology metadata into conceptual data model metadata, and load into the data modeling tool, PowerDesigner.
The extract process runs SPARQL on the ontology to get the metadata. PowerDesigner imports MS-Excel workbooks. The Transformation in between is a 2-step process using the patent-pending Metadata Sets.
The CODT Metadata Sets.
The Extract process populates the Ontology Metadata Sets for classes, object-, data properties, and annotations.
Ontology Generic Tool-specific
Metadata Set Entity Relationship Metadata Set Metadata Set
Step one transforms the ontology metadata and populates the generic ER representation. The Tool-specific metadata set is in PowerDesigner format. We serialize as MS-Excel and directly load it into the tool. Step two is a simple conversion from generic ER to PowerDesigner objects, properties, and extended attributes.
CODT Patent Application
• Protects FIB-DM users • Ensures updates of FIB-DM.
• Makes the transformation process available
• Transforms other domain ontologies
(gene, oil, auto)
• 23 figures
• 35 pages of specification
• 20 claims • method, system, and storage medium
• all possible embodiments.
FIB-DM Core is Open Source
GNU General Public License (GPL-3.0), an Open Source Initiative® recommended license.
Available for download on the FIB-DM website: https://fib-dm.com/data-model-download/
A one thousand entity open-source model
A self-contained standalone data model.
FIB-DM Extended for Financial Institutions
The complete 1875-entity data model, plus updates as new FIBO modules for banking and investment become available.
Your purchase and software license agreement upon request.
Access to data diagrams, PowerPoint, Excel, and Visio resources Permission to lift off and rebrand for internal use.
Optional 12- month Maintenance agreement with training, model, and resource updates.
Tiered pricing based on asset size – discounts for early adopters – special offers for regulators, governments
Transparency for your FIB-DM evaluation
Chasm between semantic and conventional FIB-DM is the bridge across the chasm.