OMG ‘SmartData’ Special Interest Group June 19 th 2012 Contacts: Neville Teagarden Harsh Sharma Joe Mike Working Document for June 19 th Kick-off session

Index Quick Primer on OMG What is ‘SmartData’ and Semantics? Business Drivers Proposed Charter Proposed deliverables Draft Roadmap Appendix 2

3 Primer on OMG Domain Task Forces Finance, Healthcare, Telecom, Space, Business Modeling & Integration… Domain Task Forces Finance, Healthcare, Telecom, Space, Business Modeling & Integration… Special Interest Groups (SIGs) Business Architecture, Regulatory Compliance… Special Interest Groups (SIGs) Business Architecture, Regulatory Compliance… Councils Chief Data Officer Council, Cloud Standards Customer Council Councils Chief Data Officer Council, Cloud Standards Customer Council Business Natural Language (business concepts, rules, context…) Business Process, Events Modeling Records Management Business value, motivation, decision and requirements modeling Regulation Modeling Mapping to defense and other industry frameworks Model Driven Architecture System (IT, other) Modeling Service (SOA) Modeling Data Distribution and Interchange Data life-cycle Modeling Software Agents Modeling Middleware interoperability OMG Process: Neutral and Sustainable Business Modeling Architecture modeling & alignment Core OMG modeling languages Technology, data, interoperability & traceability modeling Platform Task Forces Middleware, Analysis and Design, System Assurance … Platform Task Forces Middleware, Analysis and Design, System Assurance …

What is SmartData and Semantics? 4 An organization is deemed to have SmartData when:  Business Semantics* of the Data, its life- cycle and usage in business processes are well defined and managed by the business in partnership with IT  Data analysis alludes to ‘previously unknown’ insights (not just answer questions one might seek) about its products, customers, partners, regulatory obligations…  Data assets are ‘Linked’ and conform to industry (and internal) standard ‘Semantics’  Data management professionals (SmartData Professionals) are able to monetize their data assets for competitive advantage  ? Data+Semantics  SmartData An organization is deemed to have SmartData when:  Business Semantics* of the Data, its life- cycle and usage in business processes are well defined and managed by the business in partnership with IT  Data analysis alludes to ‘previously unknown’ insights (not just answer questions one might seek) about its products, customers, partners, regulatory obligations…  Data assets are ‘Linked’ and conform to industry (and internal) standard ‘Semantics’  Data management professionals (SmartData Professionals) are able to monetize their data assets for competitive advantage  ? Data+Semantics  SmartData *Semantics? it's all about meaning, business rules, context, nuances… *Semantics? it's all about meaning, business rules, context, nuances…

Inter-connected Networks of Semantics across domains SmartData --> Better Business Value 5 Volume Velocity Variability Business Usage/Value Corporate Actions Planning Trade Systemic Risk Analysis Smarter Disclosures, Regulatory vocabularies, Legal Contracts Illiquid Asset Valuation Personalized patient treatment plans, outcome reporting Energy Asset Optimization Business Usage/Value Corporate Actions Planning Trade Systemic Risk Analysis Smarter Disclosures, Regulatory vocabularies, Legal Contracts Illiquid Asset Valuation Personalized patient treatment plans, outcome reporting Energy Asset Optimization FIBO FIX FpML US GAAP, IFRS IFRS Financial Services/Insurance ACORD, OMG P&C Healthcare HL7 CDISC BIAN HSSP Other Domains Energy, Telecom, Space, Manufacturing... Data Assets Private, Public, Social Media… Internal Semantic Standards Internal Semantic Standards Core Semantics ISO20022 Payments Date, Time Party Geography

