An Enterprise Ireland

& IDA Ireland Initiative

Regulatory Change Management using Semantic Technologies

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Funded by:

A Global Perspective

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• “Volume” of regulations • “Variety” of reg. types, jurisdictions … • “Velocity” of Global changes

Image courtesy of Wolters Kluwer

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Source: P. McLaughlin, R. Greene, Mercatus Center, Georges Mason University (2013)

~10 times more

restrictions!

Dodd-Frank implementation: 39% complete as of end 2013 and ongoing

Assist in making sense of the wide and complex spectrum of FS regulations

Provide capability to answer questions such as: List of Obligations in a regulatory document List of Prohibitions in a regulatory document List of provisions related to regulatory area (e.g. AML)

refined by theme (e.g. CDD, reporting) and further refined by provision type (Obligation, Prohibition)

Etc.

Provide the capability to semi automatically identify changes and their impact on the business

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Application Classification Training

FIRO-H

FIR

O-S

FIRO-AML

FIRO-RCM

FIRO

Stack

Multi-label Classifier

SPARQL Endpoint

User Interfaces (xls, etc.)

UK AML

Ontology Population

RDF store

AML

docs

Ontology Engineering

SMEs Regulations

SBVR Vocabulary and Rulebook

Akoma Ntoso

Mapping

FIRO Annotation

STEs

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The Money Laundering Regulations 2007, UK SI 2007 No. 2157

Obligation

Customer

Due

Diligence

Ongoing

Monitoring

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[…]

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Future solutions: •Automated •Human labor “elevated to” verification •Reduced resources

Using Semantic Technologies

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Current solutions: • Manual • Labor-intensive • Resource-intensive

Margin for improvement

Thank you

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