Skyjed: Your Partner in Automating Product Lifecycle, Governance, and Consumer Duty Compliance

Welcome to our blog series, Unlocking the Future of Product and Lifecycle Management (PLM).

Skyjed: Your Partner in Automating Product Lifecycle, Governance, and Consumer Duty Compliance

Financial institutions face a trifecta of challenges: intricate product lifecycles, stringent governance requirements, and evolving Consumer Duty obligations. Skyjed emerges is a comprehensive solution, automating and streamlining these critical processes.

Our platform is tailored to the financial sector's unique demands, facilitating Consumer Duty compliance, simplifying product management, and ensuring fair customer outcomes.

With Skyjed, you can expect:

• End-to-end lifecycle management with Consumer Duty at its core.
• Significant time savings in product monitoring and collaboration.
• Streamlined, automated processes for enhanced governance and risk management.
• Simplified regulatory compliance with full audit trails.
• Data-driven insights for strategic decision-making.

Discover how Skyjed can transform your product lifecycle management and elevate your Consumer Duty compliance to new heights.

The Skyjed Advantage: Streamlining Consumer Duty Compliance

Tailored for Financial Services and Consumer Duty

Skyjed understands the unique challenges faced by financial institutions, especially in light of Consumer Duty regulations. Our platform is specifically designed to:

• Facilitate compliance with Consumer Duty requirements
• Address the complexities of product management in the financial sector
• Ensure fair value and good outcomes for customers throughout the product lifecycle

End-to-End Lifecycle Management with Consumer Duty in Mind

From product conception to retirement, Skyjed provides a holistic view of your product portfolio.

• Centralise product data in a master catalogue.
• Automate governance processes and triggers for early warnings aligned with Consumer Duty principles.
• Incorporate a Customer Content registry to ensure clear and fair communication.
• Overlay change and approval processing with Consumer Duty checkpoints.
• Create dynamic linkages between products to assess overall customer impact

Key Benefits of Skyjed for Product Lifecycle and Regulatory Compliance

Addressing Regulatory Challenges

Recent regulatory changes, such as Consumer Duty or Design and Distribution obligations, require financial organisations to embed a customer-centric approach into their Product Governance framework. 

Skyjed offers a centralised solution to meet these challenges effectively.

 Core Benefits

 Operationalise Product Lifecycle Governance:

• Implement a comprehensive Product Governance process
• Automate product review scheduling and maintain audit trails

 Enhanced Collaboration

Facilitate stakeholder collaboration for creating and managing documentation essential in the customer journey and to ensure you are meeting Consumer Duty obligations.

•  Streamline the process of specifying consumer classes and distribution conditions

Efficient Document Management:

• Manage versions and approvals seamlessly
• Maintain robust record-keeping, automated audit trails and regular updates

 Automated Monitoring and Reporting:

•  Facilitate and automate regular product monitoring
• Verify product alignment efficiently

Proactive Risk Management:

•  Automate product review triggers
• Implement automated early warning indicators for potential deviations

Data Consolidation:

• Integrate data from multiple sources into a single platform
• Provide a holistic view of product performance and compliance

 Client-Reported Benefits of Skyjed

Our clients consistently report achieving the following benefits with Skyjed:

Time Savings in Product Monitoring:

• At least a 50% reduction in time spent on product monitoring
• Consistent collation of data/insights in one central location by product
• Real-time reporting and automated product review triggers and history

Enhanced Product Monitoring & Collaboration:

• At least a 50% to 100% improvement in product monitoring and collaboration
• Easy-to-navigate process with seamless tracking and version control
• Automated notifications for timely product reviews and assessments.

Streamlined Automated Process:

• One unified, streamlined automated process
• Less complicated than managing in shared drives
• Enables active oversight, governance, and risk management
• Ensures compliance with regulation

Simplified Compliance:

• Easy navigation and full audit trail for managing regulatory obligations.

Improved Reporting:

• Insights and Governance Dashboards provide clear snapshots, facilitating regular stakeholder reporting and faster real-time decision making.

Strategic Decision-Making:

• By bringing together data points across the entire product portfolio and lifecycle, Skyjed provides a new perspective for more strategic lifecycle decisions.

End-to-End Management:

• Skyjed serves as mission control for product lifecycle management and governance, covering the entire product lifecycle from launch to optimisation.

Contact the Skyjed team today for a personalised demo and discover how we can elevate your product lifecycle management and Consumer Duty compliance to new heights

About Skyjed