Towards Formal Ontologies for Technology Risk Measurement in the Banking Industry

Korthaus, Axel ; Cuske, Christian ; Seedorf, Stefan ; Tomczyk, Peter

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Document Type: Conference or workshop publication
Year of publication: 2005
Book title: Formal Ontologies Meet Industry : Proceedings of the First International Workshop, FOMI 2005
The title of a journal, publication series: Proceedings / Formal Ontologies Meet Industry (FOMI) 2005; 1. Workshop, Lazise, Lake of Garda, Verona, Italy, June 9-10, 2005
Location of the conference venue: Castelnuovo del Garda, Italy
Date of the conference: June 9-10, 2005
Place of publication: Amsterdam [u.a.]
Publishing house: IOS Press
Publication language: English
Institution: Business School > Wirtschaftsinformatik III (Schader 1991-2015, Em)
Subject: 330 Economics
Subject headings (SWD): Ontologie , Risikomanagement , Instrument
Abstract: Formal ontologies are well suited for embodying different types|of domain knowledge and they provide reasoning capabilities to|various applications. Our paper proposes a basic approach for|applying ontologies to risk measurement in today's banking industry. This industry is constantly driven by international capital|regulation like the new Basel Capital Accord (Basel II) which requires substantial management and understanding of operational risk. Therefore, we elaborate on an ontology-based application which can be employed for the formalization of operational risk and used for subsequent measurement. Hereby, we focus on technology-dependent risk which is a subcategory of operational risk. The paper proposes a formal representation in|Description 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 domain|knowledge. The overall architecture embraces a simulation environment which measures technology risk in proprietary trading. Finally, we discuss practical considerations and demonstrate the benefits of this approach.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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