1. A method for logging the use of privileges in a distributed computing environment, the method comprising: receiving, by a security management system residing between a database system and a client application, a request from the client application to perform a business function, wherein the security management system is separate from the client application and the database system; determining, by the security management system, a privilege associated with the requested business function based on application-level business semantics of the requested business function and an application-independent privilege model, wherein the security management system tracks application-level business semantics of business functions for a plurality of client applications and an application-level business semantics of a respective business function is separately defined by a respective application of the plurality of applications; generating, by the security management system, a log entry that includes the privilege and the requested business function, wherein generating the log entry involves recording the application-level business semantics that include application-specific descriptions of the requested business function; determining whether the client application associated with the request has the privilege associated with the requested business function, which involves determining a role associated with the privilege granted to the client application; and executing the requested business function responsive to the client application having the privilege.