[1] MKM Founders’ Activities in Open Source for Finance

• Business Problems: Defining business problems that are ideal candidates for open-source solutions

• Logical & Technical Solutions: Designing logical and technical solutions, both as components and complete end-to-end workflows

• OS Programmes: Developing and maintaining open-source projects and programme plans

• OS Life Cycle: Contributing to open-source solution documentation, data models, code writing, testing, and production implementation

• OS Adoption: Driving the adoption of open-source solutions through direct work with individual banks and groups of banks to take business problems from the idea stage to the adoption and production stages for daily business use

• OS Community: Supporting the wider open-source community through participation in open-source events, from small information sharing events through to large scale annual, global FINOS events in London and New York

• OS Ambassadors: Acting as ambassadors to actively promote the adoption and contribution of open-source solutions through the publication of detailed research as well as short, accessible papers and posts for the financial services community

[2] MKM Founders’ Project Contributions

2.1. FINOS: OS-Climate project “Physical Risk & Resilience”

• OS-Climate: roles representing Premier Member on Governing Board

• FINOS: roles representing Silver Member

• Project Lead and Co-lead roles

• Project programme plan development roles and innovation roles to link this project with other FINOS projects

• See this link for the Physical Risk Project on GitHub

2.2. FINOS: Common Domain Model project “CDM Extension to Property and Physical Hazards”

• Addressing the business problem of increased Physical Risk for Property Collateral and Hazard Risks in bank lending, insurance underwriting and investment management

• Extension of the CDM to accelerate the integration of Physical Risk into banks’ systems for adoption by lines of businesses and group functions

• Driving the benefits of reduced time-to-market, increased scale, reduced costs and new revenues opportunities

• See this link for the FINOS CDM project on GitHub

• See this link for the CDM and The Flywheel Effect for Physical Risk for the presentation deck on the CDM Extension to Property and Physical Hazards

2.3. OS-SFT: Open-Source Sustainable Finance Taxonomy project

• An initiative by the founders to drive the mutualisation of regulatory interpretation for reporting and workflows for the evolving sustainable finance regulations that differ in each jurisdiction

• Aligned with the principles of Linux Foundation and FINOS, with the support of FINOS members (notably, Red Hat), the United Nations, the Irish Government, specialist technology organisations (notably, Airbus), and specialist fintechs (notably, Solidatus)

• Providing open-source taxonomy models and mappings between different regimes to identify gaps and variations to support faster adoption

• Reducing the cost and time to market for new regulation implementation and to do so at scale for both large and smaller financial services firms

• See this link for the OS-SFT project on GitHub

• See this link for the OS-SFT Launch Press Release 19-Oct-2022

[3] MKM Founders’ Principles & the Linux Foundation

3.1. Core Principles

At all times, MKM endorses its research teams to adhere to the following principles of the Linux Foundation for Open Source:

• Open Source Project Participation: as detailed above

• Compliance with Open Source Licenses, including embedding such licenses in open-source code practices

• Contributor License Agreements (CLAs), including implementing CLA processes to manage intellectual property rights when receiving contributions from developers.

3.2. Transparency and Governance

• Maintaining a transparent development process with clear contribution guidelines, bug tracking systems, and communication channels

• Establishing a governance structure for your open-source projects, including decision-making processes and leadership roles

3.3. Community Engagement

• Actively participating in open-source communities by attending conferences, contributing to discussions, and mentoring new contributors.

• Promoting open-source projects through outreach and marketing efforts

3.4. Internal Programme for Open Source

• Establishing a dedicated, open-source programme within the company to manage open-source activities, including legal compliance and strategy

For more information on Open Source

• See Open Source Definition on Wikipedia

• See Open Source Initiative on Wikipedia

For more research from MKM

• CDM and The Flywheel Effect for Physical Risk    by   MKM

• How to Design and Build Physical Risk Swaps   by   MKM

• A Sample of Physical Risk Research & Ideas   by   MKM