Thursday, March 8, 2018

WAND Banking Taxonomy Review and Update

We have just updated the WAND Banking Taxonomy.  This taxonomy now has 1,663 terms with 1,573 synonyms covering Banking Processes, Regulations, Lines of Business, Fees, Banking Documents, and much more.

The financial services industry has been quite proactive in adopting taxonomies due to complex compliance and retention requirements. WAND originally created this taxonomy leveraging experience in helping create taxonomies for dozens of credit unions and financial institutions.  We took this knowledge as a base and built on it to create a taxonomy that is a strong starter set for any commercial and retail banking institution.

The WAND Banking Taxonomy was specifically designed to help banks tag and organize their unstructured information with relevant, industry specific concepts, processes, subjects, and document types.

With the update, Banking Documents now holds narrower terms for Bank Customer Documents as well as Internal Bank Documents.  Bank Legislation and Regulations was also expanded - all Central Banks were added by region and there is a new section for International Banking Regulations and Regulatory Governing Bodies.  Also expanded were the categories of Banking Metrics and Risk Management.

The WAND Banking Taxonomy can be customized to include specific terms to meet the needs of any Investment Firm.

As with all WAND Taxonomies, the WAND Banking Taxonomy is available by itself or as part of the WAND Taxonomy Library Portal.