A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry

Tom Butler; Elie Abi-Lahoud

doi:10.1007/978-3-662-43459-8_17

A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry

Tom Butler
, Elie Abi-Lahoud

Cork University Business School

University College Cork

Research output: Chapter in Book/Report/Conference proceedings › Conference proceeding › peer-review

Abstract

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.

Original language	English
Title of host publication	Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings
Editors	Birgitta Bergvall-Kåreborn, Birgitta Bergvall-Kåreborn, Peter Axel Nielsen, Peter Axel Nielsen
Publisher	Springer New York LLC
Pages	277-294
Number of pages	18
ISBN (Electronic)	9783662434581, 9783662434581
DOIs	https://doi.org/10.1007/978-3-662-43459-8_17
Publication status	Published - 2014
Event	IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014 - Aalborg, Denmark Duration: 2 Jun 2014 → 4 Jun 2014

Publication series

Name	IFIP Advances in Information and Communication Technology
Volume	429
ISSN (Print)	1868-4238
ISSN (Electronic)	1868-422X

Conference

Conference	IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014
Country/Territory	Denmark
City	Aalborg
Period	2/06/14 → 4/06/14

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 10 Reduced Inequalities

Keywords

Financial industry business ontology
Institutional mechanisms
Institutional theory
OWL
Semantic technology
Social mechanisms
Web ontology language

Access to Document

10.1007/978-3-662-43459-8_17

Cite this

Butler, T., & Abi-Lahoud, E. (2014). A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry. In B. Bergvall-Kåreborn, B. Bergvall-Kåreborn, P. A. Nielsen, & P. A. Nielsen (Eds.), Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings (pp. 277-294). (IFIP Advances in Information and Communication Technology; Vol. 429). Springer New York LLC. https://doi.org/10.1007/978-3-662-43459-8_17

Butler, Tom ; Abi-Lahoud, Elie. / A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry. Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings. editor / Birgitta Bergvall-Kåreborn ; Birgitta Bergvall-Kåreborn ; Peter Axel Nielsen ; Peter Axel Nielsen. Springer New York LLC, 2014. pp. 277-294 (IFIP Advances in Information and Communication Technology).

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abstract = "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.",

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Butler, T & Abi-Lahoud, E 2014, A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry. in B Bergvall-Kåreborn, B Bergvall-Kåreborn, PA Nielsen & PA Nielsen (eds), Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings. IFIP Advances in Information and Communication Technology, vol. 429, Springer New York LLC, pp. 277-294, IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Aalborg, Denmark, 2/06/14. https://doi.org/10.1007/978-3-662-43459-8_17

A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry. / Butler, Tom; Abi-Lahoud, Elie.
Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings. ed. / Birgitta Bergvall-Kåreborn; Birgitta Bergvall-Kåreborn; Peter Axel Nielsen; Peter Axel Nielsen. Springer New York LLC, 2014. p. 277-294 (IFIP Advances in Information and Communication Technology; Vol. 429).

Research output: Chapter in Book/Report/Conference proceedings › Conference proceeding › peer-review

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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.

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ER -

Butler T, Abi-Lahoud E. A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry. In Bergvall-Kåreborn B, Bergvall-Kåreborn B, Nielsen PA, Nielsen PA, editors, Creating value for all through IT - IFIP WG 8.6 International Conference on Transfer and Diffusion of IT, TDIT 2014, Proceedings. Springer New York LLC. 2014. p. 277-294. (IFIP Advances in Information and Communication Technology). doi: 10.1007/978-3-662-43459-8_17

A mechanism-based explanation of the institutionalization of semantic technologies in the financial industry

Abstract

Publication series

Conference

UN SDGs

Keywords

Access to Document

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