The Financial Industry Business Data Model, FIB-DM, is a complete model transformation of FIBO, the Financial Industry Business Ontology. Working with major financial institutions, the Enterprise Data Management Council created FIBO as the open-source industry standard for financial concepts, their relationships, and definitions.
With 3,040 normative entities released in January 2024, FIB-DM is by far the most extensive reference Enterprise For financial institutions and their Regulators.
The diagram shows the FIBO data model base packages. The arrows indicate dependencies, ontology-includes in the FIBO, and Supertypes in the data model.
The Object Management Group (OMG) upper ontologies in grey define generic constructs; they provide ultimate supertypes for entities in FIBO Foundation (FND) packages. Business Entities (BE) and Finance Business & Commerce (FBC) packages in green define financial concepts applicable to all sub-domains, insurance banking, and capital markets. They provide deep entity hierarchies for legal entities and their business role or function.
Finally, specialized packages provide design for Finance sub-domains, banking in blue, and financial instruments in orange.
Q: No dedicated Insurance package? How do FIBO and the data model support our design?
data architects and business users ask me.
Sorry, not yet. The Enterprise Data Management Council, EDMC, has highly qualified oncologists, but domain experts from member Financial Institutions (FIs) drive the content areas. When the EDMC launched the industry standard a few years ago, FIs wanted Securities and Derivatives and provided the expertise. Only recently did the focus move to retail banking, resulting in the Loans & Mortgages ontologies, and FIB-DM packages.
If you want Life, Car, or Property insurance, don’t wait, speak with the EDMC! They will be happy to launch a FIBO content group for Insurance.
A: The industry standard covers approximately 60% of an Insurance Enterprise Ontology or Data Model in, OMG, FIBO Foundation, Finance Busines & Commerce, and Business Entities.
Review the list report of the 3,040 FIB-DM entities.
OMG diagrams show foundational building blocks and ISO-derived country representation.
The 252 entities in BE Entities packages provide organization structure, ownership, government, corporate officers, and shareholders.
There are 594 entities in FBC for accounts, agreements (contracts), identifiers and registrations, regulations, balances and payments, etc.
636 entities in the FIBO Foundation model appraisals, contacts, commitments, jurisdiction, amounts, addresses, services, and schedules.
Conclusion: We should leverage the industry standard rather than reinvent it. We should subtype our insurance-specific entities from the appropriate FIBO supertypes.