2025-04-04 Meeting notes
- Elisa Kendall
Date
Apr 4, 2025
Participants
@Elisa Kendall
@Mark Flood
@John Gemski
@Tahoe Blue
Discussion
The Q1 2025 FIBO release will be published this evening.
Today we started the meeting discussing potentially integrating some of the supply chain work that has been done for the Industrial Ontologies Foundry. Farhad Ameri, Arizona State, provided an update on the work at the OMG Technical Meeting in Reston last month. Farhad is integrating his work for proto OKN with the IOF work and should be revisited for potential standardization.
We then returned to the discussion of DER-90 - as part of that, the rate derivatives ontology is being cleaned up and its remaining content may be moved to the derivative basics ontology.
We also briefly discussed new use case from Australian Super Fund regarding bereavement claims, which may require additions to FIBO and a separate custom ontology. Additions may require an ontology for process, or at least for process steps. We note that the use of ontologies to describe the state of the universe and process is challenging. There are existing ontologies for BPMN, but some have been found to be inadequate. Standardizing an ontology for BPMN, or parts of BPMN, at OMG would be helpful in this regard.
Finally, we discussed ongoing work to integrate more of ACTUS into FIBO. ACTUS is being used in research projects, EU projects, and mobile banking, but few, if any, major banks are currently using it. A proof of concept exercise could be done with a willing participant from a major bank. The goal is to have more confluence and merging of concepts, rather than fractal images, which is what still exists in many environments. A concordance of synonyms may be needed to find places where the things in ACTUS can find a home in FIBO, which is similar to our current approach of using a controlled vocabulary and mapping that to the relevant concepts in FIBO.
Next steps include:
Complete the process of moving content from the rate derivatives ontology to derivatives basics
Add parameters relevant to derivatives, and rate derivatives in particular from ACTUS to the relevant derivatives ontologies
Jeff will send an updated spreadsheet including acronym explosions for ACTUS parameters around for review and use in creating the mapping and determining where any remaining gaps may be in FIBO.