The Enterprise Data Management Council (EDM Council) received approval for FIBO Foundations as the first of thirty data content standards for the financial industry. The Financial Industry Business Ontology (FIBO) is an open standard for defining the business terms and relationships associated with financial instruments, pricing concepts and financial processes. These “common language” standards are used to align the way financial institutions describe complex financial instruments and financial processes so that industry participants and regulators can harmonize reporting, validate data quality, aggregate transactions and analyze risks across the global financial system.
Source: Enterprise Data Management Council Releases its First Formal Ontology Standard