Product oversight and governance solution
Product governance is a demanding topic that involves a lot of players and requirements. Despite its complexity, lots of organisations still organise their product oversight over several spreadsheets and platforms. This usually makes keeping track of changes a challenge itself, and ensuring effective product governance an even bigger task.
This where Oversight360 comes in.
Oversight360 is an all-in -one product lifecycle management and product governance solution tailored to meet the regulatory requirements of the UK insurance market, to help companies record, track, and report on product governance and face the challenge. It facilitates compliant product oversight requirements through a 360-view of the product on a single platform, allowing insurers and brokers to have a comprehensive view and control of their product lifecycle from design to distribution, and facilitating information sharing across the distribution chain. Oversigth360 helps firms capture all relevant information for their fair value assessments, allowing them to act on information and creating certainty that they have the FCA’s fair value requirements.
Sicsic Advisory has partnered with Skyjed, the world’s first AI-powered end-to-end modern product lifecycle management and governance SaaS tool and brings this new perspective to the UK insurance market.
How does it work?
Oversight360 is a blend of guidance from experienced professionals and technology. Users receive access to a template in which they can record and report their product governance.
This template has been developed by senior regulatory experts at Sicsic Advisory and is supplemented by having regular reviews with our senior consultants to provide assurance to you in meeting regulatory requirements. Team members across multiple firms can work together to share information all one place – automating 90% of manual, repetitive tasks.
Why choose Oversight360?
By choosing Oversight360 not only do you gain access to a comprehensive product governance management tool, but also bespoke advisory on top of it.
Oversight360 will provide you with already populated templates that can be tailored to you and your company’s needs. These were created by senior advisers at Sicsic Advisory and it is these senior advisers will also be guiding you through your experience. You will get all the benefits of technology without losing the human – and specialised – touch.
Key features of the platform:
SaaS ISO 27001 accredited tool, with 2 distinct workspaces supporting product design and ongoing product governance with enterprise-grade security.
‘Driver’ or information prompts help gather and record the right information (financial and non-financial) to facilitate compliance.
Oversight360 will undertake a regulatory health check of each product against tailored risk tolerances, identifying areas for action.
Enables the rapid identification of risk mitigations and automatic triggering of product reviews, combined with automated assignment of tasks and actions.
Offers the ability to add collaborators from within and outside the business and the ability to directly integrate with other business tools to obtain product information
Technology and human touch come together with Sicsic Advisory’s tailored guidance throughout the product lifecycle.
Benefits of Oversite 360
Compliant product oversight through a single platform, adopting Sicsic best practice
360-overview of the product with a comprehensive view and control of the product lifecycle from design to distribution
Continuous monitoring and reporting with actions aligned to commercial and customer tolerances
Facilitates sharing of information across the distribution chain through the connect feature.
Full audit trail and compliant record keeping
Ability to tailor to firm and product specifics through the platform and human touch
How is your product’s health and governance assessed?
Oversight360 offers a 360-degree view of your product’s health that is continuously re-assessed and monitored. The product workspace is made up of design, audit, domain, and driver information to focus on product strategy. Using the five domains listed below the product is given a health score and risk profile after assessment.
The tool’s ‘connections’ function enables the sharing and requesting of designs and audits, such as facilitating the sharing of latest target market statements and collaborative data collection for all aspects of the fair value assessments. This will be a game changer for manufacturers with multiple distributors and/or distributors who work with multiple insurers and MGAs.
About Skyjed
Skyjed is a software development company, founded in 2017 by Leica Ison and is based in New South Wales, Australia.
The Skyjed team has extensive experience in delivering products and technology solutions in the financial services and banking sectors in Australia. Their skills combine a powerful mix of IT design engineering, UX design, product management and comprises a strong mix of technology skills, UX knowledge and regulatory acumen.
Their product governance tool has been successfully deployed in several major banks and financial services companies in Australia and New Zealand.
Get in touch
If you’d like to know more about Oversight 360, please get in touch.