Information Technology Reference
In-Depth Information
Chapter 14
Collaboration in Risk Markets
Scott Rummler
laserthread.com
AbstrACt
Collaboration can be an effective tool for managing risk. A structured environment for sharing critical
risk information can improve decision-making. The business environment currently in place makes it
difficult to collaborate, due to complex and overlapping regulatory schemes. In addition, the computing
framework used in risk-based sectors is not integrated, resulting in a patchwork of ad-hoc systems that
make it difficult to collaborate in an efficient or transparent way. This chapter will present an example
of a business framework in which organizations collaborate by trading risk-based products. This ar-
rangement mitigates risk by allocating it to those organizations that can best handle it. A computing
framework utilizing Web Services is presented that can help facilitate these types of transactions. Several
challenges recur in knowledge management of risk, including trust, information filtering, connecting
information ('connecting the dots'), and fluid information exchange. Examples from the insurance and
financial industries are presented. Knowledge management of risk information can be facilitated by
the development of an Ontology used to describe Web Semantics. A user interface for knowledge man-
agement that incorporates collaborative mapping, filtering, and community discussion is presented.
Collaboration is being used more frequently to handle core business processes (deep collaboration) as
opposed to generic communications such as Wikis (shallow collaboration). A structured environment
for collaboration is risk environments can improve security, transparency, and effectiveness. This type
of environment might have been used to mitigate the impact risk-based problems such as the current
financial emergency. In conclusion, it is posited that a new type of product can emerge which incorpo-
rates the social-computing value of risk.
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