A Case Study on Modeling and Validating Financial Regulations Using (Semi-) Automated Compliance Framework
| Autor: | Suman Roychoudhury, Deepali Kholkar, Namrata Choudhary, Sagar Sunkle, Vinay Kulkarni |
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| Přispěvatelé: | Tata Consultancy Services Research (TCS), Robert Andrei Buchmann, Dimitris Karagiannis, Marite Kirikova, TC 8, WG 8.1 |
| Rok vydání: | 2018 |
| Předmět: |
Money market
Compliance checking [SHS.INFO]Humanities and Social Sciences/Library and information sciences Financial market Money Market Statistical Reporting ComputingMilieux_LEGALASPECTSOFCOMPUTING 020207 software engineering Context (language use) 02 engineering and technology Regulatory compliance Turnaround time Structured English language.human_language Controlled natural language Risk analysis (engineering) 020204 information systems 0202 electrical engineering electronic engineering information engineering language media_common.cataloged_instance [INFO]Computer Science [cs] Business European union Natural language media_common |
| Zdroj: | Lecture Notes in Business Information Processing ISBN: 9783030023010 PoEM Lecture Notes in Business Information Processing 11th IFIP Working Conference on The Practice of Enterprise Modeling (PoEM) 11th IFIP Working Conference on The Practice of Enterprise Modeling (PoEM), Oct 2018, Vienna, Austria. pp.288-302, ⟨10.1007/978-3-030-02302-7_18⟩ |
| DOI: | 10.1007/978-3-030-02302-7_18 |
| Popis: | Part 6: Experience Reports; International audience; Modern enterprises operate in an unprecedented regulatory environment where increasing regulation and heavy penalties on non-compliance have placed regulatory compliance among the topmost concerns of enterprises worldwide. Previous research in the field of compliance has established that the manual specification/tagging of the regulations not only fails to ensure their proper coverage but also negatively affects the turnaround time both in proving and maintaining the compliance. Our contribution in this paper is a case study using a subset of European Union Regulation in the financial markets, namely, Money Market Statistical Reporting (MMSR) and that we validated it in the context of our model-driven semi-automated compliance framework. The novelty of the framework is the key participation of domain experts to author regulatory rules in a controlled natural language to enable compliance checking. We demonstrate transformation of regulations present in legal natural language text (English) to a model form via authoring of Structured English rules in the context of MMSR regulations for a large European bank. This generated regulatory model is eventually translated to formal logic that enables formal compliance checking contrary to current industry practice, that provides content management-based, document-driven and expert-dependent ways of managing regulatory compliance. |
| Databáze: | OpenAIRE |
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