MiFID 2 and IDD product governance has two distinct parts. Firstly, the structures that firms need to be able to deliver effective product governance, the “arrangements” and “procedures” required both to launch and review products. These include looking at the composition of product governance committees and the role of both compliance and senior management. With this comes some core risk management activities and approaches, designed to ensure that the committee or arrangement performs its functions in the right way.
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