The research team of the Chair of Information Systems was accepted with a "Completed Research Paper" at the 39th International Conference on Information Systems (ICIS). This year’s edition of the prestigious conference will take place in San Francisco, USA, from December 13-16. The paper authored by Felix Timm and Prof. Kurt Sandkuhl entitled "A Reference Enterprise Architecture for Holistic Compliance Management in the Financial Sector" was accepted for the conference track "Business, Data, and Process Modeling".
In this paper, the authors present a reference enterprise architecture for the IT-supported implementation of regulatory requirements in the financial industry. It shows how the reference model was developed within the COFIN project and how financial institutions can use the model to put complex issues such as money laundering prevention into practice with the help of IT.
Abstract of the paper:
Since the global financial crisis from 2007, an increasing number of regulatory requirements has forced financial institutions to implement a holistic and efficient approach for regulatory compliance management (RCM). The state of practice in financial institutions is characterized by various and segregated compliance programs. Research and practice identify an absence of a holistic RCM approach that captures the impact of legal requirements on financial institutions from organizational and information systems (IS) perspectives. Using a design science research (DSR) approach, we develop a reference compliance organization (R-CO) that uses enterprise architecture concepts to provide such a holistic solution. The contributions of our work are (i) a problem investigation of industrial needs, (ii) the R-CO model that proposes a solution for such needs, (iii) the application of the R-CO in two use cases, and (iv) the R- CO’s evolution during evaluation episodes according to the Framework for Evaluation in DSR (FEDS).