Formal ontologies are well suited for embodying different types|of domain knowledge and they provide reasoning capabilities to|various applications. Our paper proposes a basic approach for|applying ontologies to risk measurement in today's banking industry. This industry is constantly driven by international capital|regulation like the new Basel Capital Accord (Basel II) which requires substantial management and understanding of operational risk. Therefore, we elaborate on an ontology-based application which can be employed for the formalization of operational risk and used for subsequent measurement. Hereby, we focus on technology-dependent risk which is a subcategory of operational risk. The paper proposes a formal representation in|Description Logic based on the Web Ontology Language (OWL).|Further, we discuss the application of the Unified Modeling Language (UML) as graphical notation for visualizing the domain|knowledge. The overall architecture embraces a simulation environment which measures technology risk in proprietary trading. Finally, we discuss practical considerations and demonstrate the benefits of this approach.
Dieser Eintrag ist Teil der Universitätsbibliographie.
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