In light of the recent guidance established by the Consumer Duty act, a leading digital bank wanted to develop and enhance its internal governance around product management. The bank engaged TORI to assess the current state and build the processes and methodology to evaluate the risk component.
What We Did
- Reviewed and assessed the existing Risk Appetite framework defined by the Bank and their process related to Product Governance
- Developed a pragmatic product risk scoring methodology and the associated tooling, to enable the classification of products based on compliance, legal, operational and financial criteria
- Evaluated the existing reporting structure and governance, to determine the level of approvals and escalation points (aligned with KRI)
Outcome & Results
The client adopted the detailed Product Risk methodology and tooling that TORI recommended as part of its decision-making process and product governance framework.
In addition, the tool was designed to enable escalation to the designated committee responsible for approach and risk acceptance.