An ontology based framework to support multi-standard compliance for an enterprise

Abstract

In recent years, the complexity and scale of governance, risk and compliance has grown significantly due to globalization and there is a need for institutions to consult multiple standards and frameworks to address a heterogeneous and highly regulated environment. Even with the advent of Governance Risk and Compliance (GRC) systems, there is a need to reduce redundancy and amount of work to the organization and thus the need for semantic interoperability in a multi-faceted compliance management environment. In this paper, we present the enhancement and population of a compliance ontology thru the use of information extraction where the information is acquired from an existing GRC system (Eramba) to facilitate semantic interoperability to reduce the complexity and redundant activities performed in compliance monitoring for an enterprise.