Enterprise Decision Management - a Weblog

Live from InterACT - Mark Greene's Keynote

(Posted by guest blogger, James Taylor) As Mark is the CEO of Fair Isaac I thought I would blog this one over on this blog rather than on the Smart (enough) Systems blog where the rest are going to be....

Call for Presentations - the new EDM Summit

How are you integrating business rules and analytics? How are you adding intelligence to your business processes? How are you putting analytics to work in your operational systems? How, in other words, are you using Enterprise Decision Management (EDM) to...

Decision Management at the Heart of Future Enterprise Applications, so Says Forrester Research

Respected technology prognosticators John Rymer and Connie Moore of Forrester Research just published a new paper titled, “The Dynamic Business Application Imperative” (September 24, 2007, For CIOs). Rymer and Moore envision a new generation of enterprise application that some IT organizations today are cobbling together in order to meet ever changing business, technical and marketplace requirements.

The Three Dimensions of Intelligent Business Processes

Today I read a September 21 Gartner Research note by Gareth Herschel titled, “The Role of Analytics in Adding Value to Business Processes.” As someone expert in analytics more so than Business Process Management (BPM) and Business Rules Management (BRMS), Gareth raises some important points to remember when discussing the role of analytics in business processes.

Book Review: IT Risk

I was lucky enough to get a pre-release copy of IT Risk: Turning Business Threats into Competitive Advantage by George Westerman and Richard Hunter. The book approaches IT risk not as a technical issue but as a business and management...

Live from EBRC - Business Rules Approach Applied

Next EBRC session is Business Rules Approach Applied with Alcedo Coenen, formerly of ING. He was talking about knowledge analysis and how it can contribute to process optimization. Within banks, and other organizations, there is much to be gained from...

Live from EBRC - AML Business Rules

Blogging live again from EBRC - this session is on AML Business Rules at PostFinance (part of Swiss Post) by Oliver K. Burnand who heads up compliance for PostFinance, the FSI within Swiss Post. Provides transaction processing as a public...

Using EDM to respond to trends in Financial Services

Guillermo Kopp over at Tower Group wrote this piece - Top 10 Trends in Financial Services: New Approaches in a Changing World (subscription required). It is an interesting paper, though I hope he will write some follow-up pieces as there...

Risk Management, some ideas

An old friend from England pointed me to this white paper - A new risk culture model - that he wrote recently (hi Jason). Jason is working on developing on an open-source risk framework (details here) and the white paper...

Credit, risk and insurance

A colleague passed this link on to me today - Insurers use credit scores for premiums, but is it fair? It's a nice well-balanced article on the use of credit data in insurance risk assessment. There is a fair amount...

Book Review: Making Robust Decisions

I just finished reading Dr David Ullman's new book, "Making Robust Decisions". The book is a discussion of the challenges of making complex decisions, especially those with alternatives and uncertainty, and a methodology/software platform for approaching these kinds of decisions....

Here's a way someone is using enterprise decision management in mortgage

A colleague of mine (thanks Mark) pointed out this use of enterprise decision management in the mortgage industry - First American Real Estate Solutions' Vector platform. This platform, described as a "collateral valuation and risk management decisioning engine" has all...

Enteprise Fraud Management requires Enterprise Decision Management

Rodney Nelsestuen over at Tower Group recently wrote this piece "Fraud Management: Covering the Basics, Extending the Value". There was a lot to like in this report and, if financial services fraud is something you care about, I highly recommend...

Where has all the risk gone?

A couple of the blogs I read mentioned this LA Times article today - Insurers learn to pinpoint risks -- and avoid them. In particular RiskProf and Workers Comp Insider covered the article. RiskProf felt that the article missed the...

Enterprise Decision Management and important IT trends

I saw this article in Baseline - The 30 Most Important IT Trends for 2007 - and it struck me how many of them pointed out the need for an enterprise decision management approach. Highlights included: Needing to focus on...

Sliding-scale not binary decisioning

Back in July when I was interviewed for DM Review I discussed sliding scale decisioning briefly and I realized today that I have not expanded on this. In the article I discussed how I see a move from simplistic to...

Live from Gartner Symposium ITxpo - Enterprise Risk Management: The Benefits of Risk

I am attending Gartner Symposium and ITxpo this week and blogging as I go. Christine Adams, French Caldwell, John Bace, and Rich Mogull presented on Enterprise Risk Management: The Benefits of Risk. They talked and answered questions on risk, risk...

Replacing bad judgment with good math...

The study on the potential for "non-traditional" data in insurance risk modeling described in this article will be very interesting and it makes perfect sense to test this data. Indeed the need to find ways to predict risk in groups...

Using EDM to stay a step ahead of fraud

Nice article on Staying a Step Ahead of Fraud in Intelligent Enterprise today. Michael writes a nice summary of some of the approaches and technology used in the battle against fraud. Those of you paying attention will notice that "Falcon's...

Operational risk management and decision latency

B-eye network hosted a webinar this week that was interesting: Risky Decisions Translate to Risky Business - The Negative Impact of Latency in Your Data Value Chain. In it Claudia Imhoff gave a nice overview of operational risk and the...

Don't be adversely selected against - use EDM!

I saw this article in National Underwriter - Data Use, An Edge For Some Insurers: Consultant. In this the authors of the study say "Property-casualty companies that reject traditional business models in favor of the creative use of data mining...

Identity Theft - some stats and suggestions

I got a comment from the folks at Metrics 2.0 asking about stats on Identify Theft (something about which I have blogged a couple of times - here and here). I asked around and got some information. According to Javelin...

Eliminating bias with decision automation

The reporting of this study Study: Blacks, Latinos pay more for mortgages was distressing for me and others in this industry. After all the introduction of credit scoring back in the 50s was in part designed to eliminate bias by...

Live from InterACT (not really): Wired for Action

Now back from InterACT and trying to catch up on sessions I attended. Michael Chiappetta, Fair Isaac's VP Product Development, gave a presentation on the development of an Enterprise Decision Management architecture for Fair Isaac's application stack. As anyone in...

This is why predictive analytics matters...

I saw this today - California Auto Bill Passes Assembly Insurance Committee - and it prompted me to ask some of my insurance analytic friends. Here's what they came up with: There is a clear opportunity for Predictive Analytics to...

Enterprise Decision Management and the Payments process

Interesting article on the payments process in Bank Technology News - Collapsing the Payments Process for an Enterprise-Wide View of the Business. One of the key approaches identified is "Process automation and support driven by a dynamic rules engine", with...

Are rules engines for everybody (in Mortgage)?

Scott Kersnar of Mortgage Technology News wrote a piece recently - Are Business Rules Engines for Everybody? - where he made the point that in an era of change, business rules management systems and separating out decision logic as a...

Enterprise Risk Management and Enterprise Decision Management

Interesting article by Steve Minksy in ebizq today - The Dos and Don’ts of Enterprise Risk Management. Enterprise Risk Management is a key objective in many organizations that adopt EDM and not just because there is only a one letter...

Self-Service in Banking

Jerry Silva of Tower Group recently published a report on "Customer Self-Service and Retail Banking in the US: Rising Expectations, Challenges, Opportunities". Jerry does a nice job of describing the various options banks are using to deliver self-service to their...

BASEL II Compliance

Basel II is a worldwide banking accord with the stated goal of improving global financial stability though adjustment of loan reserves to match risk. The final version of the Accord was published June 2004 and has an all-encompassing impact on...