NEEDHAM, Mass. (PRWEB) August 06, 2020
International technology standards consortium Object Management Group® (OMG®) is overseeing the development of a new specification named Standard Business Report Model (SBRM), and has re-opened the request for proposal (RFP) to gain input from a wider range of industry voices. SBRM will complement existing mechanisms for representing structured data while providing interoperability with current business report definitions and submissions. The RFP seeks submissions that complement established mechanisms for representation of structured data files submitted as business reports, for example, financial reports, or environmental reporting.
In most countries, organizations are required to submit formal information to regulators regarding their business or financial performance, compliance, and exposure. These reports traditionally follow standard forms or templates defined by each regulator, often requiring error-prone and time-consuming manual data entry. Artificial intelligence, distributed ledgers, and machine-readable structured information offer unprecedented opportunities to automate many information exchanges within and between organizations.
"Netherlands and Australia have already started leading the way on standard reporting that has reduced filing and processing costs by billions of dollars," said Dr. Jason McC. Smith, OMG Vice President, Technical Director. "SBRM will show the anatomy of a business report in both human-readable and machine-readable models that can leverage current standards like the eXtensible Business Reporting Language while achieving full interoperability.”
“Several U.S. government entities are counting on the upcoming standard to improve the quality, consistency and interpretation of financial reports. These include the U.S. Office of Management and Budget, the U.S. Government Accountability Office, the Department of Treasury, the U.S. Office of Financial Research, and the Data Coalition,” said Claude Baudoin, Co-chair of the OMG Business Modeling and Integration Domain Task Force. “In addition, there are many other types of reports, for example, on security or environmental risks, that will also benefit from such a standard. Every country in the world, not just the U.S., is facing similar needs.”
Some of the requirements for SBRM are to:
- Apply a business modeling approach to report definition, making reports easier to develop;
- Enable business-level expression of rules in order to manage quality;
- Facilitate reuse of information across multiple reports;
- Allow use with industry- or enterprise-standard information models and ontologies;
- Allow direct linkage with enterprise information sources for report data;
- Provide alternative formats for reports to allow access by a greater variety of analytical tools.
Both members and non-members of OMG may show their interest in participating in the process by submitting a Letter of Intent by November 9, 2020. To submit individually or as part of a submission team, companies must become members of OMG by the initial submission deadline, which is also November 9, 2020.” For more information about the Standard Business Report Model RFP, visit https://www.omg.org/hot-topics/standard-business-report-model.htm.
Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium with representation from government, industry and academia. OMG Task Forces develop enterprise integration standards for a wide range of technologies and an even wider range of industries. OMG's modeling standards enable powerful visual design, execution and maintenance of software and other processes. Visit http://www.omg.org for more information.
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