Collaboration in Risk Markets - Collaborative Technologies and Applications for Interactive Information Design - page 199

who can bridge the gaps between policy, regula-
tion, and technology.
Most parties would agree, however, that as
a general rule, conventions not based on objec-
tive best practices (such as lack of transparency,
pseudo-monopolies of information, etc.) should
be candidates for consideration in any information
system redesign.

even more programmatically. Actuarial science
and market risk control mechanisms currently in
place to adhere insurance, credit, and financial
markets perform much the same function, albeit
in an uncoordinated, risky, and inefficient fashion,
with many complex workarounds. If a collabora-
tive approach to risk environments were adopted
it would be a new approach to the economy.

(3.) Technical. The practical issues involved in
building new risk systems are considerable
but should be weighed against the current
and future costs associated with maintain-
ing numerous duplicate and incompatible
systems. In addition, growth in this industry
would help the economy by both creating
jobs and fixing some of the original risk-
based problems.

reFerenCes

Aklouf, Y. (2005, July). Design of a web service
platform for B2B products exchange based on
PLIB ontology, RosettaNet PIPs and ebXML Reg-
istry. Presented at Proceedings of the International
Conference on Product Lifecycle Management:
Emerging solutions and challenges for Global
Networked Enterprise, Lyon, France.

Alonso, S.L. (2005, October). WP10: Case study
eBanking D 10.7 Financial Ontology . Document
presented for Project DIP, Galway, Ireland.

ConClusion

Collaboration has the potential to improve risk
management. It is important to have the right
business environment. A collaborative environ-
ment based on Web Services and Ontologies can
foster productive risk exchange, reduce risk, and
enhance risk knowledge management.
This environment would incentivise col-
laboration by making companies responsible for
managing risk by trading it with peers. It improves
transparency around complex, dependent risk
products through role clarification and a less redun-
dant data model. An ontology makes it easier for
critical information to be recognized and shared.
For example, the relationships between products
in a huge mix of subsidiaries would be clearer for
complex companies like AIG.
In the future, collaboration may be used to
readily create indices or other products that can
be sold directly to peers, or be a factor used to
calculate the future value of a risk product. In
the distant future one might imagine a system
in which positive and negative risks are treated

Androutsellis-Theotokis, S. (2004, December).
Performing Peer-to-Peer E-Business Transac-
tions: A Requirements Analysis and Preliminary
Design Proposal. In Proceedings of the IADIS
eCommerce 2004 conference. Lisbon, Portugal:
IADIS Press.

Arpinar, B. I. Ontology-Driven Web Services
Composition Platform. Proceedings of the IEEE
International Conference on E-Commerce Tech-
nology (pp. 146-152). Athens, GA: University
of Georgia.

Barrett, M. I. (1999). Challenges of EDI adoption
for electronic trading in the London Insurance
Market. European Journal of Information Systems ,
8 , 1-15. doi:10.1057/palgrave.ejis.3000313