maintenance; and Require a post-decision review to determine whether the new product or service met the expectations and assumptions used to support the decision. SEVEN STAGES OF THE PRODUCT LIFE CYCLE DIAGRAM The product life cycle consists of different stages that a product or service goes through from inception to termination. The following table details the different stages and provides an illustrative (though not exhaustive) list of factors to consider at each stage of the process to help manage consumer compliance risk. Each of the seven stages in the life cycle process are reviewed in the next sections along with, associated risks at each stage, and some of the management considerations at that specific stage. SEVEN STAGES OF THE PRODUCT LIFE CYCLE CHART STAGE DEFINITION CONSIDERATIONS Strategic Incorporates the strategic analysis Strategic goals and Considerations behind an established, new, or areas of expertise modified product: this includes Involvement of the analyzing the strategic fit for the board of directors, institution and its customers, as management, business well as any components tied to line, legal, and product development (controls, compliance compensation, platforms, etc.) and Regulations or the overall benefit of the product to guidance the institution and to consumers Emerging issues related to the product, including legal activity Processes (developing procedures and operating systems, training staff,
maintenance; and Require a post-decision review to determine whether the new product or service met the expectations and assumptions used to support the decision. SEVEN STAGES OF THE PRODUCT LIFE CYCLE DIAGRAM The product life cycle consists of different stages that a product or service goes through from inception to termination. The following table details the different stages and provides an illustrative (though not exhaustive) list of factors to consider at each stage of the process to help manage consumer compliance risk. Each of the seven stages in the life cycle process are reviewed in the next sections along with, associated risks at each stage, and some of the management considerations at that specific stage. SEVEN STAGES OF THE PRODUCT LIFE CYCLE CHART STAGE DEFINITION CONSIDERATIONS Strategic Considerations Incorporates the strategic analysis behind an established, new, or modified product: this includes analyzing the strategic fit for the institution and its customers, as well as any components tied to product development (controls, compensation, platforms, etc.) and the overall benefit of the product to the institution and to consumers Strategic goals and areas of expertise Involvement of the board of directors, management, business line, legal, and compliance Regulations or guidance Emerging issues related to the product, including legal activity Processes (developing procedures and operating systems, training staff,