Job Description: This role sits at Group Level in this Plc size Automotive and FS Services business. The purpose of this role is to support the firm’s vision with robust new product development and existing in life product management governance processes that ensure sufficient oversight and consistency across the Group. The governance processes must ensure they build and manage products which deliver good customer outcomes, fair valuein line with regulatory requirements and are aligned to strategic priorities and commercial objectives, within their conduct risk appetite.
Key responsibilities include:
New Product Development and Significant Product Change Governance
The Group Product team plays a critical role in achieving the future strategy. Working Across product teams within Consumer, B2B, Insurance and Financial Services, this role is responsible for ensuring product development and change meets our internal governance requirements with suitable conduct risk assessment completed.
Own and manage the new product development governance process – ensuring the current framework is fit for purpose in terms of meeting the FCA requirements for a new product development process but also ensuring it is understood and used across the entire business for new product development.Manage the process on an ongoing basis, ensuring key business stakeholders and engaged, the process is working as planned and providing regular updates to our key senior regulatory committees.Co-ordinating New Product Development and Change Board and acting as secretariat.
Product Management Best Practice
Identify and implement a consistent approach to good product governance and management across all Product teams within the firm.
This will include agreeing what good governance looks like, what it entails and then working with cross – functional stakeholders to deliver this (e.g. a consistent onboarding and CPD programme for Product Managers) upskilling team capability on areas of key regulatory awareness e.g. fair value assessment, vulnerable customers.
Product Outcomes Forum/Customer Outcomes Forum lead
Identify, deliver and maintain a groupwide approach to monitoring customer outcomes at individual product level for both regulated and non-regulated products, as well as for existing products and new product development. Ensure conduct risk dashboard and other governance reporting suitably assessed conduct risk through product lifecycle. Act as secretariat for Product Outcomes Forum supporting the head of group customer outcomes and CEO in discharging their regulatory responsibilities.This would be a delegated authority on behalf of board.
Fair Value Assessment
Act as a subject matter expert in the assessment of fair value across our regulated products supporting product and pricing teams in evidencing and reporting on fair value of product performance through the relevant conduct forums.
6. Product Attestations
Support our product management teams in completion of risk-based product attestations by providing independent assurance of attestation outcomes and maintaining a robust set of attestation guidance and templates that meet regulatory requirements in line with FCA PROD requirements.
7. Product Repository
Working with product teams across group, maintain an effective product repository to evidence suitable record keeping across our products and what they offer customers supporting internal audit requirements.
Ensure Treating Customers Fairly (TCF) is embedded in the culture of the AA to deliver the six customer outcomes of right culture, right information, right delivery, right targeting, right advice, and right post sales treatment.
Capability, Knowledge and Experience:
Understanding of current and upcoming FCA regulation and the importance of good product governance
Experience of Product Management/Product Governance/Product Development/Underwriting within an FCA regulated business, and the key levers which drive good customer outcomes
Experience of new product development, product strategy and planning within a B2C business
Strong stakeholder management skills – both upwards and downwards
Strong organisational skills with a keen eye for detail
Strong commercial understanding with experience in building business cases with a proven track record of forecasted benefit materialising
Able to demonstrate sound consumer-led thinking, and an ability to seek out relevant pieces of understanding and insight
Able to think strategically, but also to translate this into workable solutions that can be easily and effectively communicated.
Good initiative and follow-through skills – gets things done on time and in a well-organised Able to manage quality delivery through others
Education and Qualifications:
· Degree Educated
· Minimum of 3 years experience within a product governance/product management or conduct management role
· Good reputation
· Financial soundness