Ahead of the publication of our joint book on Decision Modeling, to be released later this year, James Taylor and I have made a series of video shorts about business decision modeling. In this last video, James and I talk about real benefits that decision modeling using DMN delivered to our clients on some recent engagements. Specifically we discuss how the use of decision modeling:
- Speeds up business rule and data requirements discovery, quickly identifying wrong assumptions and mistakes
- Adds effective communication and consistency between teams and across projects
- Improved business subject matter experts, analyst, developer and program manager engagement and ownership
- Managing size, complexity and rapid change in business requirements
- Improves the definition of the automation boundary
- Gave better tracability between internal decision definitions and external regulations
Let us know what you think. Review the first, second, third, fourth and fifth posts of this series. Find out more about decision modeling and its benefits. Talk to us about decision modeling mentoring and training.
We cordially invite you to join us in Amersfoort, the Netherlands, for a workshop on how Decision Modeling can optimise your organisation’s management of its most fundamental and valuable asset: the business logic that controls the thousands of automated business decisions it makes every day. We will present case studies, based on real projects, that demonstrate the practical benefits of applying TDM and DMN to the management of business logic at an enterprise scale.
Click here now to find our more details and register for this free workshop in Amersfoort on Wednesday 28th January 2015 from 9am to 4pm. During this workshop you: will learn how The Decision Model (TDM), fortified by elements of the DMN, can be used to structure, manage and optimise your business logic; experience a walk-through of a real decision model and understand the benefits decision management brings at the enterprise scale. (more…)
James Taylor, CEO of Decision Management Solutions, and I co-presented a webinar earlier this month to discuss the application of business rules and business decisions in implementing financial compliance solutions.
We agreed that regulatory compliance (e.g., Basel III, FED 5G, FATCA) is a problem well suited to a Business Rules approach. Primarily because:
- it is repeatable and tractable to automation
- it demands transparency and traceability (regulations need to be followed and be seen to be followed) which implies the rules need to be expressed in business English
- regulations change frequently and typically mandate a ‘short time to market’
- it requires a degree of rigor to cope with the complexity of regulation
- it stipulates many regional variations in business logic which need to be coordinated
However, we identified five key issues for financial compliance and discussed why business rules alone do not fully address these challenges. In summary, we feel that Business Rules alone does not resolve:
- how business metrics can be used to monitor the effectiveness of compliance rules
- ‘big picture’ impact analysis to a compliance rule set when regulations or underlying financial conditions change
- the need to consistently apply a compliance policy throughout a complex business process
- the ability to precisely define rule semantics and align them to compliance policies
- the ability to scale a rule set while maintaining coherence
Decision management can address these issues and the webinar illustrates this with a demo of a compliance decision model using DecisionsFirst Modeler. Please see the recording of the webinar at http://decisionmanagementsolutions.com/agile-and-cost-effective-financial-compliance
If anyone is using decision management (or just business rules) for financial compliance I would be most interested in your views.