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Semantics & Big Data Go to the Bank

By   /  April 30, 2013  /  No Comments

Glen Fest of American Banker reports, “The use of semantics often is a way to evade the issue at hand (i.e., Bill Clinton’s parsed definition of ‘is’).”

Glen Fest of American Banker reports, “The use of semantics often is a way to evade the issue at hand (i.e., Bill Clinton’s parsed definition of ‘is’). But in David Saul’s world of bank compliance and regulation, it’s something that can help get right to the heart of the matter. Saul, the chief scientist at State Street Corp. in Boston, views the technology of semantics—in which data is structured in ways that it can be shared easily between bank divisions, institutions and regulators—as an ends to better understand and manage big-bank risk profiles. ‘By bringing all of this data together with the semantic models, we’re going to be able to ask the questions you need to ask to prepare regulatory reporting,’ as well as internal risk calculations, Saul promised at a recent forum held at the New York offices of SWIFT, the Society for Worldwide Interbank Financial Telecommunication.”

Fest continues, “Saul’s championing of semantics technology was part of a wider-ranging panel discussion on the role of technology in helping banks meet the current and forthcoming compliance demands of global regulators. ‘That’s really what we’re doing: trying to pull risk information from a variety of different systems and platforms, written at different times by different people,’ Saul says. To bridge the underlying data, the Financial Industry Business Ontology (FIBO), a group that Saul participates in, is creating the common terms and data definitions that will put banks and regulators on the same semantic page. With an estimated cost of $150 million to $350 million for large international institutions, banks will have an expensive new burden in having to report ‘much more detail, much more frequently’ under the Dodd-Frank Act and Basel III, according to Javier Perez-Tasso, SWIFT’s marketing chief and the host of the March panel in New York.”

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