1 A Web Services Implementation Framework for Financial Enterprise Content Management Kevin H.S. Kwok and Dickson K.W. Chiu Dept. of Computer Science & Engineering, Chinese University of Hong Kong yahoo.com,

FECMSHICSS37-2 Introduction Financial enterprise content refers to the pieces of information (in particular its Web sites), e.g., financial research, market commentary, calendar events, trading ideas, bond offerings, etc. Published content Contributes highly to customer relationship management (CRM) Provides valuable advices for decision making of client investors, Has a high impact on the image and professionalism of the enterprise Is also used for internal decision making A good FECMS can produce high return on investment and is a valuable asset of the enterprise

FECMSHICSS37-3 Challenges for FECMS Global system with multiple sites A mechanism for analysts all over the world to contribute commentary and publish them Intrinsic value of a commentary depreciates exponentially (therefore should be published in minutes Contradicting requirement - editors and auditors have to check content publication against possibility of violation of laws and regulations, which vary across countries and states Global system integration and content flow management, both within and among enterprises Heterogeneous existing systems and interfaces

FECMSHICSS37-4 FECMS Overview 4T’s – tagging, taxonomy, templating, tiering

FECMSHICSS37-5 FECMS Stackholders Content Creators (5 tiers) – authors, editors, approvers, auditors, administrators Content Providers Content Distributors Content Users (5 tiers) - publics visitors, registered visitors, clients, priority clients, internal users The management

FECMSHICSS37-6 Management Objects and Concerns 4 Goals - Management, Cost, Legal issues, and Value Knowledge and organizational memory can be captured in enterprise content (M) Replace semi-manual systems and integrated heterogeneous systems (MCV) Replace current cost ineffective and bad time-to-market hardcopy publishing and delivery of content (CV) Standardized enterprise-wide policies and business processes provide a mechanism for content creation and management functions (M) Metadata (taxonomy) about the content (MV) Integration with third-party FECMS or information sources to form a service grid (MV) Help ensure compliance with relevant laws and regulations, e.g., approval policy and procedures (L) CRM (CV)

FECMSHICSS37-7 Enterprise Content Conceptual Model

FECMSHICSS37-8 FECMS Architecture

FECMSHICSS37-9 Content Reception Engine Publish and Subscribe mechanism Separation of Active Rule / Analytical Module Event-Condition-Action (ECA) Rules Re-classify received content Forward a selection of received / generated content to relevant analysts and Content Creators Forward selected content for immediate publishing

FECMSHICSS37-10 Content Editorial Engine Typical Content Flow A Content Author creates a piece of content, determines its tier and tags Content sent to Content Editor for revision. Approved by Content Approver. If Content Editor suspects violation of laws / regulations, content is sent to a Content Auditor. Before the Content Auditor’s approval, customers from those countries cannot receive or read it.

FECMSHICSS37-11 Content Publishing Engine Content is sent to the user via , SMS, and/or ICQ as specified by interactive users at subscription time. Web Services to the access point as specified by programmatic (usually institutional) users. Indirectly through external Content Distributors

FECMSHICSS37-12 Global Repository Management System Provides backing support for user information and consistent global taxonomy Maintains users’ access to various global and regional Web sites as a single entity Keep minimal vital information Improve performance and reliability, replication techniques (cf. Oracle)

FECMSHICSS37-13 System Integration with Web Services Maintain autonomous sub-systems in various units of the enterprise XML-based standards A convenient architecture to support both human (B2C) and programmatic interfaces (B2B) Unified platform for both inter- and intra- organizational interfaces

FECMSHICSS37-14 Example: publish-and-subscribe through Web Services An institutional user submitting a request to the updateSubscription Web Service of a Content Publishing Engine (parameters: categories of required content, the address of its own reception Web Services access point) The institution user has to implement a Web Service conforming to the specification of the receiveContent service of the Content Reception Engine. The Content Publishing Engine verifies the request and relays successful request to the Global Repository Management System. When new content arrives at the Content Publication Engine, the engine queries the Global Repository Management System through its getSubscribedUsers Web Service, with the tier and tags of the new content as parameters. If the institutional user is included in the list, the Content Delivery Module of the Content Publication Engine will invoke the user-specified Web Service accordingly to deliver the piece of content.

FECMSHICSS37-15 Technical Advantages Complex FECMS decomposed into a set of highly coherent but loosely coupled sub-systems Highly scalable and interoperable Web Services allow no practical limitations in implementation platform For legacy systems, wrappers may be built around them Gradual migration into FECMS possible Generic architecture for other service oriented industries - software houses may develop packages with our approach External Web Service interfaces are simple – possible for SME to participate content exchange

FECMSHICSS37-16 Conclusions  Studied the requirements and technical problems of ECM in financial industry  A practical enterprise content model and architecture  Design of FECMS components for effective and timely content flow management  Use of Web Services for inter- and intra- enterprise FECMS integration.

FECMSHICSS37-17 Future Work  Application of Semantic Web technologies in content management, flow, and distribution  Watermarking to reinforce document management policies by supporting non-repudiation in the document distribution protocol (HICSS36)  More sophisticated security and access control mechanisms (such as role based or capability based approaches  The application of an advanced workflow management system in FECMS, such as ADOME-WFMS  Using the concept of flows and alerts in workflow based information integration (HICSS37)  Document service negotiation