When James Taylor visited ACTICO, we asked him how companies are effectively implementing their compliance and risk management needs with DMN (Decision Model and Notation). In the video, the decision-management expert shares his experiences.
When banks and insurers digitize business processes, a variety of compliance and risk management needs must be considered. The DMN (Decision Model and Notation) standard provides companies with an effective means of enforcing their risk requirements. Decision management expert James Taylor explains in the video what advantages the DMN standard brings.
DMN models clearly show how decisions are made in the process. That means: which data flows into the decision? Which systems, applications and roles are involved? And how are individual sub-decisions related? The graphical representation of decisions is also easily understandable for external stakeholders such as the legislator. This not only ensures compliance for the company, but also shows it to the outside world.
Transparent analytics usage
DMN models provide transparency about how analytical systems are used for and involved in decision-making: Which data are evaluated? Which models are used for risk assessment or fraud detection? Are “black box” applications used and if so, where?
Compliant business processes
DMN combines professional and regulatory requirements in a holistic decision model, which is created jointly by both, compliance and business professionals. Instead of looking at compliance separately from business requirements, DMN brings both aspects together. As a result, companies “automatically” ensure compliance throughout the business process. Once compliance processes or decisions have been created, they can be used as shared services in the form of reusable decisions in various processes, applications and channels.
Do you have any questions on enforcing compliance and risk management needs with DMN? Our experts are glad to answer them.
- What is DMN? An introduction to the Decision Model and Notation
- 4 Reasons for Decision Modeling with DMN