New Session Added to SemTechBiz NYC Line-up: Semantics in Finance

A new presentation has been added to the already bustling agenda for the Semantic Technology and Business Conference in New York next month. The conference, which takes place October 2-3 at the New Yorker, will now include Semantics in Finance: Addressing Looming Train Wreck in Risk Management, Regulatory Compliance and Reporting,  a presentation by Elisa Kendall, a partner at Thematix Partners.

"Virtually every bank in the US is scrambling to address compliance issues that Dodd Frank has already raised," Kendall writes, "and to be poised to deal with those that are coming. According to Sen. Elizabeth Warren, in a speech given on September 12th on the fifth anniversary of the financial crisis, Congress has a responsibility to eliminate the ability for institutions to become 'too big to fail', and to address those that already are. She stated that despite the volume of regulations that have already been published, 'the agencies have missed more than 60 percent of Dodd-Frank’s rulemaking deadlines.' Spurred on by heavy lobbying from the industry, legislators have been scrambling to take the teeth out of Dodd Frank and to minimize funding for the regulators."

Kendall adds, "Ontologies for financial regulations (FIRO, from the University of Cork), financial contracts and transitive risk (FIBO, from the EDM Council), and aspects of XBRL are all active efforts to apply semantics to this highly complex and problematic domain. These efforts, within academic and standards bodies and within and between individual institutions, are also highlighting some of the holes in current methods and technology required to provide much needed solutions." In this talk, Kendall will talk about the current state of semantics for the finance domain and provide some insights based on lessons learned to date into the capabilities needed to support risk management in a scalable and sustainable way.

If you haven't already, register for SemTechBiz NYC today. You can also review the full agenda.