SmartData: Empowering the Business User 6 Business User Risk Manager, Trading Operations Lead, Regulator, Healthcare Specialist…. Under construction Database of DataAssets’ Semantics Security, Price, Events Master Central (reference data semantics) Transactional data assets’ semantics Legal contracts data semantics Regulatory reporting data semantics External data semantics… Data Assets Portal to search, discover, connect Data Assets Business Natural Language Processing, Machine Learning, Artificial Intelligence Watson, Siri, Skyvi, other Semantic Reasoners… Private Sector Data (internal) Structured, unstructured… Private Sector Data (internal) Structured, unstructured… Public Sector Data (Structured, unstructured) Data.gov, public disclosures etc. Public Sector Data (Structured, unstructured) Data.gov, public disclosures etc. Social Media Twitter, Facebook, Google+ etc. Social Media Twitter, Facebook, Google+ etc. Cloud(s) of industry standards’ Semantics Depository of Corporate DataAssets’ Semantics Corporate data standards/ Semantics

Future state: ‘Linked Semantics Networks’ (some early thoughts) 7 Business Natural Language Processing, Machine Learning, Artificial Intelligence Watson, Siri, Skyvi, other Semantic Reasoners…to find the ‘Right Needles’ in Haystacks of data Linked Networks of Semantics using URIs ISOOMGW3CEDMCFIXFpMLMDDL XBRL, other… URI Registry/Namespace alignment? Islands of Data Private Sector Data (internal) Structured, unstructured… Private Sector Data (internal) Structured, unstructured… Public Sector Data (Structured, unstructured) Data.gov, public disclosures etc. Public Sector Data (Structured, unstructured) Data.gov, public disclosures etc. Social Media Twitter, Facebook, Google+ etc. Social Media Twitter, Facebook, Google+ etc.

Semantics can be represented in many ways, formats… 88 Meaning of Business Concepts, Things Context Organization, Process, Time, Geography, Regulatory… Business Rules Text Interchange Formats, Code XMI, RDF, OWL, DDL etc. ? Models using formal modeling languages and symbology Technology/platform Agnostic Models Business Process, Ontology Models (business view) Logical data models (data view), Class Diagram, other Implementation Models Physical data models System, Service models… Natural Language, Speech Community *Semantics is the study of meaning. It focuses on the relation between signifiers, such as words, phrases, signs and symbols, and what they stand for.meaningwordsphrases signssymbols * en.wikipedia.org/wiki/Semanticshttp:// en.wikipedia.org/wiki/Semantics Represented as Used by Business SMEs, Legal, Architects, IT… Used by many Business SMEs, Architects, Data Analysts, Modelers Used mostly by IT OMG Modeling, Traceability and interoperability Standards

Business Drivers – SmartData Exploding Data volumes and 7x24x365 access to information from private, public and social media data Big Data analytics gaining attention but very little emphasis on data semantics (business meaning, rules, context, nuances) – Big Data Analytics can find the ‘needles’ in globally dispersed haystacks BUT are we finding the ‘Right Needles’ and the information reliable and actionable? Net net, Big Data needs Smarter ways to define and manage Semantics – Based on Common business language, interoperability standards suitable for different stakeholders’ needs – Semantics make Data Smarter and transform data into a Business Asset of high value 9

Business Drivers – Enterprise Application Integration Semantic disambiguation of API connections – Reduced system errors – Improved data quality in target systems – Higher value returned data Interoperability of data streams – Types Internal data streams – Strategic data repositories – Customer, Account, Product… (reference and transaction data) – Un-structured data – s, legal contracts, financial disclosures, etc. External data streams – Public data – government and other non-profit data sources – Public disclosures – financial disclosures, corporate actions, etc. – Social media – twitter, facebook, blogs… 10

Business Drivers – Regulatory Compliance Traceability of semantic end-data – Semantic definition of links between data elements – Mapping from regulatory requirements to actual system data elements that support compliance with the requirements (semantic equivalence vs. direct equivalence) – Cross-department semantic disambiguation (finance, trading, settlement, etc.) Lineage of semantic end-data – Original source and intermediate data manipulation is documents Implementation Cost Metrics for Regulations – Formal model (a la EPA, DOE) 11

