Organisations are facing heightened expectations from the regulators globally to modernise their product governance framework and better manage the heightened risks posed by current evolving product landscape (e.g., the introduction of novel products such as digital assets and “green” products). However, organisations are struggling to strike the appropriate balance between commercial outcomes, delivering for clients, and product risk management.
Managing the growing product governance supervisory expectations and modernising the associated end-to-end processes is not an easy undertaking. While a rationalised and simplified process will go a long way, enough time and thought should be given to design the target-state product governance process. Organisations are rethinking product governance by redesigning legacy processes and investing in technology capable of supporting an end-to-end product governance framework.
When done effectively, the enhanced product governance framework benefits customers, businesses, risk management (financial and non-financial), and control functions. The primary benefits of strengthened product governance include the following:
Efficient and standardised process
Informed product strategy
Improved risk management
As you get started with your organisation' product governance transformation, you may want to consider the following questions:
Download our report to gain insights on how your organisation may design and implement industry-leading, agile product governance programs. And if you are interested in a discussion, don’t hesitate to reach out.
Jaspreet Jhaj
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Monica Lalani |
Thomas Hayes |
Tarpan Gupta |
James Bennett |
Richard Higgins |