Optimizing risk management in financial services, insurance sector, and public benefit programs using business rules management systems: a strategic approach

Optimizing risk management in financial services, insurance sector, and public benefit programs using business rules management systems: a strategic approach

연구 분야: Databases

학회: International Journal of Information Technology

The financial and insurance sectors, along with public benefit programs, face challenges in managing risks effectively. This paper integrates Business Rules Management Systems (BRMS) with artificial intelligence (AI) and machine learning (ML) to enhance risk management, automate decision-making, and ensure compliance. Key innovations include improved fraud detection, real-time adaptability, and enhanced compliance automation. Our findings demonstrate significant advancements over traditional methods, such as a 30% increase in fraud detection accuracy and a 40% reduction in manual compliance checks. This work establishes a robust framework for scalable and adaptive risk management systems.