New Product Approval Process

Improve time-to-market and compliant efficiency

Compliant new product approval process. Automates mandatory review and monitoring during the product life cycle. Also maintains a product database and offers dynamic reporting of product performance.

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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.

Our Solution

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:

NPA-Workflow

ensures that you can approve new product requests up to 80% faster while being 100% compliant. Swiftly approve new product requests with our workflow engine to improve your time-to-market and save on resources.

Product Database

enables you to store all data of pending and approved products and supply your sales/trading teams with the respective information. Store the data of your approved products in our product database to be compliant to regulatory requirements at any time and supply your sales and trading units with all product information.

Dynamic Reporting

allows you to provide your management with automatically generated, up-to-date performance reports and presentations. Provide your management with dynamically updating reports as automatically generated presentations and reports to check whether your new products generate the expected yield.

Find more details on how our New Product Approval Process works

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Key features

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.

Bulletproof Documentation

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.

Commentaries

All involved users can submit comments in each workflow-step to communicate with each other.

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.

Search Function

A powerful search engine which browses product data, workflows and even attachments so all information can be accessed in a simple way.

Product Tree

The Product Tree allows the structuring of product information by ordering the data on hierarchic levels like product group, product and product variant.

Revenue Reports

With our integrated revenue reports, you can check if your new products generate the estimated revenue.

Automated Documents

Deposit document templates like PowerPoint or Excel which then will automatically be updated upon every document generation with the most recent data.

Report Generator

Enter the parameters of the report documents you would like to create such as time span, the type of product or the business department.

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.

Forms-Configurator

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.

Key facts & figures

Reduced manual interaction by up to 80%
Enhanced control and visibility
Improved quality due to reduced errors
Improved time to market
Reduced resources and costs by up to 40%
Increased efficiency