Product Terms Part 2: Establishing New Product & Service Controls
Consumer financial products and services continue to evolve, driving credit unions to innovate to keep pace with the competition. As such, how your credit union collects, processes, analyzes, and disseminates information is as critical to the bottom line as the revenue generated by any new product or service. Prior to launching a new product or service, a thorough assessment of the types and measurements of risk must be addressed to align with enterprise risk tolerance. This webinar will detail best-practice product and service controls through the product lifecycle, due diligence pitfalls, and post-mitigation solutions to ensure inspection meets expectation.
Recorded August 3, 2016
Continuing Education: Attendance verification for CE credits upon request
- Inherent product and service risk compared and measured against back-end controls
- Seven stages of the product life cycle (Federal Reserve framework)
- Recommended assessment process for new product and service offerings
- Development of a formal change management control process
- Product and service post-implementation strategies supporting sustained due diligence
- TAKE-AWAY TOOLKIT
- Federal Reserve’s Second Quarter 2015 Consumer Compliance Outlook publication titled Managing Risk Throughout the Product Life Cycle
- NCUA Supervisory Letter No. 13-12 on Enterprise Risk Management
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
PART 1 ALSO AVAILABLE!"Product Terms Part 1: Modifying Existing Product Terms & Fees,
Including Timing, Content & Requirements for Change-in-Term Notices"
Recorded on Wednesday, June 22, 2016
WHO SHOULD ATTEND?
This informative session is designed for operations, compliance, and audit teams.
PLEASE NOTE: Webinar content is subject to copyright and intended for your individual financial institution’s use only.
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