An effective product governance framework should consist of:
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 standardized process
- Move from product ideation to market faster
- Ability to execute a consistent and easy-to-navigate approval process
- Reduce duplicative effort and unnecessary bureaucracy
Informed product strategy
- Ability to make data-driven decisions (e.g., product prioritization)
- Ability to manage return on investment (ROI) at product and portfolio levels
Improved risk management
- Capacity to continuously measure and mitigate risk through product life cycle
- “Know your products” toolkits facilitate risk monitoring
- Ability to demonstrate compliance with regulatory obligations with enhanced reporting and metrics
As you get started with your organization’s product governance transformation, you may want to consider the following questions:
- Does your organization have a defined end-to-end product governance framework including a governance/committee structure and policies/procedures for new product approval, product taxonomy, and ongoing monitoring?
- Does your organization have an inventory of products and services with up-to-date risk ratings easily accessible?
- Does your organization have a new product approval process that enables the business to get products to market quickly without trading off effective risk assessment?
- Does your organization have user-friendly and integrated technology capabilities to support the end-to-end product governance life cycle?
Download our report to gain insights on how your organization may design and implement industry-leading, agile product governance programs. And if you are interested in a discussion, don’t hesitate to reach out.