Towards a framework for semantically-enabled compliance management in financial services

Amal Elgammal; Tom Butler

doi:10.1007/978-3-319-22885-3_15

Towards a framework for semantically-enabled compliance management in financial services

Amal Elgammal
, Tom Butler

Cork University Business School

Cairo University

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

Abstract

Following the crisis in 2008, the financial industry has faced growing numbers of laws and regulations globally. The number and complexity of these regulations is creating significant issues for governance, risk and compliance management in almost all industrial sectors; however some of these sectors are characterized by being heavily-regulated including the financial industry. This paper proposes a semantically-enabled compliance management framework. In the heart of the framework is an integrated semantic repository incorporating regulatory, business and compliance knowledge; i.e., CMKB. The approach is underpinned by legal Subject Matter Experts (SMEs) interpreting financial regulations and encoding them in the Semantics of Business vocabulary and Business Rule (SBVR) standard. As a proof-of-concept, we have integrated the SBVR and CMKB repositories with a validated compliance solution for design-time compliance verification. However, the approach could be integrated with other compliance solutions at different phases of the business process lifecycle.

Original language	English
Title of host publication	Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers
Editors	Jan Mendling, Brian Blake, Farouk Toumani, Brian Blake, Farouk Toumani, Nejib Ben Hadj-Alouane, Sami Bhiri, Iman Saleh, Sami Bhiri, Sami Bhiri, Olivier Perrin, Nejib Ben Hadj-Alouane, Iman Saleh, Djamal Benslimane, Olivier Perrin, Djamal Benslimane, Brian Blake, Olivier Perrin, Farouk Toumani, Jan Mendling, Brian Blake, Barbara Pernici, Daniela Grigori, Olivier Perrin, Barbara Pernici, Iman Saleh, Jan Mendling, Nejib Ben Hadj-Alouane, Daniela Grigori, Jan Mendling, Nejib Ben Hadj-Alouane, Iman Saleh, Djamal Benslimane, Barbara Pernici, Daniela Grigori, Farouk Toumani, Sami Bhiri, Barbara Pernici, Daniela Grigori, Djamal Benslimane
Publisher	Springer Verlag
Pages	171-184
Number of pages	14
ISBN (Print)	9783319228846, 9783319228846, 9783319228846, 9783319228846
DOIs	https://doi.org/10.1007/978-3-319-22885-3_15
Publication status	Published - 2015
Event	12th International Conference on Service-Oriented Computing, ICSOC 2014 - Paris, France Duration: 3 Nov 2014 → 6 Nov 2014

Publication series

Name	Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume	8954
ISSN (Print)	0302-9743
ISSN (Electronic)	1611-3349

Conference

Conference	12th International Conference on Service-Oriented Computing, ICSOC 2014
Country/Territory	France
City	Paris
Period	3/11/14 → 6/11/14

UN SDGs

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

SDG 10 Reduced Inequalities

Keywords

Business process compliance management
Compliance patterns
Financial services
SBVR
Semantic compliance management

Access to Document

10.1007/978-3-319-22885-3_15

Cite this

Elgammal, A., & Butler, T. (2015). Towards a framework for semantically-enabled compliance management in financial services. In J. Mendling, B. Blake, F. Toumani, B. Blake, F. Toumani, N. B. Hadj-Alouane, S. Bhiri, I. Saleh, S. Bhiri, S. Bhiri, O. Perrin, N. B. Hadj-Alouane, I. Saleh, D. Benslimane, O. Perrin, D. Benslimane, B. Blake, O. Perrin, F. Toumani, J. Mendling, B. Blake, B. Pernici, D. Grigori, O. Perrin, B. Pernici, I. Saleh, J. Mendling, N. B. Hadj-Alouane, D. Grigori, J. Mendling, N. B. Hadj-Alouane, I. Saleh, D. Benslimane, B. Pernici, D. Grigori, F. Toumani, S. Bhiri, B. Pernici, D. Grigori, ... D. Benslimane (Eds.), Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers (pp. 171-184). (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 8954). Springer Verlag. https://doi.org/10.1007/978-3-319-22885-3_15

Elgammal, Amal ; Butler, Tom. / Towards a framework for semantically-enabled compliance management in financial services. Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers. editor / Jan Mendling ; Brian Blake ; Farouk Toumani ; Brian Blake ; Farouk Toumani ; Nejib Ben Hadj-Alouane ; Sami Bhiri ; Iman Saleh ; Sami Bhiri ; Sami Bhiri ; Olivier Perrin ; Nejib Ben Hadj-Alouane ; Iman Saleh ; Djamal Benslimane ; Olivier Perrin ; Djamal Benslimane ; Brian Blake ; Olivier Perrin ; Farouk Toumani ; Jan Mendling ; Brian Blake ; Barbara Pernici ; Daniela Grigori ; Olivier Perrin ; Barbara Pernici ; Iman Saleh ; Jan Mendling ; Nejib Ben Hadj-Alouane ; Daniela Grigori ; Jan Mendling ; Nejib Ben Hadj-Alouane ; Iman Saleh ; Djamal Benslimane ; Barbara Pernici ; Daniela Grigori ; Farouk Toumani ; Sami Bhiri ; Barbara Pernici ; Daniela Grigori ; Djamal Benslimane. Springer Verlag, 2015. pp. 171-184 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)).

