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.
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Notes
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FATF recommendations: http://www.fatf-gafi.org/topics/fatfrecommendations/.
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Financial Crimes Enforcement Network: http://www.fincen.gov/.
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Elgammal, A., Butler, T. (2015). Towards a Framework for Semantically-Enabled Compliance Management in Financial Services. In: Toumani, F., et al. Service-Oriented Computing - ICSOC 2014 Workshops. Lecture Notes in Computer Science(), vol 8954. Springer, Cham. https://doi.org/10.1007/978-3-319-22885-3_15
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