Business Functions

The Business Functions consist of vocabulary content to provide an enterprise-wide view of activities. The Business Functions identify and define the functions that support the core processing activities of the financial services institutions.

The Business Function modelling principles are:

  • Abstraction
  • Decomposition
  • Hierarchy

The Business Functions provide a hierarchical list of business functions or areas of responsibility that must be managed by the financial services institutions. Functions in this list are normalized and exclusive, which means that each function does not include any aspects of other functions in the list.

The Business Functions abstract from data, organizational structure, lines of business, processes and any other specialized views of the enterprise. The Business Functions are defined independently from organizational structure or lines of business.

The Business Functions define functions that:

Have a structure that is independent of product or organization, thereby facilitating a faster response to new market, product, or organization needs

  • Are consistent across lines of business and functional areas. These common functions reduce training requirements and facilitate the move toward a single point-of-contact for client services across all products

Reference a full data model that reduces data inconsistency and redundancy, thereby providing the foundation for increased data integrity

Complement, but exist separately from, a set of process-oriented models, comprising the Business Functions Activities and Verbs, which detail the activities that support the functions.

There is minimal duplication of functions, thereby the Business Functions provide a basis for the development of applications in which:

Reducing the application development effort by avoiding the need to write the same or similar functions many times

Reducing the application maintenance effort that is required to support the increasing rate of change in the business by minimizing the extent of application changes

  • Minimizing the potential for inconsistent processing within the company.
    • The Business Functions vocabulary content comprises 4 parts:
    • All Activities
    • All Functions
    • All Resources[1]
    • All Triggers[2]
    • All Verbs

[1] Insurance Process and Service models (IPS) only

[2] Banking Process and Service models (BPS) only