New Product Approval Process
Improve time-to-market and compliant efficiency
With MiFID and MaRisk, European and national regulators require approval of new products before they are sold for the first time. In addition, defined criteria such as the monitoring and updating of the target market must be governed consistently throughout the entire life cycle of the products.
LPA software enables you to comply with all requirements in the most comfortable way. The approval of new products and variations as well as the mandatory review and monitoring during the life cycle of the product will be automated, thus shortening the time-to-market enormously.
Automation framework combines content management, product information management and workflow automation in one tool. Over 25 financial institutions worldwide trust in the configuration of product database, product approval workflow and product governance monitoring can be tailored to your needs.
This allows you to flexibly combine new product approval and product governance management in one central cockpit.
Overview of LPA’s new product approval process tool:
1. NPA-Workflow Solution
Approval & Review
An out-of-the-box workflow for managing new product approvals and execute the mandatory review process.
- E-Mail-Communication: Customizable e-mail templates which can be triggered by workflow transitions.
All workflows to approve new products are entirely recorded to ensure a complete documentation.
- Parallel Sub-Workflows: In order to reduce bottlenecks and enable as many people as possible to work on a new product request on the same time, multiple business-units can work on one workflow at the same time and finish their tasks.
All involved users can submit comments in each workflow-step to communicate with each other.
2. Product Database
Single Source of Truth
The Product Database functions as a central repository for structured and clear product information for the whole institute.
- Integration Workflow & Database: NPA-Workflow and Product Database are connected in a smart way, so that a predefined subset of the data entered in the workflow is automatically stored in the database.
A powerful search engine which browses product data, workflows and even attachments so all information can be accessed in a simple way.
The Product Tree allows the structuring of product information by ordering the data on hierarchic levels like product group, product and product variant.
3. Dynamic Reporting System
With our integrated revenue reports, you can check if your new products generate the estimated revenue.
Deposit document templates like PowerPoint or Excel which then will automatically be updated upon every document generation with the most recent data.
Enter the parameters of the report documents you would like to create such as time span, the type of product or the business department.
4. Admin Panel
Separate Admin Panel
User and administrator functions are separated so that the NPA-Tool stays neat.
- Data Mapping: Form-Configurator fields are linked to database columns, so that all inputs are stored.
Create new forms or edit the existing forms of your workflows.
- Drag & Drop: Drag & Drop new fields, functions, controls, charts and more to your created workflow forms.
User and Role Management
Create, edit or delete users and roles. Allocate roles to existing users to simplify your rights management.
- Rights Management: Create, edit or delete rights and link them to existing roles.
MS SQL Server