Bank of England’s Data Transformation Plan “BIAN’s ...
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Bank of England’s Data Transformation Plan “BIAN’s Financial Industry Data Model" 30 March 2021
Transcript of Bank of England’s Data Transformation Plan “BIAN’s ...
Bank of England’s Data Transformation Plan
“BIAN’s Financial Industry Data Model"
30 March 2021
Copyright BIAN 2020 | Banking Industry Architecture Network
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BIAN – Patrick Derde
Patrick is a BIAN 9.0, Cobit 5, TOGAF 9.2, ArchiMate 3.1 and SFIA 6 certified enterprise architect. He has more than 20years experience in the different domains of enterprise architecture in financial institutions, Retail, Government, Utilities, etc.He has a master in Commercial Engineering and at the university of Leuven KULeuven and he also graduated in Insurancesciences. In 2009 he was awarded and nominated as a fellow of the university of Leuven. He is founding member anddirector of the Data Management Association (www.dama-belux.org), Managing Partner of Envizion (www.envizion.eu). In2018 he started developing the BIAN Information Architecture and became responsible for the BIAN Architecture Repository(www.bian.org).
Contact information:
Patrick Derde +32 497 302 387
linkedin.com/in/patrick-derdewww.bian.org
www.twitter.com/patrickderde
www.envizion.eu
50% TEXT + 50% IMAGE
Introduction | Mission
To provide the world with the best banking inter-operability architecture. To be the banking technology standard.
Central objectives for IT in the banking industry are to lower the IT and operational costs of the bank and help banks mitigate the risks associated with technology innovation. To provide a trusted roadmap for constant innovation.
By collaborating and sharing in an open way, the best expertise across our global ecosystem of leading banks, technology providers, FinTechplayers, academics and consultants to define a revolutionary banking technology framework that standardizes and simplifies the overall banking architecture.
Copyright BIAN 2021 | Banking Industry Architecture Network
Introduction | BIAN & Financial Institutions
Copyright BIAN 2021 | Banking Industry Architecture Network
Introduction | BIAN & Partners
Copyright BIAN 2021 | Banking Industry Architecture Network
Introduction | BIAN & Academic, Standard Bodies and Training Partners
TITLE DIA
BIAN Financial Industry Data Model
Information Architecture Working Group
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• From Data to Wisdom ... Data, information, knowledge, wisdom
• BIAN will facilitate Financial Industry stakeholders to exchange financial Industry information and information services
− BIAN Data Model that concentrates on Foundational Information Building Blocks (Business Objects)
− BIAN concentrates on meta-data i.e. the meaning and structure of data and information
− BIAN aligns to other Data Standards
• Objectives
− Common vocabulary with unambiguous definitions, which can be used as the esperanto to enable translation of financial concepts between different user communities ( semantic community versus speech community)
− Applying Common basic data model structures
− Defining BIAN Banking Data Types (e.g. Interest, Fee, Product, ... )
− Enable data interoperability (Open Data)
− ...
• Requirements
− A standard set of elemental business objects
− A standard set of data model patterns
− IT and Organization Agnostic
− A strict methodology
BIAN Financial Industry Data Model
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BIAN Financial Industry Data Model
IFX
FIX
XBRL
FpML
Other Finance
Standards
BIAN Business Object Model
BIAN IN THE CONTEXT OF OTHER STANDARDS
ISO20022FIBO IFRS
IAS
PSD2
GDPR FDX
BIAN Business Object Modeling
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Way of Thinking and Modelling
Business Object oriented Enterprise Modeling
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Problem Statement ?
A model is abstraction of reality
Reality is for everybody the same, how it is seen is different
→different people model reality differently
Challenge ?
Provide a method that guide modelers to model reality in such away that they all come up with the same model
Scope:
▪ Information Modeling
▪ Administrative Systems
4 Patterns:
1. Term-Concept Pattern (SBVR)
2. Concept Model Pattern (ERD)
3. Concept Classification Pattern
4. Business Object Model Pattern
Process:
1. What is the concept represented by a term?
2. What is the type of concept?
3. If the concept is an object, what type of object is it ?
4. Apply Concept Model Pattern.
Information Architecture Modeling in a nutshell
1) I describe “something”What does it mean?Synonyms ? Homonyms
2) What is the type of concept ?
3) Am I describing a business Object ?
4) What is the type of Business object ? 5) How do I model the concept relatedto otherconcepts ?
6) What are the concept Characteristics ?
Term – Concept Pattern Concept Classification Pattern
Business Object Model PatternConcept Model Pattern
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• Objectives
− Common vocabulary with unambiguous definitions, which can be used as the esperanto to enable translation of financial concepts between different user communities ( semantic community versus speech community)
− Applying Common basic data model structures
− Defining BIAN Banking Data Types (e.g. Interest, Fee, Product, ... )
− Enable data interoperability (Open Data)
− ...
• Outcome
− Common vocabulary
− Common Data Model
− Common Data Types
− Separation of Speech Community from Semantic Community
• Co-creation with BIAN members
Applied theory results in BIAN Financial Industry Data Model
www.bian.org
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Questions?
