EDM Council Partners with Cambridge Semantics to Operationalize FIBO
‘Smart Data’ Analytics Company to Operationalize Financial Industry Ontology Standard
CAMBRIDGE, Mass. – June 23, 2015 – Cambridge Semantics, the leading provider of smart data solutions driven by Semantic Web technology, today announced that the Enterprise Data Management Council (EDM Council) has partnered with the company to support deployment of the Financial Industry Business Ontology (FIBO) initiative.
Founded by the financial industry in 2005, the EDM Council is a neutral business forum dedicated to elevating the practice of data management as a mandate for efficient business operations. It is developing an industry standard to define financial business terms, FIBO, to simplify the way financial institutions describe complex processes, allowing industry participants and regulators to harmonize reporting, authorize data quality, collect transactions and analyze risks across the global financial system.
Cambridge Semantics, along with industry practitioners, semantic technology experts and information architects, are collaborating to standardize the language used to define and simplify terms associated with financial processes, market data and legal obligations.
Cambridge Semantics will utilize its award-winning Anzo Smart Data Platform to automate deployment of the ontology. Anzo Smart Data Platform helps financial enterprises and others rapidly discover, understand, combine, analyze, link and manage data from diverse sources, both from within and across organizational boundaries.
“We look forward to offering our services and contributing to the development of the FIBO ontology to enhance the efficiency of operations among financial institutions,” said Marty Loughlin, VP Financial Services, Cambridge Semantics. “With the Anzo Smart Data solution, FIBO Content Team members will have the tools they need to access and analyze data quickly and effectively.”
FIBO offers a standard reference model for harmonizing disparate data that can be used for both regulatory reporting and business process automation.
“We are pleased to partner with Cambridge Semantics and use their Anzo platform to deploy FIBO,” said Michael Atkin, Managing Director of the EDM Council. “We look forward to our continued collaboration with Cambridge as part of the ongoing FIBO deployment process.”
About the EDM Council
The EDM Council is a non-profit trade association founded by the financial industry to elevate the practice of data management as a business and operational priority. The Council is the originator of the Financial Industry Business Ontology (FIBO™), a content standard used as the common reference point for harmonizing data across the financial industry; and the Data Management Capability Assessment Model (DCAM), the standard criteria for evaluating data management programs. For more information, please visit www.edmcouncil.org.
About Cambridge Semantics
Cambridge Semantics (CSI), the Smart Data Company, is an enterprise analytics and data management company. It enables customers and partners to rapidly build interactive, real-time smart data solutions based on its Anzo Smart Data Platform (Anzo SDP).
IT departments and business users gain better understanding and data value through the semantic linking, analysis and management of diverse data whether internal or external, structured or unstructured. The Anzo SDP smart data solutions are delivered with increased speed, at big data scale and at the fraction of the implementation costs of using traditional approaches.
The company is based in Boston, Massachusetts.