Regulatory Alerts2024-07-26
Lifecycle Management of Products, Services and Activities
The Japan Financial Services Agency (JFSA) issued this discussion paper to outline its fundamental approach to the lifecycle management of products, services, and activities at financial institutions, aiming to foster dialogue for better practices. It requires financial institutions to implement robust internal controls for new product approval, encompassing thorough risk assessment and strategic alignment, and to maintain ongoing risk management to address evolving risks post-introduction. The JFSA emphasizes group-wide risk management, the critical role of senior management in product decisions, and the establishment of a risk-based framework supported by a dedicated management team to ensure effective oversight.
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