Friday, March 14, 2008

MUSING Workshop - Turning Data Into Risk Knowledge - 21st May 2008

Of note is the MUSING Executive Workshop "Turning data into risk knowledge: Implementation of semantic-based risk management processes in the financial services industry". I've signed up as the agenda looks good. Lots of academics - in particular a guy from Sheffield who is working for GATE.

"MUSING is an Integrated Project co-financed by the 6th Framework Programme of the European Union. Its mission is to shape next generation (Basel II & beyond) semantic-based Business Intelligence, bringing benefits particularly for the financial sector and SMEs by ensuring they have more effective access to credit. MUSING will impact positively on the processes of internationalisation, and empower companies to manage their operational risks more effectively" - they're running the above event details of which you can find here.

I'm interested that a bunch of text miners are focusing on BASEL II compliance and lauding XBRL which seems to be much in the news this week. I read an article in CACM entitled Costs and Benefits of XBRL Adoption: Early Evidence which had good empirical evidence, quoting reporting speed ups of 4x.

If you're interested in this area, there's a good read called Intelligence and Security Informatics for International Security which is now a Google book. My take on the book was that it showed just how ineffective semantic analysis was (70% success rate). I infer that summarisation would fare no better but what do I know.

Sign up - come along - should be a hoot.

1 comment:

Mike MacDonagh said...

Interesting comments on MUSING and the Intelligence & Security article was interesting. At Ci3 we are involved in MUSING and are presenting at the conference you referenced. I think you are right that semantic analysis alone isn't the answer to everything but the ability to use it to pull operational risk 'data' out of written descriptions of losses, issues, etc. is valuable and helps us get tpo the point where we have enough information to start doing real quantitative analysis of OpRisk.