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Banks are required to have in place an internal policies and procedures that set out the oversight and governance arrangements for the offering of new products and services. These internal policies and procedures must at minimum satisfy the following:
6.1.1
To be integrated as part of the bank’s governance, risk management and internal control framework.
6.1.2
Defining the roles and responsibilities of all stakeholders including the Board and all control functions involved in developing and launching new products and services.
6.1.3
Defining parameters for the authority which approves new products and services including the circumstances under which such authority may be delegated.
6.1.4
Defining the requirements to have a pilot or testing phase for new products and services. A bank is required to assess the effect of a product and service on target market before its commercial launch and take appropriate changes where scenario analysis shows adverse results for the target market.
6.1.5
Consumer protection requirements including the bank’s standards for management of customer suitability and mis-selling risks along with a requirement to conduct annual assessment of all products and services against such established standards.
6.1.6
The internal policies and procedures must be reviewed and updated on a regular basis or when it’s needed, ideally on an annual basis, and at least once every (3) years.
6.1.7
The policies and procedures must be communicated by the bank in a timely manner to all relevant parts and levels within the organization, and to ensure that the new product and service offering are fully integrated throughout a bank’s line functions.
