Supporting the Analysis of Risks of Violation in Business Protocols: the MiFID Case Study

Enterprises and especially banks are subject to a number of regulations, with multilevel nature which continuously change. They must not only to adapt their business processes to the regulations and their changes but also to evaluate the risks of violation of the new rules and to account for responsibilities. This work proposes a formal framework for modeling business interactions ruled by protocols that, being based on the notions of commitment and responsibility, supports the analysis of risks of violation when a new regulation is issued. We provide a software tool for the visualization of the “risk space” and apply the approach to a real-work case study in the banking sector.