The mission of the OMG's Finance Domain Task Force (DTF) is to promote the use of Financial Services and Accounting software that incorporate OMG standards; to provide an internationally recognized forum for industry focus on Financial Services and Accounting Facilities; to identify relevant standards, business architectures, research and technologies in this area of computing; and to assist and advise the OMG regarding its relationship with related Standards Organizations and Consortia. More on the mission statement can be found here. The most recent version of the Finance DTF roadmap will give you more information about our planned activities.
OMG is leading an ongoing public-private sector partnership with other standards organizations and regulatory agencies working to develop technology neutral standards-a critical success factor for organizations facing the challenges of being compliant with new financial regulations.
OMG is already working with organizations such as XBRL US and the Enterprise Data Management Council (EDM Council) to identify areas where standards can help organizations comply with these new regulations. Together the members of these groups are identifying existing standards that are applicable to challenges faced by financial services organizations, and determining where there are gaps in the current standards toolbox.
DRAFT AGENDA FOR FLORIDA MEETING TO FOLLOW HERE
Full notes from the Cambridge, MA FDTF sessions have been posted as OMG documents.
The following presentations are a record of the discussions of the group at these sessions:
In response to the 2007-09 financial crisis, the U.S. congress passed the Dodd Frank Act with global implications. Financial institutions across the globe will need to implement data standards such as financial instrument and business entity identifiers, associated reference data and hierarchies to support the reporting requirements in a manner that facilitates analytics and supports systemic oversight.
OMG and its liaison partners have determined that it's going to be crucial to focus on developing a sustainable data strategy backed by common language and symbology for financial reform. OMG's standards for Management of Regulatory Compliance (MRC), “Semantics of Business Vocabulary & Rules,”- SBVR) and information modeling are key enablers of the proposed common language and symbology.
EDM Council's semantic repository and roadmap are moving through OMG's standardization process as the series of “Financial Induisty Business Ontology” (FIBO) standards. Work on this project includes:
Work on this joint standards initiative may be followed on the dedicated OMG/EDM Council Joint Working Group wiki.
FDTF is in the process of developing a Trade Transaction Traceability RFP and XBL based reporting for Dodd-Frank Act (in partnership with XBRL and ISO20022). This standard will enable financial services organizations not only comply with the reporting requirements of Dodd-Frank Act but also help improve the efficiency and risk assessment of the Trading processes and operations. Use of XBRL for reporting of financial services Events (such as Corporate Actions) and IS20022's transaction codes taxonomy is relevant to this effort. OMG has formal liaison relationship with these organizations to ensure the standards developed are complementary not competitive.
Members of OMG's FDTF, EDM Council and PEW Trusts are working on developing a white paper outlining key ingredients of the strategy including data requirements and applicable standards being jointly developed by OMG and EDM Council. This white paper will also communicate how 'makers' and 'consumers' of regulations can benefit from an industry framework for financial reform and avoid multi-agency ruling, scope and time line conflicts.
MDMI's focus on message conversion allows continued use of legacy messages while simultaneously creating a process for smoothly introducing new message formats. It also means that financial information may be more easily moved from any format to any another. This new approach has the support of the largest and most important global financial networks. An important additional objective of MDMI is support for ISO20022 (UNIFI). This initiative creates a common data dictionary of reusable elements. Proof of concept projects for OMG's Model Driven Messaging Interoperability standard in the Insurance and Healthcare industries are underway.
Data quality is of great importance in response to regulations such as the Dodd-Frank Act. OMG's existing records management standards and enhancement of information modeling standard with data quality metrics was discussed.
OMG has a Category “D” liaison with ISO TC 68 in regard to defining financial services and aligning OMG specifications with ISO 20022.
Finance DTF works closely with ACORD to identify insurance industry requirements and coordinate the development of industry standards.
OMG has a collaborative agreement with FIX Protocol Ltd (FPL) to begin work both strategically in the overall area of architecture and modeling, and tactically in providing an industry standard approach for automated conversion between disparate financial messaging syntaxes.
The finance TF mailing list archive is here (scroll to bottom for most recent
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All OMG's adopted specifications, including all those sponsored by ADTF, are available at: http://www.omg.org/spec
The MDMI specification specifies mechanisms to provide conversions between message standards – particularly the IST harmonization payment kernel and the existing SWIFT, TWIST and IFX payment standards. Providing these formalized and standardized conversions should ease the acceptance of new standards as they will remove the need to update the large base of legacy applications using the older standards. The specification has attracted a lot of attention in the industry. It is available here.
See the “finance TF” section of OMG's Work in Progress page: http://www.omg.org/schedule/#FINANCE
Dr. Harsh Sharma, SVP, Data Standards, Citi
Mr. Mike Bennett, Head of Semantics and Standards, EDM Council
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