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Product Governance Specialist at CFC
London, United Kingdom
Job Descrption
Product Governance Specialist
Department: Products & Operations
Employment Type: Permanent - Full Time
Location: London
Reporting To: Julia Soong-Leblanc
Description
CFC’s products team engage with stakeholders across the business to create, develop and upgrade our innovative and market first product lines. Within the dynamic and ever-changing world of product development, each day comes with a new intriguing challenge. To ensure out customers are always placed first as we face these challenges during the product development lifecycle, we are now looking for someone from a compliance, regulatory or similar background to join us as a Product Governance Specialist.This role will focus on improving our duties and how we meet our internal and external objectives for customer fair value. This will include providing input into the product development process and having a direct ability to influence how our insurance products are created.
About the role
You will be assisting the Product Development Manager with the development of a strategy and roadmap to bring all CFC products within the scope of the product governance framework and work with key stakeholders to provide input into product strategy.Excellent stakeholder management is crucial to this role, with an emphasis on developing and maintaining positive relationships with underwriting, claims, underwriting performance management and compliance.
- Carry out activities in line with the product governance framework, including conducting product reviews and, documenting key findings and outcomes of each review and assisting the Product Development Manager in referring relevant product issues to the Product and Operations Committee.
- Conduct discussions with relevant stakeholders to gather quantitative and qualitative data, to enable product reviews to be carried out in line with FCA requirements.
- Contribute towards driving a positive culture of raising awareness and understanding of how product governance considerations form part of CFC’s product design process. You will assist Products team members during discussions with underwriting teams to facilitate considerations around customer fair value as part of a wording project.
- Assist with responding to and preparing relevant documents required or requested as part of internal audits relating to product governance.
- Ensure that all product governance processes are regularly reviewed and continued to be developed according to business need.
- Develop a deep understanding of the CFC customer journey in relation to our products and introduce an appreciation of customer experience as part of the product design process.
- Monitor product-related data reports as required by the Product Development Manager.
- Develop customer analysis reports to outline customer benefits derived from wording upgrades.
- Support the development of internal processes to improve governance and monitoring of products, including maintaining a structured list of all CFC products, coverages and services.
- Contribute to the continuous improvement and shaping of reporting and dashboards needed to monitor customer fair value.
- Work alongside the marketing team and assist the Products team to complete document testing to ensure documents are up to date, accurate and support customer understanding of all product-related literature.
About you
We are looking for someone with strong regulatory awareness, in particular, working knowledge of: Insurance Distribution Directive (IDD), FCA PROD 4 rules and Consumer Duty Rules. You will have experience in a related regulatory role within financial services, such as product governance or compliance.You will have strong process management skills and be disciplined in documenting required sign-off and key decisions made as part of the product assessment process. Being data driven, with the ability to critically analyse core product MI metrics and experience in administering product reviews and audits, would be highly beneficial.
Positive stakeholder engagement is the driving force to this role, and we are looking for someone with demonstrable experience as an effective communicator, with the ability to facilitate open discussions to uncover customer value considerations. You will have the ability to actively listen and build rapport and trust with other teams to help drive a positive culture towards product governance, including alignment around customer value priorities internally within the Products team, as well as cross-functionally.
Core Values
Love what you do:We show up each day ready to take on the world. Our passion and intensity set us apart and makes the difference to our colleagues, customers, brokers and carriers.
Challenge everything:
We’re never afraid to question the way that things are done and we constantly challenge ourselves and others to makes things better.
Have fun, be good:
Insurance is a serious business, but we don’t take ourselves too seriously. We make it fun to work at CFC, we welcome all viewpoints, and we treat everyone how we would expect to be treated.
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