Concepts for an Ontology-centric Technology Risk Management Architecture in the Banking Industry

Due to the increasing impact of technology on the banking industry, the resulting risks play a vital role in bank-wide risk management. Additional gain in attention can be ascribed to the recent Basel II regulatory framework covering operational risk. To deliver adequate support for the process of technology risk management, flexible and seamlessly integrated software architectures are required. Based upon ontology-driven information systems the concept of an ontology-centric technology risk management architecture is explored. As a basis, the conceptual role of ontologies in information systems is portrayed and the technology risk environment in the banking domain summarized. The proposed architecture then is constructed around two essential concepts: The modeling of domain knowledge within an ontology as well as the integration of multiple, special-purpose software components into one architecture.