Creating A Product Governance Framework Including Policy And Procedure
The Client’s Needs
The client was an insurer based in the EEA which had a network of MGAs distributing its products across Europe and the UK. As a newly approved insurer it needed to put in place a product governance framework to cover those jurisdictions. ICSR was engaged to develop this including the Policy, Processes and template documentation for the client.
ICSR’s Solution
ICSR was able to draw on its experience undertaking similar engagements and utilise its template documentation to enable it to quickly adapt and produce suitable product governance policies, processes and templates that were appropriate and tailored to the client’s specific requirements and reflected its desired working processes. The policy covered all the requirements of the Product Intervention and Product Governance Sourcebook (PROD) including design, approval, distribution, marketing and management of products throughout their lifecycle to ensure they meet all relevant legal and regulatory requirements in all relevant jurisdictions and took account of recent upgrades to include GIPP and fair value requirements in the UK.
Resources Deployed
A member of the team with significant experience in product governance matters was deployed with a director of ICSR providing oversight and control.
Client Outcome
ICSR delivered a bespoke multi-jurisdictional product governance framework within the timescale requested by the client. The client was provided with the necessary training and guidance to enable it to effectively deploy the policy across its business.
