Semantic webs and the future of operational risk
The concept of a web that links not merely sites but concepts dates back to the founding of the World Wide Web. David Saul, chief scientist at State Street, describes how the world of finance should aim to develop a common machine-readable language to describe its products
In 1998 Tim Berners-Lee, the inventor of the World Wide Web, wrote a paper entitled 'Semantic web roadmap'. In the paper he explained that the web was designed as an information space, with the goal that it should be useful for not only human-to-human communication, but also that machines would be able to participate and help. He went on to say the following:
"One of the major obstacles to this
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