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Elgammal, A & Butler, T 2015, Towards a framework for semantically-enabled compliance management in financial services. in J Mendling, B Blake, F Toumani, B Blake, F Toumani, NB Hadj-Alouane, S Bhiri, I Saleh, S Bhiri, S Bhiri, O Perrin, NB Hadj-Alouane, I Saleh, D Benslimane, O Perrin, D Benslimane, B Blake, O Perrin, F Toumani, J Mendling, B Blake, B Pernici, D Grigori, O Perrin, B Pernici, I Saleh, J Mendling, NB Hadj-Alouane, D Grigori, J Mendling, NB Hadj-Alouane, I Saleh, D Benslimane, B Pernici, D Grigori, F Toumani, S Bhiri, B Pernici, D Grigori & D Benslimane (eds), Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), vol. 8954, Springer Verlag, pp. 171-184, 12th International Conference on Service-Oriented Computing, ICSOC 2014, Paris, France, 3/11/14. https://doi.org/10.1007/978-3-319-22885-3_15

Towards a framework for semantically-enabled compliance management in financial services. / Elgammal, Amal; Butler, Tom.
Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers. ed. / Jan Mendling; Brian Blake; Farouk Toumani; Brian Blake; Farouk Toumani; Nejib Ben Hadj-Alouane; Sami Bhiri; Iman Saleh; Sami Bhiri; Sami Bhiri; Olivier Perrin; Nejib Ben Hadj-Alouane; Iman Saleh; Djamal Benslimane; Olivier Perrin; Djamal Benslimane; Brian Blake; Olivier Perrin; Farouk Toumani; Jan Mendling; Brian Blake; Barbara Pernici; Daniela Grigori; Olivier Perrin; Barbara Pernici; Iman Saleh; Jan Mendling; Nejib Ben Hadj-Alouane; Daniela Grigori; Jan Mendling; Nejib Ben Hadj-Alouane; Iman Saleh; Djamal Benslimane; Barbara Pernici; Daniela Grigori; Farouk Toumani; Sami Bhiri; Barbara Pernici; Daniela Grigori; Djamal Benslimane. Springer Verlag, 2015. p. 171-184 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 8954).

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

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AU - Elgammal, Amal

AU - Butler, Tom

N1 - Publisher Copyright: © Springer International Publishing Switzerland 2015.

PY - 2015

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N2 - Following the crisis in 2008, the financial industry has faced growing numbers of laws and regulations globally. The number and complexity of these regulations is creating significant issues for governance, risk and compliance management in almost all industrial sectors; however some of these sectors are characterized by being heavily-regulated including the financial industry. This paper proposes a semantically-enabled compliance management framework. In the heart of the framework is an integrated semantic repository incorporating regulatory, business and compliance knowledge; i.e., CMKB. The approach is underpinned by legal Subject Matter Experts (SMEs) interpreting financial regulations and encoding them in the Semantics of Business vocabulary and Business Rule (SBVR) standard. As a proof-of-concept, we have integrated the SBVR and CMKB repositories with a validated compliance solution for design-time compliance verification. However, the approach could be integrated with other compliance solutions at different phases of the business process lifecycle.

AB - Following the crisis in 2008, the financial industry has faced growing numbers of laws and regulations globally. The number and complexity of these regulations is creating significant issues for governance, risk and compliance management in almost all industrial sectors; however some of these sectors are characterized by being heavily-regulated including the financial industry. This paper proposes a semantically-enabled compliance management framework. In the heart of the framework is an integrated semantic repository incorporating regulatory, business and compliance knowledge; i.e., CMKB. The approach is underpinned by legal Subject Matter Experts (SMEs) interpreting financial regulations and encoding them in the Semantics of Business vocabulary and Business Rule (SBVR) standard. As a proof-of-concept, we have integrated the SBVR and CMKB repositories with a validated compliance solution for design-time compliance verification. However, the approach could be integrated with other compliance solutions at different phases of the business process lifecycle.

KW - Business process compliance management

KW - Compliance patterns

KW - Financial services

KW - SBVR

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DO - 10.1007/978-3-319-22885-3_15

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T3 - Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)

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BT - Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers

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Elgammal A, Butler T. Towards a framework for semantically-enabled compliance management in financial services. In Mendling J, Blake B, Toumani F, Blake B, Toumani F, Hadj-Alouane NB, Bhiri S, Saleh I, Bhiri S, Bhiri S, Perrin O, Hadj-Alouane NB, Saleh I, Benslimane D, Perrin O, Benslimane D, Blake B, Perrin O, Toumani F, Mendling J, Blake B, Pernici B, Grigori D, Perrin O, Pernici B, Saleh I, Mendling J, Hadj-Alouane NB, Grigori D, Mendling J, Hadj-Alouane NB, Saleh I, Benslimane D, Pernici B, Grigori D, Toumani F, Bhiri S, Pernici B, Grigori D, Benslimane D, editors, Service-Oriented Computing – ICSOC 2014 Workshops - WESOA; SeMaPS, RMSOC, KASA, ISC, FOR-MOVES, CCSA and Satellite Events, Revised Selected Papers. Springer Verlag. 2015. p. 171-184. (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)). doi: 10.1007/978-3-319-22885-3_15

Towards a framework for semantically-enabled compliance management in financial services

Abstract

Publication series

Conference

UN SDGs

Keywords

Access to Document

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