EDM Council and Financial Services Uses Cases for Knowledge Graphs
February 7, 2019 | By: Kirk Newell
Digital transformation and regulatory compliance are driving challenging new demands for access to enterprise data in large Financial organizations. Most organizations are struggling to meet these demands with brittle traditional technologies lack the flexibility and ease of use to adapt to the new requirements. Forward looking organizations are deploying modern data integration and discovery platforms, based on semantic Knowledge Graphs (KGs), to meet the new demands.
A semantic graph or knowledge graph is a conceptual model of the world that is intuitive for business users to understand. The Financial Industry Business Ontology (FIBO) from the EDM Council is an example of a business conceptual mode for the Financial Industry. FIBO gives us a common vocabulary and meaning for key concepts and terms – a lingua franca or rosetta stone – for the industry and the regulators. It also gives us a way to describe (and harmonize) our data in a way that is independent of any physical source.
In October/ November of 2018, Marty Loughlin, Senior Vice President, Head of Global Sales at Cambridge Semantics, had the opportunity to participate in the Enterprise Data Management Council (EDMC) member meetings in London and New York City. We presented five real world use cases for Knowledge Graphs in Financial Services:
- Interest Rate Swap Risk Analytics
- Trade Surveillance
- Fraud Analytics
- Data Preparation for Machine Learning
- Data Integration and Migration
Click on the video below to watch the full presentation at the EDM Council Member’s Briefing in New York:
To read a deeper dive into these use cases, including all the images from the presentation, read Marty’s blogpost “Why Knowledge Graph for Financial Services? Real World Use Cases”.