Towards operational risk-aware information systems: a critical realist perspective

Kristian Rotaru, Carla L. Wilkin, Andrzej Ceglowski, Leonid Churilov

Research output: Chapter in Book/Report/Conference proceedingConference PaperOtherpeer-review

1 Citation (Scopus)

Abstract

Following calls to enhance risk-sensitivity of second generation Operational Risk-Aware Information Systems (ORISs), this paper aims to address the lack of ontological/epistemological grounding for the concept of Operational Risk (OR). Herein, OR is regarded both as a property of a real system and as a representational phenomenon forming part of the core of ORIS in line with Weber's (2003) view of the core of IS. The paper explores how the ontological/epistemological position of the Critical Realist philosophy of science assists in the Requirements Definition of ORISs by providing an ontology-driven representation of the heterogeneous nature of OR. The retroductive mode of logical inference enabled by Critical Realism supports the discovery of OR causal mechanisms when the historical data about operational loss events is limited. The ontological/epistemological position suggested in the paper contributes to better understanding and representation of OR, informs OR assessment in conditions of a constantly changing socio-economical environment, and so assists in the Requirements Definition of ORISs.

Original languageEnglish
Title of host publicationProceedings of 17th European Conference on Information Systems, ECIS 2009
PublisherAssociation for Information Systems
ISBN (Print)9788861293915
Publication statusPublished - 1 Dec 2009
EventEuropean Conference on Information Systems 2009 - Verona, Italy
Duration: 8 Jun 200910 Jun 2009
Conference number: 17th
https://aisel.aisnet.org/ecis2009/ (Proceedings)

Conference

ConferenceEuropean Conference on Information Systems 2009
Abbreviated titleECIS 2009
Country/TerritoryItaly
CityVerona
Period8/06/0910/06/09
Internet address

Keywords

  • Causality
  • Critical realism
  • Operational risk
  • Operational risk-aware information system

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