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An industry ontology for risk data aggregation reporting

Author

Listed:
  • Bennett, Mike

    (Hypercube Limited, UK)

Abstract

In response to the global financial crisis, the Basel Committee for Banking Supervision (BCBS) has published a set of principles for risk data aggregation reporting, known as BCBS239. This defines requirements for systemically important financial institutions to demonstrate mature governance of data. At the core of these is the need for common language. The optimum way to meet this common language requirement is something called an ‘ontology’, ie a business resource that uses formal logic to define concepts. Developing a business ontology requires techniques not typically found in information technology. This paper shows how a business ontology can be used for agile and timely risk data aggregation reporting. A freely available standard called the Financial Industry Business Ontology (FIBO) lays much of the groundwork for creating this kind of resource within a financial institution.

Suggested Citation

  • Bennett, Mike, 2016. "An industry ontology for risk data aggregation reporting," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 8(2), pages 132-145, March.
    • Handle: RePEc:aza:jsoc00:y:2016:v:8:i:2:p:132-145
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    More about this item

    Keywords

    BCBS239; FIBO; ontology; risk; risk data aggregation; DCAM; language; data governance; DPM;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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