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How to PM in Highly Regulated Industries by FiWize CTO

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Main takeaways:
- The MVP approach can still work, but viable means fully compliant
- Experimentation and A/B Testing are still possible - but your outlook on how is different
- You need to plan your sprints to be agreeable with the marathon that is legal analysis and review

Veröffentlicht in: Technologie
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How to PM in Highly Regulated Industries by FiWize CTO

  1. 1. www.productschool.com How to PM in Highly Regulated Industries by FiWize CTO
  2. 2. Join 35,000+Product Managers on Free Resources Discover great job opportunities Job Portal prdct.school/PSJobPortalprdct.school/events-slack
  3. 3. C O U R S E S Product Management Learn the skills you need to land a Product Manager job
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  8. 8. C O U R S E S For experienced Product Managers looking to gain strategic skills needed for top leadership roles Product Leadership
  9. 9. C O U R S E S Corporate Training Level up your team’s Product Management skills
  10. 10. John Koehler T O N I G H T ’ S S P E A K E R
  11. 11. Product Management in Highly Regulated Industries By John Koehler June 4, 2019
  12. 12. About John Koehler John Koehler currently runs Moving Iron Systems, a boutique technology consulting and strategic advisory firm that works with startups predominantly in the automotive and financial services industry He currently serves as the main product advisor for CreditIQ and as the CTO of FiWize Some of John’s prior roles include: ● VP of Product & Strategy at CarFinance.com ● Director of Product Management at TrueCar ● Senior Product Manager at DealerTrack
  13. 13. Tonight’s Highly Regulated Agenda (once cleared by Compliance) 1. Brief overview of what are highly regulated industries 1. How to make an MVP work in a highly regulated industry 1. Planning your sprints to match cadence of legal & compliance partners 1. How to run A/B tests and experiments and comply with regulations
  14. 14. Some examples of highly regulated industries Every business and industry deals with some level of regulation, and obviously all need to follow applicable laws and pay taxes, but here’s a few industries considered highly regulated: ● Financial Services - Banking / Credit & Lending / Securities / Insurance ● Healthcare - Healthcare Delivery / Pharmaceuticals / Medical Devices ● Power Generation and Transmission ● Some Manufacturing - mostly depending on materials used or outputs ● Government Administration
  15. 15. You might work in a highly regulated industry if... ...Your organization, or specific staff members in your organization, needs to be licensed to make, sell, or distribute your products and services ...Your clients require a license to sell, make, or distribute their product or services ...Your organization has a “Compliance Department” (or at least a Compliance Manager) ...You needed to get fingerprinted as a condition of working at the company
  16. 16. Making an effective MVP in a highly regulated industry The point of an Minimum Viable Product - MVP - is that you do as little as possible to prove the viability of the product: focus on the important features and build the “nice to have” features later if the business results deem it appropriate Regulatory compliance is unfortunately not just “nice to have” - it’s critical A good product manager WANTS full compliance from the beginning - it proves whether product is really viable: do people want it at premium that pays for regulatory compliance ● Example 1 - product presentation/advertising and disclosures ● Example 2 - Required consumer communications
  17. 17. IANAL and TINLA Being an effective product manager in a highly regulated firm doesn’t require you to be a lawyer - but you do need to know the laws that regulate your business / your client’s business Especially if your firm’s (or team’s) goal is to be disruptive - disruption is good, but its most effective when done in a way that is cognizant of applicable regulations Understanding the regulatory requirements that impact the product and customer experience today can allow you to focus more effectively on areas that can be improved and not waste time on those that cannot change
  18. 18. Become friends with the corporate lawyers While you don’t need to be a lawyer to succeed as an a product manager in highly regulated industries, it is good to form a good working relationship with the legal department - especially compliance focused attorneys 1. Understand what they are most concerned with: disclosures / data use & privacy / advertising (public website design) / equal treatment / other 2. Get buy-in on your long-term (2+ quarters) product roadmap to identify any potential legal roadblocks early 3. Establish an understanding for required timeframes and methods for legal review so that launch and sprints can be better planned
  19. 19. Sprint Planning in Cadence with Legal Product Management often requires working effectively with shared resources - whether that’s in technology, marketing, operations, or administration While you can often use a workaround or shrink your MVP if one of these shared resource groups are a bottleneck, there’s often no substitute for legal approval to launch You’ll want to do your product design and get initial approvals before getting stories requiring review into the sprint ● From there: try to get items that require online review developed and tested first ● Learn how much time legal needs to turnaround reviews on items in Test/QA/Sandbox environment - some want 2 days, some want 2 weeks Legal isn’t really the “Business Prevention” department, but they can be if you don’t plan
  20. 20. Running A/B Tests effectively A/B testing is a great way to iterate on the existing product or experience and make consistent improvements Doing this means knowing what parts of the product have multiple legal options available and what parts are already in place solely because of regulation It’s also critical to know what parts of product/experience require equal treatment for all consumers: if such requirements exist it likely will eliminate the opportunity to A/B test and instead collect data in an alternative manner that enables product planning
  21. 21. Suggestions for Product Design and A/B Test Design in Highly Regulated Industries Brainstorm -> Initial design -> Legal review -> Final design -> Dev & QA test -> Launch Do your initial brainstorming and design without worrying about legal requirements If doing an A/B test, have your A and B (and C thru E) ready for legal review so you still have something to test if 1 or more options get nixed as not compliant Be prepared to discuss with compliance how consumers will be segmented into one group or another - sometimes test experiences are fine but segmentation is not
  22. 22. In Sum: Product Mgmt in Highly Regulated Industries Brings Unique Challenges Agile product development leverages the benefits of iterative and incremental development to constantly optimize the product Heavily regulated industries tend to have slower and less frequent change because of the compliance overhead involved with change Good product management CAN bridge this gap: ● Much of compliance work is reducing risk because of an inherently confusing or unpleasant consumer experience ● A great consumer experience reduces risk without obvious CYA
  23. 23. www.productschool.com Part-time Product Management, Coding, Data Analytics, Digital Marketing, UX Design, Product Leadership courses and Corporate Training