An industry ontology for risk data aggregation reporting

Mike Bennett
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Mike Bennett: Hypercube Limited, UK

Journal of Securities Operations & Custody, 2016, vol. 8, issue 2, 132-145

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.

Keywords: BCBS239; FIBO; ontology; risk; risk data aggregation; DCAM; language; data governance; DPM (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2016
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