An ontology is a precise description of a set of words and their relationships. Several of the major financial organizations that are members of the Object Management Group have spent some time working out a common set of terms that can be used to define documents or busness rules that will be standard across the industry. The OMG has just approved the resulting specification.
Those interested in analyzing business rules, or defining decision management activities within business processes at financial organizations will want to examine this document carefully. Assuming its useful at your organization, adopting it as your standard will assure that rules or applications your organization develops will be easily understood by others in the industry.
The standard is now available from the OMG (www.omg.org).