Successful leaders watch product risk to be mindful of trust.
December 16, 2018
The debate about trust and product governance has taken on another level in recent months as the Hayne royal commission unfolds and business leaders reflect in today's AFR Chanticleer CEO Poll article by James Thomson.
In my view, what is clear in this debate is the need to continuously audit products and services at an operational and non-financial level. More specifically monitoring product lifecycle risk is the clear winner and will become a critical business capability for leaders in 2019.
To understand why continuous auditing of your products and services now matters, it helps to look at our strategic landscape: The Hayne royal commission in Australia during 2018 is a timely reminder. "AMP losing some $5.9 billion, or more than a third of its market value since the commission's first public hearing in February". Source: AFR Sept 2018 By Clancy Yeates & Sarah Danckert Wealth giants bear the brunt of royal commission fallout.
So here are my questions for you?
Is it difficult to track down the product or service updates that deep dive into your emerging operational and non-financial risks?
Is the information on core product updates borne out of the ease of tick the box or sugar coated and with a lack of rigour and urgency?
Do you lack a calendar for product and service reviews or are you looking at different silos in your business - making it hard to get the transparency you need?
What toolkit are you currently using to keep across your product and service lifecycle in the core business, so you can have a consistent, governed review of your products or services?
To help overcome the challenges of maintaining trust, your business can monitor its core products and services with a new continuous auditing tool - Skyjed - whether a company director, CEO, product growth, marketing or risk leader - you now have one governed place where you are joined up, aware, prepared and engaged in product growth and emerging non-financial risks.
"90% of the organisation believe that resilience is greater when functions are joined up….only 37% of the organisation believe that these areas are properly joined up" Source: London first PWC Resilience Survey.
Here are three ways you can use Skyjed continuous auditing to de-risk product growth in your business and join Directors to the business leaders in product, marketing & risk domains with all the benefits of an artificial intelligence enhanced software tool:
A new continuous auditing tool
Get a holistic view of the product life cycle - growth opportunities and critical risks in your product and service portfolios. Reduce non-core activity in reporting and administration by reviewing your product portfolio in one place with a calendar of consistent, disciplined product and service reviews. Make sure what gets sent up the line can't get lost along the way. Skyjed continuous audits gives you integrity in the report, unlike PowerPoint presentations where you can snow-ball by omission.
Comprehensive 360 degree reviews of leading product indicators
Capture and review non-financial product drivers: the soft signals of product health, risk-rank the products in your business so that you can address emerging risks before it's too late. Get clear insights with a software tool that halves the time it takes to do product and risk reviews.
Continuous product improvement with action plans
Monitor and review your product health with a connection across the business. Skyjed generates accurate and meaningful reports for business stakeholders on the health of the products or services. Skyjed AI analyses driver data to produce an independent product heath index and product risk profile in a governed calendar of reviews with action tracking.
"Once, directors assumed if they set up a framework of controls for compliance, risk and management assurance and they were implemented, that would be sufficient to discharge their duties. Now it seems they are liable for the misdemeanours of middle-level executives." - Source: Kevin McCann AM FAICDLife, former chair of Macquarie Group in Company Directors Magazine.
Start using Skyjed continuous auditing today to manage your product growth and risks and maintain trust.
Curious? Talk with us to learn more at www.skyjed.com or message me at Leica.Ison@Skyjed.com , https://www.linkedin.com/in/leicaison/