Ontology-based Operational Risk Management

Operational risk management (ORM) is a process of critical importance to organizations. It refers to the systematic identification, assessment and mitigation of operational risks, i.e. risks stemming from processes, people, systems or external events. ORM is performed through different systems in the different business units of the enterprise - however a unified view of the operational risk management information is needed to enable its seamless exchange and horizontal expertise sharing. At the level of corporate governance this is already addressed but, at the technical level this issue is still open. As a solution in this paper we propose the development of an ORM ontology. The proposed ontology aims at facilitating ORM information sharing across organizational unit boundaries and at the enabling of computational inferences over the heterogeneous ORM applications of the organization.