Semantics: The Next Big Issue in Big Data

The use of semantics often is a way to evade the issue at hand (i.e., Bill Clinton’s parsed definition of “is”). But in David Saul’s world of bank compliance and regulation, it’s something that can help get right to the heart of the matter.

Saul, the chief scientist at State Street Corp. in Boston, views the technology of semantics—in which data is structured in ways that it can be shared easily between bank divisions, institutions and regulators—as an ends to better understand and manage big-bank risk profiles.

“By bringing all of this data together with the semantic models, we’re going to be able to ask the questions you need to ask to prepare regulatory reporting,” as well as internal risk calculations, Saul promised at a recent forum held at the New York offices of SWIFT, the Society for Worldwide Interbank Financial Telecommunication. Saul’s championing of semantics technology was part of a wider-ranging panel discussion on the role of technology in helping banks meet the current and forthcoming compliance demands of global regulators. “That’s really what we’re doing: trying to pull risk information from a variety of different systems and platforms, written at different times by different people,” Saul says…

Full article: http://www.americanbanker.com/magazine/123_5/semantics-the-next-big-issue-in-big-data-1058230-1.html

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