A faster, less risky TMD review: streamline your product monitoring
by Andrew Chamberlain
New digital features product teams can use to make monitoring and annual governance reviews more strategic. You are almost at the deadline. You have got your Target Market Determinations TMD's drafted and approved. You're trying to capture the requirements of your product governance framework in a way that goes deep enough and doesn't leave you exposed.
Yet, with so much on and the importance of the monitoring phase, you may find it challenging to stay on top of all your products and distribution channels. You will be trying to manage multi-product portfolios and version control and keep compliant.
Unfortunately, a risk solution alone doesn't help product teams monitor trigger thresholds and undertake meaningful annual product reviews. Sure, risk systems and industry portals are helpful to share TMD's, but when you get to monitor, report and record keeping, you are back to the frustration of manual effort.
An end-to-end product lifecycle solution, Skyjed includes several features to improve the effectiveness of monitoring, consistency and cost of Implementing DDO or FCA annual product reviews.
Here are some examples:
- Know when you have risky products or risky distributors with Skyjed's dashboard
In the crucial monitoring phase of product lifecycle governance, you are faced with monitoring at a broad portfolio level - or dealing with finding the time to review every product. It's hard to keep productive when product information is across many systems and being shared over emails.
In Skyjed, we have transformed this. With real-time dashboards and notifications, you can see the latest product insights and version at a glance. This makes it easier to know if you have any one product with issues or are trending towards hitting a product trigger threshold, reducing risk of a compliance event.
- Product reviews with one-click reporting
Compiling your annual risk register or more preparing to go to product governance meeting is important - but let's face it - product managers can often take weeks to prepare. The same reporting is automated and can be done in minutes in Skyjed. You can share real-time dashboards, export to PDF and save as you go. You can save and search the entire history of your TMD's monitoring audits, trigger workflows and risk reports. This gives you an audit-ready record-keeping should you need it for the regulator or Board updates- for 7 years.
That's handy given product managers change roles on average every 18-24 months and you're trying to produce a report for your Board or regulator - with short notice.
- Keep compliance teams in the loop.
When you are monitoring and reviewing a product lifecycle, it's particularly critical that all key teams are aware of the status of your product health and trigger thresholds. In the typical product monitoring phase, this is done in Word, PowerPoint and Excel or governance meetings to check status or risk actions.
One product manager being away or leaving your the role, your product history and status can get lost in various versions of the Shared Drive, leading to gaps, silos or worse, missing the signals you have risk.
When monitoring products in Skyjed, you get a single source of truth. Create a schedule of periodic product reviews, use automated workflow to set trigger threshold in minutes on the Skyjed platform. Skyjed will automatically update product and compliance teams when an annual product review is due, completed and ready for approval. You remove the human error that occurs for product and compliance teams without quite enough time.
- Never miss an ongoing product review commitment.
The annual product reviews are crucial for both product and compliance teams, so everyone knows when they need to start preparing. Running this out of governance forum can lead to increased administration, rework in reporting and the need to employ extra product governance managers or business analysts.
In Skyjed, this problem is solved. You will never miss your annual product review with your own product event scheduler, predefined templates, collaboration tools and notifications. This brings peace of mind and improves strategic oversight.
The nightmare of ongoing product reviews solved with the upside of being more strategic and efficient.
- Get organised with version control and record-keeping
Despite having TMD's drafted and approved at this point, there are many ongoing requirements in product governance to get product governance running smoothly. With many distributors and multiple product portfolios, it will be easy for administration and reporting overload to occur.
Skyjed's monitoring workspace and product review workflow improve visibility during the monitoring stage, keeping things efficient. Quickly see the latest TMD, when a product review is due and assign tasks across the business. You will receive notifications when a product manager or compliance team have missed their given action or when a product review is scheduled.
Having greater transparency of product lifecycle health changes culture, brings accountability and improves the productivity of crucial teams. With improved visibility of each product, everyone is naturally customer-focused.
- Reduce your costs
With ready to use templates for TMD and monitoring, best practice automated reports and your own trigger workflow builder, collaboration tools, document management, to name some of the features for annual product governance, you will reduce the time involved and cost involved. Using a more efficient and intelligent product monitoring process means you will have more time for product growth and innovation.
Skyjed is built by product leaders for product leaders - providing automated workflows, lifecycle management and productivity in one digital solution that product managers say they love using.
So if you want to finalise your product governance framework and consider a tool to automate the essential annual product reviews, get in touch, request a demo and proposal request an instant proposal here.
Skyjed is a product lifecycle and governance platform for growth and compliance. Skyjed's Ai-powered end-to-end product platform brings together every data point across the entire product portfolio into a single source of product truth. Skyjed was founded in 2017 and is headquartered in Sydney, Australia and London, United Kingdom. For more information, visit Skyjed