Wednesday, June 5, 2013
01:00 PM - 02:00 PM
|Location: ||Imperial B|
Adoption of Semantic Technologies is accelerating among financial services firms in response to post recession regulations and demand for data analytics to drive growth: Semantic Technologies make finance "smarter."
Current Landscape: 1. 92% of finance’s costs are in data. 2. In finance, data is money. We deal with financial instruments, payments, contracts, multi-party relationships that are subject to complex external events such as macroeconomics, politics, social trends and regulations.
3. Years of frenetic invention of financial instruments unbridled from data controls built an electronic Tower of Babel. Financial systems cannot understand one another and they cannot integrate to reveal a reliable picture of the business. Incomprehensible data creates a high risk, “Barings-style”, environment where trades occur without executive oversight and profitable products go unrecognized. Fortunately, smart banks joined forces to dismantle the data Towers of Babel, byte by byte. They are building standards for semantics such as [FIBO and MISMO?] that improve risk controls, customer service, and business information.
4. Semantic technologies also support big data analytics. Big Data analytics can help find interesting patterns. BUT are these the Right patterns? Does big data tell you what you did not know already or asked for? Linked networks of standardized financial business semantics facilitate the transformation from Big Data to SMART Data (Standardized, Measurable, Adaptable, Reliable, Transparent)
David Newman is Senior Vice President and Strategic Planning Manager of Enterprise Architecture at Wells Fargo Bank. David also chairs the Semantic Technology Program for the Enterprise Data Management Council and is leading a collaborative effort with the Object Management Group to develop and implement operational ontologies for Business Entities, Derivatives, Mortgage Backed Securities, Loans and other financial instruments as part of the Financial Industry Business Ontology (FIBO) effort. David is also a frequent speaker on semantic technology at industry, academic and financial regulatory conferences and has authored several articles on the subject.
Larry Goldberg, Managing Partner of Knowledge Partners International, LLC (KPI), has over forty years of experience in building technology based companies on three continents. Those companies focused on rules-based technologies and applications. He has played a primary architectural role in financial services, healthcare, supply chain, and property & casualty insurance. Larry is co-inventor of The Decision Model, serving as Engagement Manager for KPI Decision Modeling and Requirements Projects. He is co-author of The Decision Model: A Business Logic Framework linking Business and Technology published by Taylor and Francis 2009 and co-editor of The Business Rule Revolution: Running the Business the Right Way (HappyAbout.info 2007).
As the Chief Architect and CTO of the Department of Defense (DoD) Business Mission Area (BMA) within the Office of the Deputy Chief Management Officer (DCMO) Dennis E. Wisnosky was responsible for providing expert guidance and oversight in the design, development, and modification of the federated architectures supporting the Department's Business Mission Area. This role incorporated oversight of the DoD Business Enterprise Architecture (BEA), Business Process Reengineering (BPR) and the corporate level systems, processes, and data standards common across the DoD. Mr. Wisnosky led the transformation of architecture-driven business systems and services development, and deployment. Among others, he received a Fed100 Award (2006) and an “Excellence in Government Leadership Award (2011) in recognition of his accomplishments.