OMG Receives Submissions to Standard Business Report Model RFPs
BOSTON, Feb. 7, 2024 — Object Management Group (OMG) announced it received multiple submissions for its Request for Proposals to develop a Standard Business Report Model (SBRM) specification. A SBRM specification will make the definition, preparation, and use of data in structured business reports easier, more consistent, and more reliable. Companies, regulatory agencies, data vendors, and analytics professionals will all significantly benefit from SBRM.
“Business reports often contain rich semantic relationships between their various components, but there has been no domain-independent standard to represent these,” said Mike Bennett, Technical Director for the OMG Standards Development Organization. “We’re excited about the submissions, which will expand business reporting based on the SBRM standard to many domains.”
One submission originated from the financial services community and another from the pharmaceutical industry, each supporting regulatory reporting to multiple international agencies. OMG also received feedback about business reports used in aircraft manufacturing and the energy sector.
SBRM is complementary to the work done over the years on sector- and domain-specific reporting languages, including the eXtended Business Reporting Language (XBRL) in finance. SBRM does not compete with those languages but rather will help users of such languages to create semantically correct reports. The SBRM specification will support the Financial Data Transparency Act (FDTA), for which OMG assisted with sourcing key terminology.
OMG’s rigorous and transparent governance process for soliciting, receiving, and adopting proposed specifications includes incorporating OMG member feedback. Once adopted, OMG finalizes the specification and seeks Board approval before publication. OMG specifications are revised periodically to adapt to new requirements and technology changes.
The 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 more comprehensive range of industries. OMG’s modeling standards enable robust visual design, execution, and maintenance of software, systems, and other processes. Visit www.omg.org for more information.