OneView Product Governance

Introducing OneView

It is more important than ever to have risk-based and robust governance for all the products in your portfolio and all the markets you sell in.

Product governance requirements will vary depending on your organisation’s role in manufacturing and/or distributing the product, the product type, target market and distribution channel. This includes requirements to undertake Fair Value Assessments on products and review value information from the distribution chain.

Despite the complexity, many organisations are still storing product information across a number of spreadsheets and systems, with approvals often in the depths of inboxes. This makes it nearly impossible to demonstrate effective governance and quickly access information on your products.

OneView has been built to transform the way you govern your products. By providing a consistent, risk-based and global approach, OneView provides you with the framework you need to manage your products and help mitigate the risk of regulatory failures and reputational damage. This supports you in addressing key regulations including the Consumer Duty, Fair Value Assessment requirements, GI Pricing Practices, SMCR, MiFID II and PROD.

OneView has been designed to meet the needs of different product types, distribution channels, operating models and local requirements to provide flexibility and a proportionate application wherever it is adopted. With all your product information in one place, you have complete visibility of your products.

The FCA has published its second consultation paper of the new Consumer Duty rules which are due to be fully implemented by April 2023. A key element of this is for firms to evidence to their boards that their product governance arrangements are leading to good customer outcomes. This includes product approval, target market definition and monitoring of distribution strategies, all of which OneView can support with.

Benefits

Access robust audit trail to demonstrate compliance

OneView stores a robust audit trail of product information including work undertaken to design products, undertake Fair Value Assessments and review product performance. This includes approvals from accountable individuals so that you can demonstrate to the regulator you have undertaken appropriate steps to remain in compliance.

Build leadership confidence through central assurance with local flexibility

OneView enables a central yet risk-based framework to provide effective oversight of products launched in multiple jurisdictions. The framework sets out the required product reviews that must be completed before launch to give confidence to leadership.

Support strategic change across your product portfolio

Product hierarchies can be set up within the system to understand, consolidate and standardise your product set. This provides clear visibility of all your products, allowing you to more easily make strategic changes, such as greater standardisation or innovation.

Ensure best practice approach

Our risk and regulatory expertise is embedded within the solution to provide industry best practice. We can also advise on how your existing product data can be consolidated within OneView. We can share best practice for governance committees and operating models, as well as guidance on proportionate application of the regulatory requirements depending on the nature of your products, distribution and customers.

Simplify and enhance processes

OneView’s framework allows for a risk-based approach so you are focussing on the appropriate topics for your products. Processes are structured according to the level of risk associated with that product, which can result in either simplified or enhanced due diligence to support product approval and review.

Improve collaboration across stakeholders

OneView allows teams to collaborate and manage products more easily, and creates a greater sense of accountability. Tasks, actions and approvals can be assigned to different users, improving consistency by providing one framework for data input right across the organisation. Data can also be requested from the distribution chain, so you can undertake Fair Value Assessments of products based on appropriate information.

Key features

OneView includes the following key features:

Simple set up
Single, global solution
Robust audit trail
Governance and assignment of roles
Highly configurable
Risk-based framework
Demonstrate regulatory compliance
Easily retrievable records

How it works

Onboard new products Onboard your new products, through a data capture process that automatically recognises the oversight requirements for your area of the business and instantly allocates accountable individuals and teams for review.
Assess the risk associated with your products Undertake risk assessments of your products to automatically calculate a score which drives the scope and frequency of oversight work to be performed on your products. This allows you to focus on the higher risk areas of your product portfolio.
Perform risk-based reviews including fair value assessments The risk-based dynamic framework helps you to perform appropriate reviews and product governance for new, changing and existing products.
Monitor your products OneView helps you to efficiently monitor your products on an on-going basis throughout the life-cycle of your products. When changes occur, this will be reflected in the scope of oversight required, so you can ensure relevant updates are undertaken.
Generate management information quickly OneView provides you with product governance management information to facilitate efficient oversight of your product range. And with dynamic reporting you can provide your stakeholders or the regulators with the information they require, when they require it.