The core capabilities required for compliance and risk reporting include active data governance, integration, accountability, quality and flexible, interactive reporting. Organizations need to create a seamless, detailed, global view of their customer data, identify where the data comes from, validate its accuracy and identify who is accountable for it. They must also be able to quickly provide different and sometimes unanticipated views into this data. The opportunity here is that, if you do this right, you can simultaneously create a powerful, dynamic, analytic capability with a full interactive access to customer data for business users.
So how do you capitalize on this opportunity? Traditional technologies, often rigid and brittle, are struggling to meet compliance requirements. A new approach, built around flexible, common, semantic models, is emerging as a solution to this need. Why semantic models? They:
- Create a shared description of enterprise data, its meaning and its lineage
- Abstract any data type and source, structured and unstructured
- Express data in business terms - e.g., Financial Industry Business Ontology (FIBO) from OMG & the EDM Council
- Flexible and easily modified without coding
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