Transcript The EDM Council Semantics Repository: Building global consensus for the Financial Services Industry Mike Bennett Hypercube Limited 89 Worship Street, London EC2A 2BF www.hypercube.co.uk Emerging Ontology Work.

The EDM Council Semantics Repository:
Building global consensus for the Financial Services
Industry
Mike Bennett
Hypercube Limited
89 Worship Street, London EC2A 2BF
www.hypercube.co.uk
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Summary
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EDM Council Repository requirements
How we met those requirements
A look at the Repository
Upper Ontology considerations
Principles
Going Forward
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EDM Council Repository
requirements
• The EDM Council
“A non-profit trade association focussed on managing
and leveraging enterprise data as a strategic asset to
enable financial institutions to increase efficiency,
minimize risk, and create competitive advantage”
• Industry Requirements
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Consistent terminology
Mapping of terms in disparate systems
Standard agreed set of terms
Focus on meaning not words
• Business management of data
=business ownership of data semantics
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Requirements Management
Principles
• Requirements must be:
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Complete and consistent
Technology neutral
Comprehensible to business
Maintainable / maintained going forward
• These are therefore also the requirements for
business semantics representation
• Put business stakeholders in control of data
terms and meanings
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The Solution
• Use OWL for its expressive power
• Adapt into plain English
– Things
– Facts about those things
– Synonyms
• Output into business-consumable formats
– Spreadsheets (with OWL structure)
– Block diagrams (Things and relationships)
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A look at the Repository
• Terms are derived from existing industry
standards
– Reverse engineered
– May contain some design features and technical
definitions (to be eliminated)
• Arranged into sections
– by financial instrument class
– Securities components, dated items etc.
• Upper ontology is at the bottom, as “Global
Terms”
– plain English again
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Repository Tour 1: Overview
Part of Taxonomy of
Financial Instruments
(ISO 10962)
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Repository Tour 1: Overview
Thing
“Is A”
relation
Object Property
(Relationship Fact in English)
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Multiple Inheritance
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Repository Tour: Spreadsheet
Types of
OWL feature
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Ranges of properties
further along
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Repository Tour
• Financial Securities are a “Thing”
– Not directly attached to Thing but via Contract
– Reflects the wider reality where possible
• So are the components
– Contractual Terms
– Issued Equity
– etc.
• Things in the financial world are more
specialised kinds of things in the wider world
– Contracts, terms, capital, debt, parties etc.
– Example: Contract
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Repository Tour 2: Contracts
Contract
terms and
relations
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Repository Tour 3: Top Level
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Principles
• Top level: from John F Sowa’s KR Ontology
lattice
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Philosophical Order
Continuant v Occurrent
Concrete v Abstract
Extended with parts, sets, time etc.
• All other classes are descended from these
– Inherit from all 3 layers of the lattice
• Relationships also have inheritance
– e.g. “Share confers Voting Right” specialises
“Contract confers Right”
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Principles: Grammar
• The top level things each have a number of
necessary facts that are reflected in the
financial industry terms
– There is an “Archetype” of each general kind of thing
e.g. Contract, Party, Process
• Syntax or “Grammar” for each thing
– e.g. roles, parties, accounts equation
• Grammars for legal, mathematical etc.
• Includes process modelling primitives
– these are Occurrent Things
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Going Forward
• Initiating a round of industry subject matter
expert reviews
• Would want to standardise the upper
ontologies where possible
– e.g. XBRL and REA for financial
– emerging ontology terms e.g. Time
• How to integrate upper ontologies (SUMO etc.)
into the same upper layer structure
• Will also want to move to the OMG’s latest
ODM metamodel and UML Profile
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Summary
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Have used OWL as the basis
Extended this to plain English
Mechanised in a UML editing tool
Output in business-reviewable formats
Added structure to the upper ontology
– Using John Sowa’s KR Lattice as framework
– Defined archetypes for every kind of thing
– These form a grammar of necessary properties for
each class
• Would like to move to standard terms for the
upper ontologyEmerging Ontology Work Product
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Questions?
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