The Bank Regulation Ontology is an operational application of the Financial Regulation Ontology.
In Semantic Compliance® the ontology defines semantic rules to evaluate federal regulations. The purpose is operational for:
- Banks to determine regulatory treatment and to compile reports and forms. The focus is on CCAR the Comprehensive Capital Analysis and Review. We are starting with the Call Reports as an example .
- Regulators to extract filing data, transform and load it into semantic data structures.
Latest update: The Financial Industry Business Data Model (FIB-DM) will have an Entity Relationship package of the Bank Ontology in Q3, 2019.
The Semantic Web is World Wide Web Consortium (W3C) extension of conventional web.
The standards promote common data formats and exchange protocols on the Web, most fundamentally RDF, the Resource Description Framework. In RDF everything is a triple of subject-predicate-object.
Ontology Web Language (OWL) standard extends RDF with semantics for classes, properties and individuals.
Beyond web applications, the semantic technology stack includes RDF database systems, SPARQL query language, inference and rules engine.
Bank compliance crosses the domains of Finance and Legal.
The Bank ontology imports, aligns and extends the dominant reference ontologies:
- The Financial Industry Business Ontology (FIBO) is a collaboration between the Enterprise Data Management Council and the Object Management Group.
FIBO holds the Fund’s reference data and financial information.
- The Legal Knowledge Interchange Format (LKIF), a European Union project models legal rules of the kind found in legislation and regulations.
LKIF holds the legislative context, text of laws and regulations and legal forms.
Bank and Financial Regulation Ontology rules connect the domains. They evaluate FIBO financial data to implement a regulatory requirement from LKIF.
This website is the publishing location for the Bank ontology files and provides the namespace for the resources. The diagram shows the family of modules for Financial Regulation Ontology.
Financial Regulation Ontology is the higher level, core ontology for all financial service providers. The ontology contains the text of:
|United States Code|
|12||Banks and Banking||17||Bank Holding Companies|
|53||Wall Street Reform and Consumer Protection|
|Code of Federal Regulations|
|12||Banks and Banking||II||Federal Reserve System||217||Capital Adequacy of Board Regulated Institutions|
|225||Bank Holding Companies and change in Bank Control (Regulation Y)|
|252||Enhanced Prudential Standards|
Semantic compliance is not an out of the box piece of software. It is a new standards based approach and methodology. All ontologies are Open Source with free MIT/GPL public license. Data and meta data management are part of the ontology. Requirements, models, mapping, lineage, business rules, everything expressed in RDF/OWL. Everything is a Triple.
To learn more: Implementing Financial Regulation Ontology tutorial on FinRegOnt, ontology documentation and OWL files on this site.