OMG Financial Domain Task Force ‘SmartData’ Special Interest Group

1. OMG ‘SmartData’ Special Interest Group
June 19th 2012
Contacts:
Neville Teagarden Neville.Teagarden@lucidknowledge.com
Harsh Sharma harsh.w.sharma@citi.com
Joe Bugajski Joseph.Bugajski@gartner.com
Mike Bennett mbennett@edmcouncil.org
Working Document for June 19th Kick-off session

2. Index
• Quick Primer on OMG
• What is ‘SmartData’ and Semantics?
• Business Drivers
• Proposed Charter
• Proposed deliverables
• Draft Roadmap
• Appendix
2

3. Primer on OMG
Domain Task Forces Special Interest Groups (SIGs) Councils
Platform Task Forces
Finance, Healthcare, Telecom, Business Chief Data Officer
Middleware, Analysis and
Space, Business Modeling & Architecture, Regulatory Council, Cloud Standards
Design, System Assurance …
Integration… Compliance… Customer Council
OMG Process: Neutral and Sustainable
Business value, motivation, decision and requirements modeling
Business Natural Language (business concepts, rules, context…)
Business Process, Events Modeling
Business Records Management
Modeling Regulation Modeling
Core OMG System (IT, other) Modeling
modeling
languages Service (SOA) Modeling
Data Distribution and Interchange
Mapping to defense and other Technology, dat Data life-cycle Modeling
industry frameworks Architecture a, interoperabil Software Agents Modeling
modeling & ity &
Model Driven Architecture Middleware interoperability
alignment traceability
modeling
3

4. What is SmartData and Semantics?
An organization is deemed to have *Semantics?
SmartData when: it's all about meaning, business
 Business Semantics* of the Data, its life- rules, context, nuances…
cycle and usage in business processes are
well defined and managed by the business
in partnership with IT
 Data analysis alludes to ‘previously
unknown’ insights (not just answer
questions one might seek) about its
products, customers, partners, regulatory
obligations…
 Data assets are ‘Linked’ and conform to
industry (and internal) standard ‘Semantics’
 Data management professionals
(SmartData Professionals) are able to
monetize their data assets for competitive
advantage
?
Data+Semantics  SmartData
4

5. SmartData --> Better Business Value
Inter-connected Networks
of Semantics across
Financial Services/Insurance domains
BIAN FIX Healthcare
IFRS HL7
FIBO CDISC
Core Semantics
US HSSP
FpML GAAP, IF Date, Party
ACORD, OM RS Time
G P&C Geography
ISO20022 Internal
Payments
Semantic
Standards
Variability Other Domains
Velocity Energy, Telecom, S
pace, Manufacturi
Volume ng...
Data Assets Business Usage/Value
Private, Pu • Corporate Actions Planning
blic, Social • Trade Systemic Risk Analysis
Media… • Smarter Disclosures, Regulatory vocabularies, Legal Contracts
• Illiquid Asset Valuation
• Personalized patient treatment plans, outcome reporting
• Energy Asset Optimization 5

6. SmartData: Empowering the Business User Under construction
Business User
Risk Manager, Trading Operations Lead, Regulator, Healthcare Specialist….
Data Assets Portal to
Business Natural Language Processing, Machine Learning, Artificial
search, discover, connect Data
Intelligence Watson, Siri, Skyvi, other Semantic Reasoners…
Assets
Cloud(s) of
industry
Depository Database of DataAssets’ Semantics standards’
of Semantics
• Security, Price, Events Master Central (reference data
Corporate semantics)
Corporate
• Transactional data assets’ semantics
DataAssets’ • Legal contracts data semantics data
• Regulatory reporting data semantics standards/
Semantics • External data semantics… Semantics
Private Sector Data Public Sector Data Social Media
(Structured, unstructured) Twitter, Facebook, Google+
(internal)
Data.gov, public disclosures etc.
Structured, unstructured…
etc.
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7. Future state: ‘Linked Semantics Networks’ (some early thoughts)
Business Natural Language Processing, Machine Learning, Artificial Intelligence
Watson, Siri, Skyvi, other Semantic Reasoners…to find the ‘Right Needles’ in Haystacks
of data
Linked Networks of Semantics using URIs
URI Registry/Namespace alignment?
XBRL, o
W3C ISO OMG FpML FIX EDMC MDDL
ther…
Islands of Data
Private Sector Data Public Sector Data Social Media
(Structured, unstructured) Twitter, Facebook, Google+
(internal)
Data.gov, public disclosures etc.
Structured, unstructured…
etc.
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8. Semantics can be represented in many ways, formats…
*Semantics is the study of meaning. It
focuses on the relation between Text
Natural Language, Speech
signifiers, such as
Community Used by Business
words, phrases, signs and SMEs, Legal, Arc
symbols, and what they stand for. Models using formal hitects, IT…
* http://en.wikipedia.org/wiki/Semantics
modeling languages
and symbology
Meaning of Used by many
Technology/platform
Business Business
Agnostic Models
Concepts, Things • Business Process, Ontology SMEs, Architects,
Models (business view) Data
Context • Logical data models (data Analysts, Model
Organization, Proc Represented view), Class Diagram, other
ers
ess, Time, Geogra as
phy, Regulatory… Implementation Used mostly by
Models
• Physical data models
IT
Business
? • System, Service models…
Rules
OMG Modeling, Traceability Used mostly by
Interchange Formats, Code
and interoperability IT
XMI, RDF, OWL, DDL etc.
Standards
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9. Business Drivers – SmartData
• Exploding Data volumes and 7x24x365 access to
information from private, public and social media data
• Big Data analytics gaining attention but very little
emphasis on data semantics (business
meaning, rules, context, nuances)
– Big Data Analytics can find the ‘needles’ in globally dispersed
haystacks BUT are we finding the ‘Right Needles’ and the
information reliable and actionable?
• Net net, Big Data needs Smarter ways to define and
manage Semantics
– Based on Common business language, interoperability
standards suitable for different stakeholders’ needs
– Semantics make Data Smarter and transform data into a
Business Asset of high value
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10. Business Drivers – Enterprise Application Integration
• Semantic disambiguation of API connections
– Reduced system errors
– Improved data quality in target systems
– Higher value returned data
• Interoperability of data streams
– Types
• Internal data streams
– Strategic data repositories – Customer, Account, Product… (reference
and transaction data)
– Un-structured data – Emails, legal contracts, financial disclosures, etc.
• External data streams
– Public data – government and other non-profit data sources
– Public disclosures – financial disclosures, corporate actions, etc.
– Social media – twitter, facebook, blogs…
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11. Business Drivers – Regulatory Compliance
• Traceability of semantic end-data
– Semantic definition of links between data elements
– Mapping from regulatory requirements to actual system
data elements that support compliance with the
requirements (semantic equivalence vs. direct equivalence)
– Cross-department semantic disambiguation
(finance, trading, settlement, etc.)
• Lineage of semantic end-data
– Original source and intermediate data manipulation is
documents
• Implementation Cost Metrics for Regulations
– Formal model (a la EPA, DOE)
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12. Proposed Charter
Please refer to the Charter Document # get
from Juergen @ OMG
12

