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In response to the 2007-09 financial crisis, the U.S. congress passed the Dodd Frank Act. Financial institutions will need to implement data standards such as instrument and business entity identifiers, associated reference data and hierarchies to support the reporting requirements in a manner that facilitates analytics and supports systemic oversight.
The purpose of this meeting is to accelerate the development of a 'sustainable, data standards and model driven' approach to regulatory compliance. Stakeholders from Object Management Group and EDM Council (in collaboration with other standards organizations) are contributing to the development of these standards. We will use this event to update attendees on the current status and invite participation in defining the future direction of data standards with an emphasis on how they can be used to support both regulatory analysis and reporting.
Target audience of this event will include business and IT executives from financial services, standards organizations, software vendors, reference data providers, architects and modeling community. Please refer to the enclosed agenda for details. Please note, this event is part of the quarterly OMG meeting and attendees will also have opportunity to see what other potentially relevant standards are being defined and developed by OMG members. For further information on this event or subsequent activities, please contact Harsh Sharma atharsh.w.sharma@
Tuesday Objectives:
Understand what type of systemic risk analytics the regulators want to perform and how the required data standards and associated reference data will support these analytics Emerging business, operational and IT challenges from Dodd-Frank Act response; required data standards and strategies How financial services organizations are preparing to address the business, operational, and IT challenges EDM Council's semantics repository work and underlying OMG modeling standards for end-to-end management of regulatory response
Wednesday Objectives:
Demonstration of sample P&C Vocabulary (based on OMG’s business vocabulary modeling standard) that includes traceability of Insurance business concepts to information model. Relevance of this work to Dodd-Frank Act requirements will be discussed
An overview of OMG standards that enable financial messages' interoperability to support Straight Thru Processing (STP)
How financial reporting standards such as XBRL could be used for Dodd-Frank reporting
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