Company
Date Published
Author
Navneet Mathur
Word count
1143
Language
English
Hacker News points
None

Summary

The answer to better visibility into deep connections in risk data lies in understanding risk data lineage, which can help financial houses limit their exposure. A connected data foundation not only streamlines financial risk reporting but also supports innovative uses of enterprise data, including 360-degree customer visibility, fraud detection, and proactive credit assessment. The Finance Industry Business Ontology (FIBO) is a standard for investment instruments, business entities, market data, legal obligations, and corporate actions affecting global financial markets, which can be represented in graph databases to provide clarity and consistency across multiple data repositories and silos. FIBO's flexibility makes it an excellent standard for the ever-changing financial industry, allowing it to adapt as financial markets, technology, and regulations evolve. Neo4j is FIBO-ready, enabling organizations to create an enterprise canonical data model that uses the same infrastructure to store risk data lineage and governance metadata. Graph technology also plays a crucial role in addressing compliance with BCBS 239 risk-reporting mandates, allowing forward-looking banks to build federated databases that add centralized metadata control over operational data in existing silos and sources. By using Neo4j to address these requirements, organizations can analyze financial risk faster and with more accuracy, simplify communications and speed development, and build risk reporting applications that bring them into regulatory compliance.