Stardog, the leading provider of Enterprise Knowledge Graph technology, has joined the EDM (Enterprise Data Management) Council to become a full collaborator on the development of the Financial Industry Business Ontology (FIBO) standard.
FIBO is a joint initiative by the EDM Council and financial services organizations to create common, global data standards and definitions for financial instruments, pricing, business entities and contractual concepts.
The need for FIBO became undeniably apparent in the wake of the global financial crisis, as a common vocabulary, conceptual data model and processing standard to help banks and regulators better understand and aggregate financial risk.
“Stardog is a powerful graph database for searching and rules-based reasoning,” said Michael Atkin, Managing Director of the EDM Council. “We use Stardog in the development process to track and analyze FIBO as it’s developed. We are proud that Stardog has joined the EDM Council and grateful for their continued technical contribution.”
Stardog is pleased to announce that it’s the first “FIBO-aware” Knowledge Graph platform, mapping to FIBO semantic standards out-of-the-box. The platform’s sophisticated logic-based data modeling technology and ability to query unrelated data across business units provides real benefits for organizations adopting FIBO:
Data lineage and detailed traceability: Stardog has built-in support for data lineage standards because it automatically tracks the history of a data object, as well as provenance information and any changes to the object as it moves across systems. Detailed traceability of contractual elements is crucial for regulatory compliance.
Versioning support: Stardog’s platform automatically generates data lineage descriptions for each modification that can be queried and analyzed, which increases transparency of data management across internal systems.
Categorization and analysis: Stardog can automatically classify financial data into categories based on its properties and relationships with other entities, making it easier to detect and analyze high-risk and other notable financial transactions.
“The financial industry has long needed a more systematic approach in unifying distributed, heterogeneous, and complex financial data across and over vertically-organized lines of business to better manage risk,” said Kendall Clark, Stardog chief executive officer.
“Stardog can help financial services and regulatory organizations de-mystify complex contractual relationships,” Atkin added. He went on to explain, “Unraveling business relationships and obligations is the new mandate in today’s interconnected environment.”
Stardog is an enterprise Knowledge Graph platform that allows customers to query massive, disparate, heterogeneous data regardless of structure with simplicity of implementation. Stardog has enterprise customers from Fortune 500 in finance, health care & life sciences, energy, media, and government. Download a free trial at https://www.stardog.com.
About EDM Council
The EDM Council is a 501(c)(6) non-profit trade association founded to elevate the practice of data management as a business and operational priority. The Council is a leading advocate for the development and implementation of data content standards and the publication of data management best practices. For more information, visit https://edmcouncil.org.
Sue Spinney Stardog Union sue(at)stardog(dot)com +1 202-408-8770
Patrick Sutton Paragon Public Relations for EDM Council patrick(at)paragonpr(dot)com +1 646-558-6226