Banks with Ontology and Knowledge Graph Capabilities well-positioned to meet the new ‘CECL’ Accounting Standard
FI Consulting’s Mark Jordan co-authored a blog with Element 22 discussing the importance of data governance and accessibility. Recent surveys find that many institutions are still in the planning stage for CECL, and that obtaining data necessary to support model development is among their most pressing tasks. In the recent past certain banks have met CCAR or EU GDPR (General Data Protection Regulation) requirements with the use of graph-based technologies to connect inconsistent and fragmented data sources – key to establishing a comprehensive view of enterprise-wide data. Graph technologies are not new. Facebook, Google and LinkedIn are among firms established leveraging knowledge graph technology, empowering – in conjunction with machine readable ontologies – agile access to data across disparate sources. However, many financial institutions are still leveraging traditional approaches to establish a central view on enterprise-wide data. Click here to read the full blog post.