To create a meaningful CVMS (Consumer, Vulnerability Management System) design and development of new products must be foremost in any organisation seeking to address potential customer susceptibility. Often organisations examine consumer vulnerability from the wrong angle and seek to impose policies upon staff and end users with nothing in the middle or indeed start.
A consumer vulnerability design plan is a good place to start. The international Standard for quality management ISO9001 has some useful tips under design and development of new products. These include the; intended outcomes, stakeholder needs, legal issues, verification, and validation processes. Sadly, some organisations only look at the benefits of a new product with regards potential sales. But if a new product is inadequately developed or indeed does not take cognisance of regulatory & consumer needs, the costs of remedial action may outweigh the potential gains.
The FCA refers to product governance when developing new financial solutions. The FCA detail in GC19/3 what should be incorporated within a regulatory product with regards design and vulnerable consumers. This includes: the idea planning, development, testing, launch and review.
BS18477 addresses design and development of an organisation’s new products, with adequate testing and trialling of new products prior to launch.
The Standard is flexible and could be used within the regulatory context or indeed outside. The benefit of seeking external certification from BSI is that all parties can be assured that gold standards have been achieved in the development of consumer-friendly products.
For further information and to book your BS18477 survey please contact: Marcus J Allen at Thamer James Ltd. Email: [email protected]
Marcus has twenty years’ experience in delivering Governance, Risk and Compliance solutions to over two hundred organisations within the UK. Marcus holds the respected Diploma in Governance, Risk and Compliance from the International Compliance Association and holds a master’s degree in Management Learning & Change from the University of Bristol.