How to avoid non-financial risk and product trust getting ugly
by Leica Ison
Collaboration, real-time product risk assessment, anywhere for product success
Products are the lifeblood of business success. Monitoring non-financial product risks is vital to long-term success.
Triaging to identify emerging risks and product compliance sets the foundations for product oversight and success. Agile product governance at scale is an ongoing routine enabling you to grow and foresee emerging risks.
There’s so much going on, you’re too swamped to even... you need to move fast in agile teams….ship new products…chase sales opportunities… annual revenue targets need to be met… restructures are underway… people are leaving…You’re just too busy to stop and think, to analyse and strategise and work out what you really need to do.
You feel like a rat on a wheel. A reactive rat in a wheel, getting nowhere.
We’ve all been there.
One example that sticks in my mind is the day the CEO walked past my desk and told me I was on the agenda to update the Board on product growth strategy and the regulatory risk governance model.
The board meeting was a month away – but the board papers were due in two days.
The key product manager was on annual leave, so I went to shared drive to find the latest product plans and risk reviews. Moths flew out of the computer. Nothing I needed was there. There was no recent competitive market intelligence, the risk assessment hadn’t been completed since product launch, and there was no updated report on regulatory obligations.
I had to start from scratch. It took working through two long days and nights. I’m sure you have a similar tale. Loads on data on my financials, number of customers and customer engagement - but the forward looking strategic information about growth opportunities, market shifts, compliance and emerging risks - no where to be found.
If the business had been using the Skyjed's digital product management software, the 48 hours of almost non-stop work would have taken less than an hour. Then I would have had the time to work through operational and non-financial assumptions and strategic thinking, instead of playing catch-up. The sorts of non-financial product risks Skyjed tracks for you includes:
And I could have used Skyjed’s automated report instead of wasting time on the PowerPoint presentation. And better still I wouldnt have the challenge of internal silos as in Skyjed I can create a virtual team to collaborate with me in real-time. I would have invited in and link with risk, compliance, marketing and sales - and not have to sit in on all those lengthy governance meeting.
If I’d had Skyjed, I would have shared a link to Skyjed’s real-time product health check and risk snapshot, and received an automated report based on consistent product lifecycle governance. Because the business would have used the Skyjed tool to set growth strategy, target market requirements, and track regulatory obligations.
And the risk and regulatory teams would’ve been one of the teams that’d participated in the product lifecycle tracking and monitoring – so all their comments, actions, and risk mitigation plans would have been right there on my screen.
And I would have had an overall product health check rating, based on our risk appetite, and in the automated reports, with each performance area, or product driver, rated with one of six rankings – from ‘unknown’ to ‘very good.’ The product health-check allows product management teams, from whatever business sector, to take their product health and risk assessment at launch-ready, to MVP and beyond into a structured and collaborative effort. Remote working teams now get a single view of product health and this is presented to them in visual health index score. Its even colour coded so you cant miss the emerging risks and signals.
Skyjed is not just another lagging indicator dashboard. The benefit of Skyjed is that it brings together continuous monitoring and growth improvement, product governance, collaboration, accountability tracking and risk management in one simple SaaS solution. And its product lifecycle health check score helps you identify and prioritise non-financial risk in your product lifecycle. Its easy to set up, you can create your team in minutes and have best practice agile product governance at scale in
I hope you’ve also enjoyed my recent posts on how to improve blurred responsibilities in your product lifecycle and address poor visibility of operational risk.
Next week, we’ll be looking at effective product governance frameworks.
Have you tried Skyjed? We have a 90-day trial available here - our recommended amount of time to Plan, Review, Act on product strategy.
Keen to learn more? Check out our detailed guide on solving product strategy adjustment and virtual team alignment. How to re-evaluate product strategy and forecast the COVID effect as you respond and adapt.