Product Manager, Regulatory Services
The Product Manager is the senior business person responsible for the full life cycle of the product. They coordinate product activities with various functional areas across the organizations such as Sales, Marketing, Operations, Customer Service and Financial Management. Product Management is tasked with focusing energies on five key disciplines:
- Planning: Strategic and Tactical Product Planning Development
- Marketing: Promotional Communications, Sales Tools and Training
- Sales and Distribution Channel Support
- Financial and Profitability Management
- Regulatory and Risk Management
The product manager is ultimately responsible for the positioning and performance of a product and will coordinate all activities necessary to ensure the achievement of strategic revenue, profit, and market share objectives.
Product Managers ensure a disciplined approach to business management helping to set the organizations priorities, product offerings, pricing strategies and promotion plans that are consistent with key objectives
Responsibilities of Product Management
Product Management’s primary role is to define the solution strategy and ensure that this is executed on, against the entire life-cycle of the product solution and all of the issues that impact the delivery of a capability or service. Product Management works with all parts of an organization to ensure the reliability, performance, quality, and robustness of its product solutions. Product Management executes against a product plan that accomplishes the strategic goals determined by senior management. Product
Listed below are the responsibilities of Product Management.
The long-term strategic plan defines emerging product and revenue opportunities to expand market share, helps to resolve issues related to markets, the types of solutions and the opportunities that the company will invest in and the resources required to support product development. More specifically, the product plan is used to:
- Define an overall strategy for products and guide the selection of development projects, incorporating macro-economic research, market trends, competitor analysis and client feedback from interactive workshops
- Define target markets, customers, competitive strengths, and competition strategy
- Position planned products relative to the competitive environment and identify what will differentiate or distinguish these products in the marketplace
- Define revenue opportunities within the strategy over the period
The roadmap guides day-to-day decision making and supports the action steps throughout the corporation in support of the long-term. The roadmap incorporates (but not exhaustively) the following milestones:
- Building of the underlying business cases for new product developments to secure capital/ expense funding.
- Definition of each solution’s strategy and high level standard service definition
- Product development/ execution stages incorporating all stakeholders activities (Technology, Product, Operations, Legal, Servicing and delivery)
- Evaluation of product line extensions initial assessments of market opportunities
- Conducting of annual solution assessments to ensure offerings are in line with strategic initiatives
- Managing relationships with third parties to make recommendations of functional deliverables
The roadmap also allows for:
- Communication of the features and functions of assigned solutions via marketing, sales, distribution channels
- Rationalization of competing development projects and establishing priorities for development projects
The Product Manager works with Strategic Marketing to develop all internal and external communication and positioning around the product. They are responsible for creating sales tools and ensuring appropriate training is provided for the products supported. These responsibilities include the following:
- Provide expertise and market knowledge for all external product communications to be inclusive of all delivery channels
- Conduct all internal and external product rollouts and sales training
- Update sales and distribution channel support about the competitive environment and changes in Government regulation
- Organize cross-departmental communication to ensure a consistent view of the market and organizational priorities
The Product Manager is responsible for driving sales and distribution support for their product. Although the Product Manager does not have sales responsibility they are responsible for ensuring that their products are being sold by supporting the following functions:
- Perform market analysis and segmentation to ensure competitive advantage
- Conduct client reviews to understand buying trends as part of the sales and market research process
- Work with Relationship Management, Marketing, Systems and Operations to respond to client requests for customized services
- Develop standard responses to client proposals and work to answer requests for unique service needs
- Developing client strategies to expand existing relationships and identify key markets and companies for prospecting new business
The financial performance of a product is the responsibility of the Product Manager. They ensure coordination with operations and financial management to monitor capital expenses, revenue and expenses. Product Managers shape the financial contribution of their product in the following way:
- Sets pricing strategy for the product line
- Works closely with Management to ensure product success in the market, as measured by revenue, profit, and market share objectives
- Coordinate activity-based costing to understand the key expense drivers of the product
- Recommend and approve pricing to maximize the revenue and profit contribution of the product
- Coordinate the collection and analysis of competitor pricing
- Complete a monthly Income Statement and track improvements or declines in profitability. Works with Operations to gain profit improvements.
- Identify clients where there are market reasons to increase or decrease pricing
- Initiate annual pricing review
Product Management is responsible for coordinating the resolution of issues of government compliance and attempts to minimize the systemic risks of offering a product. The Product Manager works closely with Operations, Risk and Compliance and Technology to identify all mitigating risk measures and ensures their implementation. Product Managers coordinate the following:
- Coordinate product risk review (with Product Development) as part of the new product development process
- Monitor changes in the regulatory environment and take the necessary steps to ensure compliance
- Identify all areas of risk including financial, reputation, regulatory and financial and make recommendations to minimize these.
Skills/ Experience
· Proven track record in the asset servicing industry with strong and deep knowledge of the current regulatory environment. [with minimum 5 years] Specialist knowledge and experience in a Product Management role.
· Strong background in and deep knowledge of the Regulatory change agenda and its impacts across the European client base (AIFMD, FATCA, UCITS V, T2S)
· Proven background in negotiation with clients with significant wins
· Proven background in building revenue and business
· Strong client servicing and presentation skills
· Strong ability to influence at all levels of organization to ensure delivery
· Proven leadership skills in building business and bringing people along
· Strong organizational skills in order to effectively execute
· Proven track record in sizing opportunities as a result of regulatory initiatives and other market changes
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$758.9 billion. For more than 122 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology.
We seek qualified people for a wide range of challenging positions and who are interested in building a career with a global growth company, excel in a team oriented environment, yet respect others and have strong values and principles. Northern Trust is an Equal Opportunity Employer and is committed to building a diverse workforce. We ensure our policies guide our behaviors to create and maintain a discrimination-free workplace. We support total diversity: gender, age, race, religion, sexual orientation, gender identity, ethnicity, physical disabilities, and marital/family status, among others.
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