The complex business environment requires managing business processes with the ability to adapt to changes and to collaborate in activities. Conventional workflow approaches based on predefined logical procedure offer little support for the dynamic business environment. A cognitive agent-based approach is proposed to manage business activities based on situational awareness and real-time decisions on activities. Business activities are delegated to a number of cognitive and collaborative problem-solving agents. Each software agent perceives its environment by capturing events and monitoring the state of tasks and resources. Based on the continuous perception of environment, business rules concerning process routing, operational constraint, exception handling and business strategy are used by such software agents to perform appropriate actions. The mechanism of this approach is investigated, and a case application of exception management in securities trading is developed to demonstrate the validity and benefits of this approach.