New commencement date for Design and Distribution Obligations
by Leica Ison
Getting ready for DDO and the future of product governance.
ASIC recently announced that it will defer the commencement date of the Design and Distribution Obligations for six months from the original commencement date, given the significant impact of COVID-19 on the economy. The new commencement date for the Design and Distribution Obligations is now I5 October 2021. ASIC has communicated an expectation that companies continue preparing for the commencement and implementation of the obligations.
Consultation closed on 20 March 2020 following draft guidance release on 19 December 2019. We can anticipate the release of the final guidance in mid-2020.
In response, Skyjed’s product governance software as service solution can be easily deployed for oversight of your products at scale. Our agile product oversight framework helps organisations efficiently comply with best practice product governance and ASIC’s Design and Distribution Obligations.
Skyjed provides you with a best-in-class product design and distribution governance framework and review capabilities across your product lifecycle. The platform enables you to capture, review and share your product governance requirements in one place:
Determination of target market:
Skyjed product framework enables you to identify and determine the target market for each of your products.
Identify review triggers:
The Skyjed product framework helps you to collaboratively identify and share triggers which could indicate if your product is the best fit for a consumer.
Skyjed’s sophisticated reporting system allows you to create and auto-generate regular reports on the state of your product health and governance.
Skyjed’s audit publishing allows for product monitoring and reviews which is mandated by ASIC to ensure your product continues to meet the needs of your target market.
A significant design obligation from the DDO requires product issuers to make a target market determination in relation to each of their products. The product designer essentially needs to make a judgment about product suitability for the intended retail customers.
What are your customer needs? What are their challenges and pain points? Answering these questions early on can help you ensure that you are providing fair value to your customer. Decide on a product review process early and determine how you will handle customer feedback and evolve your product strategy.
- How to set a target market determination?
- What are 5 elements of a clever target market determination
- Use our checklist to get started
- What tools can I use to power-up my target market monitoring and product reviews?
The Skyjed product lifecycle management and governance platform provides organisations with a 360-degree view of their product portfolios health and risk status while facilitating collaboration, transparency and product trust in the day to day operations of the organisation.