Proposed Charter 12 Please refer to the Charter Document # get from OMG

SmartData SIG Interactions Landscape OMG Groups Analysis & Design Task Force Business Modeling & Integration Ontology PSIG Data Distribution PSIG Cloud Standards WG Architecture Driven Modernization PTF International Standards Organization (ISO) MISMO MDDL SWIFT ACORD MISMO MDDL SWIFT ACORD FIX Financial Products Markup Language FIX Financial Products Markup Language XBRL Enterprise Data Management Council Banking Industry Architecture Network (BIAN) Government Agencies CFTC, OFR, SEC, Treasury, White House OSTP, OpenGov Government Agencies CFTC, OFR, SEC, Treasury, White House OSTP, OpenGov SmartData Framework Business use cases by domain Best Practices Guide SmartData Engineer Role, Certification SmartData Framework Business use cases by domain Best Practices Guide SmartData Engineer Role, Certification Non-OMG Groups Regulatory Compliance SIG Government Task Force 13 SmartData SIG Co-chairs, Liaisons Finance Healthcare Non-domain co-chair SmartData SIG Co-chairs, Liaisons Finance Healthcare Non-domain co-chair W3C Finance Task Force Healthcare Task Force

Proposed deliverables – Phase 1, 2, … Business – Initial List of Use Cases by Domain – Role, Responsibilities and Certification of a Smart Data Professional – Best Practice guide to SmartData Architecture/Modeling – SmartData Framework (SDF) – Namespace/URI taxonomy/metamodel – Logical data model of ‘data assets inventory’ Technology – Gap analysis of data interchange standards/protocols required and standards organization action plan – Prioritized list of standards and roadmap to incorporate into SDF 14

Next Steps Review draft charter with OMG members and partners in advance of next OMG Meeting Establish/kick-off SmartData SIG on June 19 th OMG meeting in Boston – Key stakeholders (private sector, public sector, standards bodies, govt agencies, White House OSTP, other DTFs) – Review draft roadmap and deliverables for SDF Elect 1 Chair at June meeting Plan for Sept. OMG meeting – Roadmap, business use cases, deliverables validation – Elect 1 co-chair (other domain such as healthcare) – Elect 1 co-chair (non-domain) 15

Proposed Roadmap 16 June 2012 Kick-off Charter Approval Initial scoping (business use cases, Deliverables, roadmap etc.) Co-Chair election Sept 2012 Validate business use cases, roadmap Early Draft SDF Early Draft SDP Evaluate candidate Identifiers taxonomy (GS1)? Dec 2012 Revised SDF Revised SDP URI registry metamodel? RFP for Data Semantics Database (DSD) Logical model March 2013 Publish SDF Publish SDP DSD RFP Issued June 2013 Initial submission of DSD ?

Appendix 17

Acronyms FIBO – Financial Industry Business Ontology – an OMG-EDMC standard FIX – Financial Information Exchange Protocol FpML – Financial product markup language HL7- Health level 7 (major healthcare standard) CDISC – Clinical Data Interchange Standard HSSP- Healthcare Services Specification 18

Deliverables: Business Use Cases list Financial Services – Trade Decision Tree modeling and analysis – Counterparty Exposure – Smart Disclosures for consumers Health care – STP of healthcare Payments 19

Deliverables: SmartData Professional Role, Responsibilities and Certification of a Smart Data Professional 20

Deliverables: Architecture/Modeling SmartData Framework (SDF) scope Registry of Namespace/URI taxonomy, metamodel Logical data model of ‘data assets inventory’ 21

Deliverables: Technology Gap analysis of data interchange standards/protocols required and standards organization action plan Prioritized list of standards and roadmap to incorporate into SDF – Vocabularies (domain and other) – Ontologies (domain and other) – Other standards of interest to SIG (such as GS1 taxonomies of Identifiers) – Etc. 22