The Control of Human Factors in Catastrophic Financial Systems Risk using Ontologies

This paper examines a possible response to local and global socio-economic instability created as a consequence of the global financial crisis starting in 2007 to 2009 which still reverberates. The crisis was at least in part, precipitated by systemic failures in financial regulatory systems, including those systems supposedly designed to monitor for dangerous events. This paper outlines a study which tries to address the predominant failure to appropriately incorporate human factors in systemic financial systems and utilise important features of advanced control systems such as semantic technologies and ontology. The study will ultimately develop a risk management ontology which addresses interoperability issues in the management of risk in the financial sector.