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Towards Formal Ontologies for Technology Risk Measurement in the Banking Industry
Year Of Publication: 2005
Month Of Publication: May
Pages: 11
Download Count: 301
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Comment Num: 0
Language: EN
Source:
Who Can Read: Free
Date: 9-9-2007
Publisher: Administrator
Summary
Formal ontologies are well suited for embodying different typesof domain knowledge and they provide reasoning capabilities tovarious applications. Our paper proposes a basic approach forapplying ontologies to risk measurement in today's banking industry.This industry is constantly driven by international capitalregulation like the new Basel Capital Accord (Basel II) which requiressubstantial management and understanding of operationalrisk. Therefore, we elaborate on an ontology-based applicationwhich can be employed for the formalization of operationalrisk and used for subsequent measurement. Hereby, we focuson technology-dependent risk which is a subcategory of operationalrisk. The paper proposes a formal representation inDescription Logic based on the Web Ontology Language (OWL).Further, we discuss the application of the Unified Modeling Language(UML) as graphical notation for visualizing the domainknowledge. The overall architecture embraces a simulation environmentwhich measures technology risk in proprietary trading.Finally, we discuss practical considerations and demonstrate thebenefits of this approach.
Author(s)
Cuske, Christian Sign in to follow this author
Korthaus, Axel Sign in to follow this author
Seedorf, Stefan Sign in to follow this author
Tomczyk, Peter Sign in to follow this author
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