Towards an ontology‐based network for banking supervision

Abstract

PurposeThe purpose of this paper is to explore the applicability of an information submission model based on OWL (Web Ontology Language) that permits the subsequent implementation of knowledge‐sharing systems, such as the Set of Experience Knowledge Structure, among the various EU banking supervisors.Design/methodology/approachRecent theoretical advances in the use of semantic web languages are introduced and put theoretically into force in the context. Additionally, a first‐hand questionnaire is directed to the supervisors, measuring the value compatibility of the semantic technology with the needs of the existing European banking environment.FindingsThe results illustrate that there exists a good level of value compatibility between the normative challenge and the new technology. Although there are some differences, these would perhaps not make the implementation of this technological framework particularly difficult, in that they focus on the same points that the regulators must consider to achieve success in the new European environment, for example, the balance between normative and practical approaches.Originality/valueThis is the fist time that an ontology‐based system has been proposed for banking supervision in Europe.