The Object Management Group ("OMG") Federated Enterprise Risk Management ("FERM") Working Group ("WG") (collectively "FERM WG") primarily focuses on the "Enterprise Risk Management" ("ERM") data definition needs of large entities (like large financial institutions, countries, geographic regions, states and/or bigger cities, and the service organizations that provide government services).
Lars Toomre currently is the only lead of this open OMG working group (members of OMG and non-members are welcome to participate during weekly calls, but only OMG members can vote, edit the FERM wiki, and/or use the FERM mailing list). A vote of the FERM group will be held at the September 2019 OMG Nashville meeting to elect ideally two other co-leads for FERM WG. now is back from summer vacation in Wyoming and will be doing the regular OMG FERM call next Tuesday (July 30th at 12:30 PM EDT)
If anyone is interested, the 13th annual MIT Chief Data Officer / Information Quality symposium (Evolving Data Intelligence for Organizational Performance) is being held next Wednesday July 31st through Friday August 2nd. Lars will be attending if anyone wants to say hello. Lars and Richard Soley were part of a presentation group at the 2014 session that focused on semantic data in the financial industry. This year's financial services session is entitled "The Financial Service Industry CDO’s Balancing Act: Modernizing & Maturing the Data Office."
At the OMG TC held during June 2019 in Amsterdam, a number of people spoke about the need for a general risk assessment WG. That group will be named RISK WG and will be holding its weekly calls on Thursdays from 12:30 PM to 2:00 PM EDT starting on Thursday August 8th.. Manfred Koethe and Fred Cummins will be co-leads of RISK WG with Lars Toomre.
Ahead of the coming FERM and RISK WG calls, interested people might want to review today's report from U.S. Government Accountability Office ("GAO") entitled "CYBERSECURITY:
Agencies Need to Fully Establish Risk Management Programs and Address Challenges".
Other types of risk that the RISK WG also will be considering in creating a general risk framework, include the data needs for:
1) Risk of Melanoma Disease (including identification, measurement, and mitigation),
2) Risk of Diabetes Disease (including issues like excessive sugar in diet),
3) Risks associated with PTSD,
4) Risks in Veterans Administration ("VA") mortgage program (mini FNMA entity),
5) Negative duration risk on the $3.8 trillion Federal Reserve balance sheet,
6) Longevity risk due to the American population living longer than life actuaries expect,
7) Risks like the 2008 financial meltdown event ever occurring again,
8) Measuring Capital Markets Liquidity Risk (example, GE commercial paper on 2008-09-15),
9) Measuring Capital Markets Business Credit Risk (current very hot topic at US Federal Reserve),
10) Beneficiary concentration risk (Mass Mutual example with Lehman Brothers),
11) Software model risk (as defined by FSOC and European Union),
12) Software quality risk