13. SmartData SIG Interactions Landscape
Non-OMG Groups OMG Groups
International Standards Analysis & Design Task Force
Organization (ISO)
Business Modeling &
Integration
W3C
SmartData SIG
Co-chairs, Liaisons Ontology PSIG
Enterprise Data
Management • Finance
Council
• Healthcare Data Distribution
PSIG
• FIX • Non-domain co-chair
• Financial
Products Markup Cloud Standards
Language WG
Architecture
XBRL Driven
Modernization PTF
Banking Industry Government Task
Architecture • SmartData Framework Force
Network (BIAN)
• Business use cases by
• MISMO domain
Finance Task Force
• MDDL • Best Practices Guide
• SWIFT • SmartData Engineer
• ACORD Role, Certification Healthcare Task
Force
Government Agencies
CFTC, OFR, SEC, Treasury, White
House OSTP, OpenGov Regulatory Compliance SIG
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14. Proposed deliverables – Phase 1, 2, …
• Business
– Initial List of Use Cases by Domain
– Role, Responsibilities and Certification of a Smart Data
Professional
– Best Practice guide to SmartData
• Architecture/Modeling
– SmartData Framework (SDF)
– Namespace/URI taxonomy/metamodel
– Logical data model of ‘data assets inventory’
• Technology
– Gap analysis of data interchange standards/protocols required
and standards organization action plan
– Prioritized list of standards and roadmap to incorporate into SDF
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15. Next Steps
• Review draft charter with OMG members and partners
in advance of next OMG Meeting
• Establish/kick-off SmartData SIG on June 19th OMG
meeting in Boston
– Key stakeholders (private sector, public sector, standards
bodies, govt agencies, White House OSTP, other DTFs)
– Review draft roadmap and deliverables for SDF
• Elect 1 Chair at June meeting
• Plan for Sept. OMG meeting
– Roadmap, business use cases, deliverables validation
– Elect 1 co-chair (other domain such as healthcare)
– Elect 1 co-chair (non-domain)
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16. Proposed Roadmap
June 2012 Sept 2012 Dec 2012 March 2013 June 2013
• Kick-off • Validate business • Revised SDF • Publish SDF • Initial submission
• Charter Approval use cases, roadmap • Revised SDP • Publish SDP of DSD
• Initial scoping • Early Draft SDF • URI registry • DSD RFP Issued •?
(business use • Early Draft SDP metamodel?
cases, Deliverables, • Evaluate candidate • RFP for Data
roadmap etc.) Identifiers Semantics Database
• Co-Chair election taxonomy (GS1)? (DSD) Logical model
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17. Appendix
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18. Acronyms
• FIBO – Financial Industry Business Ontology – an OMG-EDMC standard
• FIX – Financial Information Exchange Protocol
• FpML – Financial product markup language
• HL7- Health level 7 (major healthcare standard)
• CDISC – Clinical Data Interchange Standard
• HSSP- Healthcare Services Specification
18

19. Deliverables: Business Use Cases list
• Financial Services
– Trade Decision Tree modeling and analysis
– Counterparty Exposure
– Smart Disclosures for consumers
• Health care
– STP of healthcare Payments
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20. Deliverables: SmartData Professional
• Role, Responsibilities and Certification of a Smart Data
Professional
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21. Deliverables: Architecture/Modeling
• SmartData Framework (SDF) scope
• Registry of Namespace/URI taxonomy, metamodel
• Logical data model of ‘data assets inventory’
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22. Deliverables: Technology
• Gap analysis of data interchange standards/protocols
required and standards organization action plan
• Prioritized list of standards and roadmap to
incorporate into SDF
– Vocabularies (domain and other)
– Ontologies (domain and other)
– Other standards of interest to SIG (such as GS1 taxonomies
of Identifiers)
– Etc.
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