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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.
Co-Chairs:
Finance DTF Email Lists:
The OMG maintains a number of email lists for our groups.
Click
here to view the email list(s) which are pertinent to this group. Many lists are only
open to members of the OMG.
Upcoming Projects:
A draft RFP of the Trade Transaction Traceability Map
standard leveraging OMG's event and software agent modeling
standards will be presented at the Salt Lake City meeting in
June 2011.
A ½ day working session will be dedicated to a financial
services reporting architecture and standards will be part of
the Salt Lake City meeting agenda. Goal of this session is to
develop use cases where OMG, XBRL and EDMC-OMG standards can be
applied to support Straight Through Processing (STP)
requirements of regulatory reporting.
OMG's Property and Casualty (P&C) Insurance group have
requested a final submission of the P&C Information Model
for June 2011. This standard will enable Insurers to leverage
the OMG information model and vocabulary standard for their
Claim and related business processes.
Semantic models for Legal Entity and Financial Instruments:
follow-up work streams have been identified including
enhancements required to OMG's ontology modeling standard. OMG's
Time and Date ontology work can be re-used. OMG and EDMC members
will present the roadmap, work streams, deliverables and time
lines at the June 2011 OMG meeting in Salt Lake City.
A process to define a Unified Modeling Language™ (UML®)
Profile for Extensible Business Reporting Language - General
Ledger (XBRL-GL) is underway. The proposed specification would
allow rapid development of XBRL-GL-conforming Global Ledgers
using widely available UML tools, certification and expertise.
Next Steps:
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Development of a white paper on sustainable
data strategy for financial reform
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OMG-EDMC members to start developing the
standards for financial reform including Trade Transaction
Traceability Map for systemic risk assessment and reporting
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Engagement with the regulatory agencies'
leadership on an ongoing basis for development of the
financial reform standards. Dr. Richard Soley, OMG's CEO and
Michael Atkin, EDMC's Managing Director will debrief the
leadership of OFR, SEC, Federal Reserve in Washington DC (May
2011) to engage additional stakeholders into the development
of financial reform standards and emerging standards compliant
technologies.
How to get involved:
If you are interested in getting involved with this group, want more information or
would like to come as a guest to an upcoming meeting and obtain temporary access to the
mailing list, please contact one of our
Account Representative or
contact the Chair.
Click here to participate in projects which are
made available to everyone willing to contribute to development of standards chartered by
the group.
Liaisons:
Finance DTF 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.
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Upcoming OMG TC Meeting:
December 12-16, 2011 - Santa Clara, CA USA
For meeting info and registration, click
here.
Finance DTF Hot Topics
Existing Standards & Work in Progress
Dodd Frank Act: 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.
Language: 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. Work on this project includes:
- Vocabulary and model for: Legal Entity Identifier and
Hierarchy, Product Identifier Hierarchy and supporting reference
data
- Enhancements required to OMG modeling standards used in the
development of Semantics Repository content
Reporting: 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.
Future-Proofing Financial Reform: 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.
Model Driven Message Interoperability: 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: 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.
Finance Specifications:
Click here
for a list of published OMG Finance specifications. Click here
for a list of OMG Finance specifications under development. If you have any questions about
these specifications, please feel free to contact the Finance
DTF Co-Chairs.
Model Driven Message Interoperability (MDMI)
Specification Middleware for Messaging™
The MDMI specification, being finalized, 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. A copy is available here.
UML Profile for XBRL Global Ledger (GL) Framework RFI
The Extensible Business Reporting Language (XBRL)
is an emerging global standard for representing the syntax and
semantics of business reporting languages, gaining traction in
industry and government as an open standard for "business
reporting" and especially compliance-related information. The
purpose of this RFI is to identify parties with an interest in
formal models for operational and accounting systems integration. It
focuses on those willing to participate in the development of UML
models of XBRL GL and specifically a UML Profile for XBRL GL. A copy
is available here.
A webinar on this emerging standard is available at http://www.omg.org/news/xbrl_webinar.htm.
Insurance Working Group
A Finance DTF working group organized to develop Property and Casualty Information
Models using MDA http://www.omg.org/mda/
as the foundation and standard Business Glossary to support
P&C business functions (operational and analytics). Also, to
develop a standard ‘Reference Model’ for P&C that can
also be reused/extended in other related domains like Life and
Reinsurance. For more information, go here. MDMI
Consortium A consortium with the goal to have
a number of players involved in a proof-of-concept to see and show
that the Model Driven Message Interoperability (MDMI)
Specification can deliver on the promise of financial message
interoperability. Visit http://www.mdmi-consortium.org
for more information.
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