Ontology-Driven Financial Regulatory Change Management: An Iterative Development Process

Semantic technologies are claimed as a feasible solution to support many of the Financial Industry challenges, such as facing the constant regulatory changes across the countries. A first approach is to create international agreed ontologies for the financial business domain, and specifically in regulatory change management (RCM). In this scenario, to consider the financial business goals during the ontology development is key to define helpful ontologies, as well as to provide the methodologies and processes to develop the target ontologies. This paper describes the Financial Industry Regulatory Ontology (FIRO), and also the iterative process model used to develop it. This process stems in considering a complete life cycle, from the ontology design to the validation by the financial business side. At this step, this process is focused in supporting RCM.