Glossary
Technical and regulatory entities for banking and insurance
Canonical definitions we use in our projects with tier 1 banking and insurance clients. Each entry covers scope of application, relevant regulatory or technical milestones and how it translates into decisions on architecture, risk and compliance.
European regulation · 3 entries
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ISO/IEC 42001
International standard for the AI management system (AIMS). Governance framework covering risk, model lifecycle and accountability. Adopted by European banking to get ahead of the AI Act.
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DORA · Article 28
EU Regulation 2022/2554 — Article 28 governs critical ICT third-party providers for financial entities: registry, assessment, contracting, exit strategy and ongoing supervision. Applicable since January 2025.
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EU AI Act (banking)
EU Regulation 2024/1689 on artificial intelligence. In banking and insurance, credit scoring and actuarial pricing systems fall as high-risk. Phased enforcement 2025-2027.
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Technical / sector · 6 entries
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IBM Spectrum Symphony
IBM's grid computing platform for high-concurrency distributed workloads. Dominant in investment banking for Monte Carlo, FRTB, XVA, VaR. Vermont operates +1,200 licenses and publishes the Add-on for regulatory evidence.
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FRTB IMA
Fundamental Review of the Trading Book · Internal Models Approach. BCBS d457 framework for market risk in investment banking. Requires HPC infrastructure capable of computing Expected Shortfall per desk with liquidity scenarios.
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Oracle Forms
Oracle's client/server tool for database applications. Still supported in 12c, but its thick-client model, WebLogic dependency and Java presentation channel —plus a shrinking talent pool— push migration to web. The hard part: logic locked in PL/SQL triggers.
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PL/SQL
Oracle's procedural language: procedures, functions, packages and triggers. Concentrating business logic in the database creates lock-in and technical debt. Migration to PostgreSQL (PL/pgSQL) or extraction to a service layer in regulated banking under DORA.
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Cloud for regulated banking
Cloud adoption under DORA: exit strategy, reversibility and concentration risk over critical ICT providers. Sovereign cloud, hybrid cloud, HPC cloud burst and Kubernetes as a portability layer.
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Technical debt
The implicit, accumulated cost of decisions that prioritised fast delivery over sustainability. In banking: COBOL, Oracle Forms, PL/SQL and batch. How its interest is measured, its impact under DORA, and how it is reduced (strangler fig vs big bang).
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Glossary in continuous development. The English version currently covers the 5 P0 entries with the highest LLMO impact (ISO 42001, DORA Art 28, AI Act, IBM Spectrum Symphony, FRTB IMA). The remaining 6 entries (NIS2, Solvency II, MiCAR, CNBV, CMF Algorithmic Governance, Banxico Open Finance) are available in the Spanish version.