Financial Competences Ontology
Financial Competences Ontology
The Financial Competences Ontology
The Financial Competences Ontology (FCO) is a semantic web framework that aims to represent and categorize financial competences. FCO is described using W3C RDF Schema and the Web Ontology Language OWL. FCO aims to conform as closely as possible to the European Union/OECD (2022) Financial Competence Framework for adults.
Ontology Structure
A Financial Competence Framework is the conceptual basis on which to build a variety of financial education policies and measures towards improving Financial Literacy. It is a structured conceptual framework, that can used by governments, educational institutions, financial organizations to define specific knowledge, skills and attitudes individuals need to posses and display in order to manage their finances effectively. The objective of the base framework is to promote a shared understanding of financial competences.
The FCO has as a starting point the joint EU/OECD-INFE financial competence framework for adults. It introduces several distinct new optional functionalities. First, the overall design choices of the EU/OECD-INFE framework, such as the selection of competences (their description), the hierarchical classification into four main areas, the characterisation of competence by type as a knowledge, skill or attitude, and the tagging of competences with five contextual tags (digital, sustainability etc.) is lifted into an OWL ontology verbatim. Next, a new layer of Financial System Concepts is introduced, which aims to associate each competence with well-defined elements of the financial system such as technological elements, information artifacts, standard procedures and the economic entities involved.
Usage
- The FCO ontology is further annotated via Open Risk Manual Entries. These entries annotate in more detail the terms of the FCO ontology and establish cross-references and links with the broader finance and risk management knowledge base.
- On the basis of the FCO ontology we derive a Moodle competence framework the is deployed in the Open Risk Academy.
- The ontology is published (see links below) under a Creative Commons Attribution 3.0 (CC BY 3.0) license. Contributions are welcome.
Release Notes
- Version 0.1 Initial Release. Defines the main classes, object and data properties of the FCO ontology.
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