The SMART Regulation project, co-founded by Object Management Group andData Transparency Coalition, brings together professionals from private and public sector with common interest in identifying opportunities for data innovation and standardization in regulations and disclosures. This is the first attempt to formally identify and leverage data standards represented as Smart vocabularies, business rules, data models, Ontology, interchange and publication formats, and standard identifiers - to improve all phases of the regulatory process leading to automation and data transparency. We also intend to identify and develop proof of concept(s) that demonstrate the benefits of data standards to non-technical decision-makers, including legislators and government agency managers, in concrete and compelling ways.
SMART Regulation project will leverage the principles and framework defined by SMART Data Coalition. SMART Data Coalition is an advocacy group of business , data and IT experts from private & public sector, standards organizations and academics dedicated to turning ‘raw data’ into SMART Data , a business Asset that can be monetized. For additional details please click SMART Data
Regulatory agencies around the world are beginning to define, develop and adopt existing industry data standards, though not systematically. Legislatures, too, have begun to explore the need for multi-agency mandates. For example, the Dodd-Frank financial reforms in the United States established an office with the authority to require other U.S. financial regulators to standardize their interchange formats and the U.S. Congress is poised to enact standardization legislation for the federal government's own finances. Meanwhile, the EU Parliament is considering legislation that would set up a standard interchange format for all corporate financial statements. No private-sector group has stepped forward to offer policymakers the necessary expertise and broad leadership for consistent data architecture in regulation. Our group - backed jointly by the largest private-sector technology standards setter and the only trade association that focuses on how governments should manage their own data - can provide that needed expertise and leadership
Smart Regulation Project roadmap consist of specific work streams, deliverables and time lines. For additional details please visit this Link
Meeting notes and presentations can be found at Meeting Presentations and Notes
External presentations and links can be found at External presentations and links
The SMART Regulation project is overseen jointly by Dr. Harsh Sharma of Citi, who co-leads OMG's financial domain task force and Hudson Hollister, Executive Director,Data Transparency Coalition. John Mulholland from Adaptive Inc. is serving as a volunteer program manager. John Vernon, an independent consultant is serving as a project manager responsible for development of Regulatory and Disclosure Semantics matrix. Dr. Tom Butler from University College, Cork, Ireland is leading the development of Financial Industry Regulatory Ontology (FIRO) standard.
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For any comments on the wiki or change suggestions, please contact Elie Abi-Lahoud - e.abilahoud AT ucc DOT ie.