Business Glossary Manager aids data governance
The Adaptive Business Glossary Manager (BGM) is a new web-based platform providing the framework to help organisations define and communicate consistent business vocabulary.
Available in the cloud or behind the firewall, the BGM platform can align glossary terms from disparate sources to commonly understood language definitions.
“Adaptive Business Glossary Manager takes disparate business terms and glossaries and provides the governance processes to manage, monitor and collaborate on terms and definitions on an industry-wide scale,” said Jeff Goins, Adaptive’s President and CEO.
“BGM can also align multiple glossaries to a central glossary and create linkage between them, including direct integration with the Microsoft Office suite. These capabilities enable organisations to achieve the overall objectives of transparency that help with data governance.”
BGM is integrated with the Enterprise Data Management (EDM) Council’s recently released Financial Industry Business Ontology (FIBO). Both BGM and FIBO address a widespread challenge faced by many institutions—how to compare data within an enterprise, much less across the industry, in the absence of documented or consistent business term and data definitions.
As organisations of all types face increasing pressure from impending regulations, the need for data comparability is intensified. This objective is, however, hampered by the absence of a common language, making it difficult to establish linkages between disparate data and exposing organisations to system-wide risk.
Originally developed by EDM Council and currently in the process of being formally adopted as a series of standards by EDMC in conjunction with OMG, FIBO standardises the language of business concepts used in financial contracts across the financial services industry. BGM supports the FIBO standard by providing an organisation the ability to align its local terminology and data to the FIBO ontological standard model and, thus, across different organisations and their regulatory bodies, enabling more efficient compilation of the data required for regulatory reporting, internal risk, compliance and analytics.
BGM is designed to allow organisations to establish a comprehensive compendium of business terms that can be understood universally across all systems, processes and applications.
“Adaptive has been a core partner in the creation of the FIBO standard and is our repository of choice for industry access to the ontology,” said Michael Atkin, Managing Director of the EDM Council.
“Their Business Glossary Manager is a perfect example of how to leverage the value of FIBO as a common financial language.”
Features of BGM include the ability to:
Define how the organisation creates, approves, updates and promulgates consistent business terms and definitions;
Foster shared data usage across the organisation;
Provide consistent terms and definitions, together with corresponding metadata;
Provide a stable foundation for the management and integration of glossary terms across the organisation; and
Ability to scale up to an end-to-end metadata product to manage all enterprise data definitions and movement.