Risks linked to new products and activities

The potential impacts of all new products are analysed carefully before they are launched

Each division submits all new products, businesses or activities to the New Product procedure. Jointly managed by the Risk Division and business lines, it is designed to ensure that, prior to the launch of a new product, business or activity:
  • all associated risks are fully identified, understood and correctly addressed;
  • compliance is assessed with respect to the laws and regulations in force, codes of good professional conduct and risks to the reputation and image of the Group;
  • all the support functions are committed and have no, or no longer have, any reservations.
This procedure is underpinned by a very broad definition of a New Product, which applies to the creation of a new product, the outsourcing of essential or important services, the adaptation of an existing product to a new environment or the transfer of activities involving new team or new systems.
Group wide, 514 New Product committee meetings were held in 2011.