TY - CHAP
T1 - A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry
AU - Butler, Tom
AU - Abi-Lahoud, Elie
N1 - Publisher Copyright:
© IFIP International Federation for Information Processing 2014.
PY - 2014
Y1 - 2014
N2 - This paper explains how the financial industry is solving its data, risk management, and associated vocabulary problems using semantic technologies. The paper is the first to examine this phenomenon and to identify the social and institutional mechanisms being applied to socially construct a standard common vocabulary using ontology-based models. This standardized ontology-based common vocabulary will underpin the design of next generation of semantically- enabled information systems (IS) for the financial industry. The mechanisms that are helping institutionalize this common vocabulary are identified using a longitudinal case study, whose embedded units of analysis focus on central agents of change—the Enterprise Data Management Council and the Object Management Group. All this has important implications for society, as it is intended that semantically-enabled IS will, for example, provide stakeholders, such as regulators, with better transparency over systemic risks to national and international financial systems, thereby mitigating or avoiding future financial crises.
AB - This paper explains how the financial industry is solving its data, risk management, and associated vocabulary problems using semantic technologies. The paper is the first to examine this phenomenon and to identify the social and institutional mechanisms being applied to socially construct a standard common vocabulary using ontology-based models. This standardized ontology-based common vocabulary will underpin the design of next generation of semantically- enabled information systems (IS) for the financial industry. The mechanisms that are helping institutionalize this common vocabulary are identified using a longitudinal case study, whose embedded units of analysis focus on central agents of change—the Enterprise Data Management Council and the Object Management Group. All this has important implications for society, as it is intended that semantically-enabled IS will, for example, provide stakeholders, such as regulators, with better transparency over systemic risks to national and international financial systems, thereby mitigating or avoiding future financial crises.
KW - Financial industry business ontology
KW - Institutional mechanisms
KW - Institutional theory
KW - OWL
KW - Semantic technology
KW - Social mechanisms
KW - Web ontology language
UR - https://www.scopus.com/pages/publications/84927657541
U2 - 10.1007/978-3-662-43459-8_17
DO - 10.1007/978-3-662-43459-8_17
M3 - Chapter
AN - SCOPUS:84927657541
T3 - IFIP Advances in Information and Communication Technology
SP - 277
EP - 294
BT - Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings
A2 - Bergvall-Kåreborn, Birgitta
A2 - Bergvall-Kåreborn, Birgitta
A2 - Nielsen, Peter Axel
A2 - Nielsen, Peter Axel
PB - Springer New York LLC
T2 - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014
Y2 - 2 June 2014 through 4 June 2014
ER -
