While service oriented architecture (SOA)-based systems are great for re-using the existing IT infrastructure to implement newer business processes, they only help IT professionals. Thus, an SOA-based system is a technical answer to a business challenge—but in order to help businesses react to business changes, existing business rules management system (BRMS) technology should be included in the mix.
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Enterprises are using business rules engines (BREs) as a means to reduce the costs of managing change. However, because these business rules are stored separately from the application code, many questions need to be answered: Can you track changes to policies? What risks are involved in having business policies outside of code? And how can you minimize these risks?
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Risk managers and compliance officials in banking institutions often face problems of how to measure and monitor risk and incorporate risk practices. Solutions to these problems must be linked to decision-making processes, but they also need to increase the speed at which institutions can react to market changes. Can new risk management solutions really deliver compliance in a verifiable, measurable, and timely manner?
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Your competitors are adopting business rules management solutions (BRMS) to achieve agility and reduce maintenance costs. With enhanced ability to store all business rules in one central location, enterprises have a unique opportunity to use non-conventional methods to test these rules, as well as their interactions with each other—without tying up their mission-critical software.
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At any given time, one in four mortgage providers is looking to upgrade its loan origination system. The reason: its current system provides low rates of automation—including some processing functions that are not automated at all. Using people to process loan applications decreases profitability of a company in several ways, but by automating more processes, profitability can be improved—and the hidden costs eliminated.
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Today, 70 to 80 percent of costs for processing loan applications are people-related. From a mortgage company’s perspective, this results in increased costs and decreased revenues. With ever-changing loan products, enterprises are forced to build or buy new loan origination systems periodically. And to meet these challenges, they’re choosing technology that focuses on solving business problems, not technical problems.
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