FINOS 2024 Strategic Initiatives
Explore our 2024 strategic initiatives focused on fostering innovation, accelerating open source maturity, and enhancing collaboration in the financial services industry. Learn more about Diversity, Equality, Inclusion (DEI), FDC3, FINOS Common Cloud Controls, Open RegTech (CDM and RegTech Council), Open Source Readiness below.
FINOS members have an opportunity to take leading roles in these projects, as they have been identified by our Governing Board as being critical for the industry and for open and collaborative innovation.
Artificial Intelligence
FINOS Leads: Gabriele Columbro
Description: Generative AI is expected to be a transformative force in 2024. The FSI has a unique set of challenges that make it a challenge to adopt.
Like OSR, an AI Readiness SIG allows members to identify challenges & collaborate on solutions
Positioning FINOS early as the hub for open source financial AI / LLM is expected to drive growth and then value.
Why Get Involved in 2024: FSIs have a critical need for AI adoption guidelines and frameworks, particularly focusing on regulation, compliance, bias, and trust. Engage with committed FSI leaders in FINOS' AI Readiness SIG, participate in the formation process on Github, and delve into precompetitive use cases for an open-source financial Language Model (LLM). Collaborate with AI innovators and FSI leaders, evaluate existing toolchains for participation, and join the Open Financial LLM mailing list for more engagement opportunities.
How to Get Involved: Read the full proposal here.
Diversity, Equality, Inclusion (DEI)
FINOS Lead: Rimma Perelmuter
Description: Since first launching in 2022, FINOS’ DEI SIG has achieved strong momentum increasing awareness and the participation of underrepresented groups at OSFF; federated events and within the FINOS community. We now have the opportunity to deepen the breadth and impact of the DEI SIG to make it part of our DNA and legacy. The work of the DEI committee will complement the work of FINOS’ OSR, training and certification efforts to attract and empower a diverse talent pool that changes the status quo and drives a better future.
Why Get Involved in 2024: Study after study demonstrates that an inclusive open-source community of contributors produces better outcomes, more robust customer-focused products and competitive advantage for DEI trailblazers. For 2024, the DEI SIG has set further goals to create expanded SIG leadership and contributor opportunities; agree priorities to develop, advance and retain diverse talent; ensure FINOS projects are inclusive and events are diverse.
Opportunities include FINOS member participation at the 2024 Grace Hopper Celebration; engaging your company’s DEI experts; evolving a best practices toolkit/knowledge center and advancing FS OS talent development. We will also look to align our Accessibility Project to drive inclusivity and create a dedicated microsite/common registration and promotion for federated & partner events.
How to Get Involved: View the DEI SIG Github Repo and reach out to DEI SIG at diversity-inclusion-committee@finos.org
Join our next DEI SIG meeting on March 6th to contribute and collaborate on our expanded Vision!
FDC3
FINOS Lead: Rob Moffat
Description: FDC3 is an open standard for applications on financial desktops to interoperate and exchange data with each other.
Why Get Involved in 2024: Users of the standard benefit from a more joined-up experience, which reduces the "friction" in getting common tasks done, by enabling applications to launch other apps (build a launcher), respond to activity in other apps (context sharing), and request functionality from other apps (raising intents).
How to Get Involved: View the FDC3 Github Repo and learn more on the project website.
FINOS Common Cloud Controls
FINOS Lead: Rob Moffat
Description: FINOS Common Cloud Controls (FINOS CCC) is an open standard project, originally proposed by Citi and currently incubating in FINOS, to describe consistent controls for compliant public cloud deployments in the financial services sector.
Why Get Involved in 2024: FSI interest in FINOS CCC grows in late 2023 and into 2024. New working groups are planned, requiring attention in 2024. The Steering Committee of FINOS CCC welcomes additional contributions from industry practitioners. Liaison with external standards bodies such as NIST, MITRE, FOCUS, and CDMC is necessary, as well as coordination with Linux Foundation groups like the Joint Development Foundation. Collaboration with Cloud Service Providers (CSPs) is needed for adopting the standard, including testing and certification planning for FINOS CCC
How to Get Involved: Reach out to Rob Moffat putting forward active participants and CTO-level steering committee members
Open RegTech (CDM and RegTech Council)
FINOS Lead: Jane Gavronsky
Description: The Open RegTech initiative seeks to establish a solid market infrastructure for regulation-driven technology solutions, based on open-source software, standards, and best practices. We believe that this open infrastructure will drive innovation, liberate valuable resources, and unlock significant value for financial regulators and the entire financial ecosystem.
Why Get Involved in 2024: Reg compliance is an area of significant importance and interest to the FINOS community; CDM is being evaluated and adopted by many firms across financial services. The RegTech Council is working on project proposals for ESG Data, Pre-trade and Post-trade reporting.
How to Get Involved: Reach out to Eteri Dvalishvili to promote the adoption of CDM. Attend the CDM Working Group meetings found on our calendar.
Open Source Readiness
FINOS Lead: Rob Moffat
Description: Through the Open Source Readiness (OSR) Initiative, FINOS promotes collaboration on Special Interest Groups (SIGs) and Projects, to develop tools and policies aimed at accelerating open source maturity for financial services firms.
Why Get Involved in 2024: This year the Open Source Readiness SIG is focused on establishing "compliant open source contribution" best practices industry-wide. We plan to expand on the OSR Body of Knowledge, promote adoption of the Open Source Contribution in Finance (LFD137) training course and the Financial Services Open Source Developer (FSOSD) Certification, roll out “Firm-Level Open Source Maturity”, and engage with regulators to review and approve best practices in the BoK.
How to Get Involved: Attend the OSR working group meetings found on our calendar.
Zenith
FINOS Lead: Keith O’Donnell, Rimma Perelmuter
Description: Zenith Special Interest Group (Zenith SIG), your gateway to knowledge in the world of emerging technology. We offer comprehensive insights and practical examples to help everyone thrive in the ever-evolving landscape of technology and innovation. Our platform equips you with the knowledge and tools necessary to navigate the complexities of the digital age and achieve success.
Why Get Involved in 2024: Zenith stands at the convergence of critical SIGs, birthing standalone projects aligned with pivotal strategic initiatives such as Finance LLM. Immediate and substantial investment is imperative to propel the program into a transformative force, extending its influence far beyond AI and captivating a broader audience, including non-FINOS members before strategic opportunities slip away.
How to Get Involved: Reach out to Keith O’Donnell for funding opportunities or learn more on the website.
How to get involved
Fill out the form below to register your interest in learning more about, or participating in the FINOS 2024 Strategic Initiatives.
