In recent years, business rules software has been reunited with the core technology of financial institutions. Such software has been recognized as an essential technology for "one-stop service" (STP) and is widely used in specific applications such as portfolio management. At the same time, business rules have also rapidly become an essential technology for improving business flexibility and maintaining company competitiveness. In short, business rules are a set of accurate concise statements for describing, constraints and controlling the structure, operation and strategy of enterprises. They reflect all the business knowledge of a company. Business rules cover all the content of intellectual capital, including information captured from strategy, program manual, customer contract, supplier agreement, including company employee's daily expertise and expertise. As a new technology, the business rules are just a popularity when they were born in the 1980s, but they quickly fell to the bottom of the valley because they failed to achieve the initial expected goals. The reason why this kind of flowering is because the original business rules are embedded in the application code in a traditional manner, and the database structure is embedded in the database structure and encodes in the form of a DBMS trigger and stored procedure. Non-technical personnel cannot create, modify, and manage business rules due to lack of specification methods and standard business rules languages for management business rules. It is not difficult to imagine that new products, strategies, and procedures must be implemented in all business functions and systems within the enterprise, are bound to be difficult. However, today's business rules have clearly defined, standardized expression and system management, so becoming a powerful tool for IT departments and business users. They no longer embed into the computer system in the form of a code, and non-programmers can also access them. Modern business rules use easy-to-read, easy-to-understand language expression, even if non-technical personnel can master and flexibly use this language management business. This clear and accurate expression greatly increases the exchange efficiency and decision-making speed within the company. What is a business rule application? Any company, as long as it takes a quick and convenient to modify the information of the organization, it is necessary to apply the perfect combination of the Business Rule Rules Engine and the Business Rule Management System (BRMS), which is a key technological progress that the business rules can achieve leap breakthroughs. The rule engine is a set of software components, its design is to quickly and efficiently handle rules and optimize computing resources for evaluation and implementation rules by performing complex algorithms. However, modern business rules really reborn will be attributed to the power of BRMS. BRMS includes a series of tools for user inquiries, view business rules history, assignment, and tracking business rules versions, control business rules access, and manage rules for the entire businesses. Once the rule engine is integrated into the business application, each business rule can be written as an independent statement according to a business request. For example: if the transaction is a cash-out refining dam Full control. Bring great flexibility after using BRMS function, such as instant modification, add new rules, delete the old rules, thus providing business users with large free operating space. The actual application business rules software for business rules is gradually in-depth business activities in multiple fields. In the financial sector, business rules are mainly used in loan audits, portfolio management, investment plans, and online banking. It is of great significance that the business rules have emerged as the core technology of STP automation.
Real-time addition, deletion, and modification of the rules enable financial institutions to implement the flexibility necessary for STP 2002 12 - 2003 1 Background Management System View Oinforma UK Ltd 2002 Tel: 01206 772223
Business Rules The Reconstruction Enterprise Management, Broker, Trader, Monitoring Officer, Background Manager, and Investment Consultants must have an on-demand. After introducing business rules software, whether it is a change rule or a necessary shutdown inspection of the system, it is not necessary to report IT departments as in the past. Conversely, the rules can be added, deleted, and modified for real-time, providing financial institutions with the flexibility necessary to implement STP. In order to avoid such risks and cost spending, financial institutions need to deploy scalable and realize standardized technologies. This means that you need to choose a technology that can span multiple applications, systems, and channels. Business rules is one of the most feasible process automation solutions because it enables business people who actually operate applications in STP environments to rapidly increase their ability. There are still some specific applications for business rules. For example, the credit institutions that often sell mortgages from the secondary mortgage market, such as Fannie Mae and Freddie Mac, have a lot of business rules that must be applied to these loans before customers to ensure the quality of these loans. Business rules make strategies frequently changed with new loan products and changes in corporate risk management strategies. The technology also allows policy analysts to directly query and modify business rules and make these modifications take effect immediately in the loan audit system. The final result is greatly reduced maintenance costs and reduces the transition time required to meet the requirements of new business requirements. Investment portfolio management is another field that gradually popularizes business rules software. In this field, business rules are used to describe some restrictions on which the portfolio must meet, to achieve a pre-set risk control goal of the portfolio manager. Then, the portfolio management application can generate a trading instruction based on these business rules. Through the rules editor, sales team, customers, monitors or investment strategies, the business rules can be defined and modified, and the modifications will take effect immediately. This saves a lot of cost because the risk can be controlled while achieving the maximization of the benefit. Business rules are also gradually promoted in the network, such as an application for investment plans. Business rules technology allows securities brokers to quickly expand their online products and update online services. Users can first use business rules that describe investment objectives, risk tolerance, and expected returns, and propose solutions that consider fund volatility and past performance. The investment recommendations are then classified using a predetermined portfolio or fund variety (such as a single country, global or fixed income). Finally, the business rules are adopted by the network-based online banking service. This technology allows banks to provide personalized financial information, products, and services, making it possible to create a network-based online customer service. This service extends from a simple online check to online bill payment, online credit card and loan app, and online investment services. Keeping competitive essential tools to capture changing strategies in time through business rules, and make changes in the business application quickly and easily. The existing software architecture only separates the underlying logic structure with business applications, but does not completely solve another important requirement, that is, realizes the full separation of the business logic layer (all business rules in the agency) and the application code. Business rules technology not only reflects the above needs, but also effectively combines rules engine and BRMS in some applications of business or electronic business, and benefits from it. Therefore, many companies can agree - to capture the strategic statement in rules to provide great flexibility and good adaptability, which is the decisive factor in the maintenance competitive advantage. Joe Boissy is the director of the Ilog. Market Development Department. For more information, please visit www.ilog.com is tired of sharing "Background Management System Viewpoint" with others? We implement a discount for multiple subscriptions. Contact: Nicola Swanson, Tel: 44 (0) 20 7017 4150, Email: Nicola.swanson@informa.com. Background Management System Viewpoint 2002 12 - 2003 1 Capture the policy statement in rules can provide great flexibility and good adaptability, which is a decisive factor in maintaining competitive advantage.
