What is a centralized system used to manage business rules called?

A centralized system used to manage business rules is referred to as a rules engine. This system automates the creation, execution, and management of business rules, allowing organizations to apply consistent decision-making procedures across various applications and processes. By employing a rules engine, businesses can easily update their rules without altering the underlying software, enabling flexibility and agility in response to changing business needs or regulatory requirements.

In contrast, a governance model provides a framework for the overall management and oversight of organizational processes, but it does not specifically pertain to the execution of business rules. A policy framework outlines the policies that govern an organization but does not function as a system for managing rules directly. Lastly, a regulatory system typically relates to complying with legal and regulatory standards rather than managing business rules effectively within an organization. Thus, the rules engine stands out as the optimal selection for a centralized system focused on business rule management.