AUG 2020 IAN LYALL
One side effect of the Covid-19 pandemic has been a relaxation of certain rules by financial regulatory authorities – the motivation being to remove or reduce barriers to the working of markets whilst offices are closed and remote working is the norm.
While this relaxation of rules could be justified as a pragmatic response to exceptional circumstances, it comes against a back drop of increasing regulation and more emphasis on governance and responsibility.
Indeed, regulatory frameworks such as MiFID 2 and the Senior Managers & Certification Regime impose duties of compliance on financial services firms and also those in leadership and senior positions within the organisation.
However much the global crisis may have temporarily blown it off course. direction of travel for regulation is obvious. In any event, having a strong governance regime will no longer be enough – it will also be necessary to be able to evidence this.
And this is one of the real strengths of our product governance tool Prodigy.
Prodigy defines, controls and supports multiple product development processes, capturing critical business information through the entire product lifecycle, from initial idea, through development, launch, live operation – and even when required, retirement.
As well as providing a day to day tool for all business areas involved in the product development process, Prodigy creates an immutable repository of information on the who, when and why of key product decisions, such as target market, charging structures and risk assessment. And it is designed to be deployed globally, working across multiple jurisdictions.
Financial services firms who implement Prodigy are able to securely access all of their product information and to evidence compliance via their standard product governance processes.
On demand, 24 x 7. Governance doesn’t sleep. And neither does Prodigy.
Find out more about Prodigy here: https://www.prodigyproduct.com/