The questions Boards should ask about product governance
by Leica Ison
Board members should raise five key questions when talking to their Chief Product Officer and Chief Risk Officer about refining your product governance. Sound product governance is critical to the achievement of sustainable business growth. For directors this starts with ensuring product lifecycle governance is relevant and effective for digital era.
How can Board members effectively oversee product lifecycle governance and non-financial risk?
Trust-centred Product Governance
The importance of product leaders putting the customer at the centre of their product management and understanding regulatory standards- has never been more critical.
How product teams approach their growth and innovation - has evolved with more emphasis on making sure your product is fit for purpose and minimising ESG impact - throughout the lifecycle. This evolution is overlaying how you go about your agile product management with product governance. Embracing modern lifecycle governance - and continuous monitoring - moves you from short term to sustainable growth.
To monitor the achievement of ESG agenda, companies need to update their product lifecycle governance framework to monitor and at minimum include annual product reviews - with standardised and consistent approach.
Product Governance questions for your next meeting.
Add these to your list. Get transparency of what is really going on. Start a 90-day challenge for your product professionals to manage non-financial risk in your product lifecycle and the drivers of product trust:
Directors should ask their Chief Product Officer these five questions:
1. Do you have a product governance framework and rolling annual schedule in place?
Best-practice: A product governance framework integrated into product innovation process; and reviewed annually.
2. Are you using trigger points to proactively monitor non-financial risk in new and existing products?
Best-practice: Each product has an owner across the lifecycle and trigger points are identifies and monitored using automated workflows.
3. Is customer trust a core metric of your product management function?
Best-practice: Strategy, metrics and tactics include meeting regulatory obligations as baseline for product and brand trust.
4. Are you engaging and reporting product health effectively throughout the organisation?
Best-practice: Product reviews and reporting are set out in annual rolling calendar. The Chief Product Officer reports monthly to management on trigger threshold events and status of risk actions.
5. Are your product management professionals completing initial and annual product reviews with your risk and regulatory teams?
Best-practice: Initial & Annual product reviews cover the 5D's five domains of product health - revenue, value, customer experience, innovation / disruption and regulatory.
To discover how Skyjed can help your product teams tackle the challenges of product lifecycle management and governance, Request a proposal here
Skyjed is a product lifecycle and governance platform. 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 the United Kingdom. For more information, visit Skyjed