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 the characteristics of an enterprise decision management solution:
- Use of business rules to manage policies, regulations etc
- Use of predictive analytic models to estimate risk and fraud potential
- Integration of a number of decisions (fraud, valuation, secondary market, servicing) across the life cycle
- Feedback loop to evaluate performance of rules and models so they can be improved over time
- Provision of the product in a decision service provider model with rules entered by both First American based on their expertise and by companies using the platform to represent their specific needs and policies
As I have noted before on the blog I see a growing demand for solutions that conform to this vision of Enterprise Decision Management or EDM. Mortgage is an industry with lots of potential and others have noted the potential for rules. The blog contains a lot more on how to do this so I will leave it at that.
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