Product oversight and governance solution
Product governance is a demanding topic that involves a lot of stakeholders 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 in 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. Oversight360 helps firms capture all relevant information for their fair value assessments, enabling them to act on information as well as creating certainty that they have met 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. Skyjed’s already proven solution is used by over a hundred clients around the world to strategically manage product lifecycle and ensure product compliance.
Suitable for
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 with regular reviews together 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 that 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.
The connect feature will help you enhance your product governance by automating and sharing information to your distribution network and schedule product reviews and requests for information.
Benefits of Oversight360
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.
Fair value assessment
The FCA’s product governance rules and Consumer Duty require firms to assess the fair value of their products and services on an annual basis.
‘Fair value’ is the relationship between the total price paid by the end customer and the quality of products and services provided. Every party across the distribution chain have to demonstrate and evidence that their portion of the price is commensurate with the benefits and services to the customer.
We have integrated our proven methodology into Oversight360.
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 an innovative global software company leading the way in SaaS lifecycle management. Founded in Australia and now headquartered in London, Skyjed has grown rapidly over the past five years.
It’s industry-leading platform is receiving recognition with multiple awards, showcasing the teams dedication to innovation and excellence. With a globally experienced leadership team, it acts as mission control, driving value for their partners and clients across industries. Skyjed is proud to be the go-to solution for all lifecycle-related needs.
Skyjed’s cloud-based platform provides powerful tools to automate your Lifecycle Management processes, including risk management processes and gain real-time insights into your activities throughout the value chain, product or service lifecycle. With Skyjed, you can identify steps at every stage, from ideation to retirement, and take corrective actions to improve or mitigate them.
Get in touch
If you’d like to know more about Oversight 360, please get in touch.