Formalization of Financial Problems andSolutions under Risk as an EssentialRequirement for IT-based Financial Plannin

At the beginning of the new millennium, the financialservices market is experiencing a fundamental shift. Moretransparent and global markets through new means ofcommunication on the one hand and better informed andmore demanding customers on the other hand have led toa dramatically intensified competition. One way to circumventcost-leadership competition is to offer individualizedfinancial planning consulting services. In this contribution,a model to formalize financial problems andsolutions under risk as an essential requirement for an ITbasedfinancial planning process is presented, that – onceimplemented – may help to increase the quality of theconsultation and decision support on the one hand andlower costs due to process improvements on the otherhand....