FraTAct for Transforming A Nescient Process Activity Into an Intelligent Process Activity

Abstract

Existing business process technologies support defining only nescient activities. Currently there is no solution that underpins transforming a nescient activity into intelligent activity. In this paper, we address this shortcoming of the state of the art. We offer a framework ‘FraTAct’ for transforming regulation intensive nescient activities of a financial service business process into intelligent activities. Financial service industries has been experiencing enormous challenges since the last decade. A recent financial crisis has unearthed various weaknesses in terms of administering the financial service industries. In order to prevent the future crisis, the regulators are constantly formulating new rules and also forcing the financial service industry to enact financial regulations in their financial service based application which automates financial operations. A financial service application underpins the financial service business process that contains activities. A nescient activity within a financial service process is prone to the risk of producing an inconsistent outcome that results in severe legal consequences for a financial institute e.g., a bank. In order to avoid these legal consequences, a financial institute should develop their financial service processes by composing activities that should be intelligent to understand and comply with financial regulations. Intelligent activities will produce outcomes that are consistent to financial regulations. It will reduce the possibility of financial regulation noncompliance in financial service process based application.