Standardized Information Exchange
Organizations exchange information. Artificial intelligence, distributed ledgers, and machine-readable structured information offer unprecedented opportunities to automate many information exchanges within and between organizations. Furthermore, in most countries, organizations are required to submit formal information to one or more regulators regarding their business or financial performance, compliance and exposure. These have traditionally been as documents that use standard forms or templates defined by each regulator.
Recent years have seen the emergence of Standard Business Reporting, an approach that supplements traditional form-based documents with machine-readable versions containing structured data of the same content. The structured data, with identifiable fields (as opposed to electronic "e-paper" documents in formats like PDF), is important to allow the data to be stored, analyzed and compared. The widely-accepted standard for business information exchange is XBRL (eXtensible Business Reporting Language), which allows the definition of different report structures based on the tagged markup language, XML (eXtensible Markup Language). SBRM builds on XBRL, further increasing its usability and applicability, by formally documenting a logical conceptualization of a business report in both human-readable and machine-readable models.
The OMG Standard Business Report Model specification will:
- 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 tooling
The initial submission deadline, as well as the deadline to submit a Letter of Intent, have been reset to November 9, 2020, in order to allow additional participation by interested parties. Organizations interested in furthering this initiative can join OMG to influence the direction of this specification, and must do so by the above date in order to become a submitter.