What is FIBO?
The FIBO (Financial Industry Business Ontology) standard is an industry initiative to define financial industry terms, definitions and synonyms. It was driven by Dodd Frank and the industry requirement for improvements in data quality and transparency.
The FIBO ontology unambiguously describes, in business terms, contractual concepts for business entities, securities, derivatives, loans, market data, corporate actions and transactions.
FIBO is a key initiative of the EDM Council and is a collaborative effort among industry practitioners, semantic technology experts and information scientists to standardize the language used to precisely define the terms, conditions, and characteristics of financial instruments; the legal and relationship structure of business entities; the content and time dimensions of market data; and the legal obligations and process aspects of corporate actions.
Benefits of FIBO
The contextual meaning of FIBO provides a common standard reference point for data alignment across the industry and within internal applications, to make systems integration more economical. FIBO also aligns data for regulatory reporting, internal risk, compliance, and analytics.
The FIBO model can be effectively utilized to fulfil:
- Regulatory governance
- Data standardization
- Risk management
- Data analytics requirements
Open EDM with GoldenSource: your data "hotspot"
GoldenSource is the first global EDM solution to be mapped to FIBO semantic standard.
As a FIBO-enabled application, GoldenSource EDM provides financial institutions with the opportunity to rapidly support regulatory reporting, provisioning of data to internal systems, and to distribute "fit for purpose" data to different user groups throughout their enterprise.
GoldenSource’s adoption of FIBO means that any financial institution using our software and out-of-the-box Connections to common data suppliers, are able to access, analyse, and produce output that is consistent with FIBO standards.
Using FIBO with GoldenSource EDM:
- Simplifies the definition of business requirements for data
- Speeds up the integration with your business applications
- Represents the future of performing complex analytics
- May become the future of regulatory reporting