Rules Engine is a software that uses business rules during the actions. Those rules may have a legal base or come from the company’s policy. The structure commonly provides a set of rules, conditions and other activities. This software is frequently provided as an addition to the business management outline. The RE executes the business rules which help users to adopt the rules without any necessity for IT intervention. Financial institutions apply rule engines in a number of various approaches and spheres.
The software assists in administration which is compulsory for investment, corporate and private banks, and other financial institutions. Any change even in the client’s address can generate alerts and as a result, the regulations are set to motion.
Rules engine lets the company define, test, execute, and maintain the company’s operational decisions separately from the action code. The rules engine’s “biosystem” looks like this:
- Priority score,
- and more functions.
There are two main rules engine types: forward and backward chaining. Forward chaining in its turn divides into production and reaction rules.
To make business rules engine work, it is essential to fine-tune the integration between business process management and business rules management platforms.
Some rules engines will employ some simple rules to run the system. For instance, the example is rule engines that work based on the YES/NO decision. Another example is Permitting or Denying the access.