Deliver superior customer experiences with an AI-driven platform for creating and deploying cognitive chatbots
Deliver Awesome UI with the most complete toolboxes for .NET, Web and Mobile development
Automate UI, load and performance testing for web, desktop and mobile
A complete cloud platform for an app or your entire digital business
Detect and predict anomalies by automating machine learning to achieve higher asset uptime and maximized yield
Automate decision processes with a no-code business rules engine
Optimize data integration with high-performance connectivity
Connect to any cloud or on-premises data source using a standard interface
Build engaging multi-channel web and digital experiences with intuitive web content management
Personalize and optimize the customer experience across digital touchpoints
Build, protect and deploy apps across any platform and mobile device
Rapidly develop, manage and deploy business apps, delivered as SaaS in the cloud
Monitoring, managing and adapting to new legislative requirements has never been more difficult, but a business rules management system could ease the burden.
The financial services sector is one of the most highly regulated industries in Europe today, and with the arrival of the new General Data Protection Regulation (GDPR), the regulatory environment is set to get a lot more complex. While a well-regulated financial sector is vital to ensure stability and trust, compliance is still a big cost that companies need to deal with, both in terms of ensuring their current compliance, or even worse, having to prove that they were in compliance in the past. Add to that the fact that new rules continue to be introduced, existing rules are constantly changing, and that all this must be reflected immediately in companies’ business processes.
So it’s not hard to understand why many financial companies are at the point where the complex business rules that they use to ensure compliance are becoming impossible to monitor, manage and adapt fast enough to meet new legislative requirements. In fact, one study conducted by Thomson Reuters found that firms in the financial services sector spend nearly one whole day per week tracking and analyzing regulatory change—that’s a significant investment of time and resources.
Firms are essentially left in a no-win situation. Noncompliance is simply not an option, so they expend all of this time and effort just to keep up with regulatory change. Clearly, a new approach is needed.
Take a look at this new whitepaper from London-based Lux Magi, which has been applying Decision Modeling to finance and regulatory compliance projects since 2011. In the whitepaper, the firm describes the challenges and risks associated with today’s regulatory environment. But more importantly, Lux Magi presents an innovative solution that can help financial institutions address regulatory compliance and keep up with ever-changing regulations, all while reducing the operational costs and risks associated with noncompliance—a business rules management system.
View all posts from Richard Stone on the Progress blog. Connect with us about all things application development and deployment, data integration and digital business.
Copyright © 2018 Progress Software Corporation and/or its subsidiaries or affiliates.
All Rights Reserved.
Progress, Telerik, and certain product names used herein are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and/or other countries. See Trademarks for appropriate markings.