Automated Decision Support for Financial Regulatory/Policy Compliance, using Textual Rulelog
Benjamin N. Grosof, Janine Bloomfield, Paul Fodor, Michael Kifer, Isaac Grosof, Miguel Calejo, Terrance Swift · Rules and Rule Markup Languages for the Semantic Web · 2015
We present a novel technological approach, based on Textual Rulelog, to automated decision support for financial regulatory/policy compliance, via a case study on banking Regulation W from the US Federal Reserve. Legal regulations and related bank operational policies in English documents are en- coded relatively inexpensively by authors into Rulelog, a highly expressive log- ical knowledge representation. Key compliance queries are automatically an- swered accurately and fully explained in English, understandable to non-IT com- pliance staff and auditors. The prospective business impact of our approach over the next decade or two is significantly increased productivity and systemic stabil- ity, industry-wide, worth many billions of dollars.