VP Product Manager

Job title : Product Manager

Job grade : Vice President

Business area: Retail and Business Bank

Job type (middle, back, front): Middle

Role this role reports to : Head of Business Unit

Number and level of direct reports : 0 3

Risk Category for Anti-Money Laundering: Basic

Risk Category for Sanctions: Specialist

Risk and Control objective: Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Policies and Policy Standards. Understand and manage risks and risk events (incidents) relevant to the role.

Special Categories

FAIS (Please complete FAIS Addendum if this is selected) : No

High Risk : No

Critical Role (Succession plan required) : Yes

Personal Account Trading monitor required : No

Client-facing role : No

Overall job purpose

Accountable for the product design, development, deployment and management of the respective

Product Portfolio. To enable the fulfilment and implementation of the respective value propositions and ongoing implementation and management of new and existing products in the respective Product Portfolio.

Key Accountabilities

Accountability: Product Design and Development

Provides the design and development of new and existing products, taking to market and run of compelling and commercially viable product propositions spanning the product lifecycle;

Drives innovation around the product development and management cycle.

Prepare business cases for new product developments.

Manage marketing collateral of wealth-owned banking and credit products.

Responsible for the operational query resolution on all aspects of the respective Product portfolio relating to product propositions

Accountability: Product Management

Collaborates with the respective stakeholders in ensuring that Product value propositions seamlessly integrate into segment and sector value propositions to support golden baskets and enable the acquisition and retention of customers in specific segments and sectors to support the targeted commercial and customer shapes.

Management and coordination of activities relating to roll out of new products and product enhancements.

Responsible for updates and change of product and process documentation.

Provides exception reporting on rate and fee deviations and revenue leakage in maintaining key product performance indicators for the respective Product portfolio

Implementation of new product or changes to existing products into the business.

Manage specific product back-book and clean-up initiatives

Leverages the Pricing team for implementation of annual re-pricing processes, maintaining pricing tables drafting of communication and related marketing material.

In collaboration with the Pricing team conduct annual (bi-annual) review of Product pricing and recommends pricing guidelines to ensure market competitiveness

Provide recommendations for the review cycle of pricing changes and communication thereof.

Accountability: Control

To ensure optimal and compliant control environment within the respective Product Portfolio that appropriately balance risk appetites and customer demand with the need to grow to achieve the financial ambitions and balance sheet aspirations of RBB.

Accountability: Stakeholder Management

Responsibility for service monitoring from product providers and monitors client experience with particular emphasis on banking products.

Ensures service delivery is in line with SLAs.

Drive interaction with all relevant Infrastructure areas across the business in addressing product management requirements and priorities.

Drive relevant communication related to product changes or new product implementations.

Participate in Group-level activities and forums that impact the respective Product portfolio.

Effectively communicate developments within areas of activity to all relevant internal and external stakeholders.

Key Accountabilities

Accountability: Finance

Monitor financial performance of products within the Bank by reviewing financial KVDs

Compile Medium term plans (MTP) and Short Term Plans (STP) budgets on an annual basis and track performance against these budgets

Quarterly compilation of Revised Annual Forecast (RAF)

Understand financial impact of product development and marketing activities in order to align with budgets available

Accountability: Product Strategy

Develop and implement new products that meet the defined Retail Bank target market, customer segment needs and strategic and operational requirements which have been established via regular customer needs analysis and strategic reviews

Manage the respective products by aligning to the product lifecycle stage i.e. from concept to back booking

Understand and interpret products based on robust analysis and aligned with the respective portfolio strategy i.e. financial models, customer survey findings and overall product strategy resulting in informed recommendations as to the future direction/strategy of the product portfolio across the Bank

Assume responsibility for performance monitoring and proactive management of the products by understanding the key performance drivers including behavioural trends, financial indicators and growth/performance metrics

Report to EXCO and relevant Product Head on the performance of the specific product portfolio, via the monthly EXCO and Product Dashboard report on the individual products' performance and trends in the market

Perform all other duties as reasonably assigned

Role/Person specification

Education And Experience Required

B-Degree in Commerce/ Finance/ Marketing or NQF Level 6

B.Sc. or B.Com (Honours) (advantageous)

3 5 years Banking experience

3 5 years experience in Banking Products development and/or management

12 months experience in Banking Products (advantageous)

Knowledge & Skills

Competent Problem solving

Strong Analytical skills

Knowledge of Life Insurance products

Knowledge of Life Insurance market

Innovative out of the box thinking

Project management skills

Working knowledge of product environment

Cross functional influence and engagement

Good Stakeholder Management And Communication Skills Required

Knowledge of competitor products

Competencies: (Maximum of 8 competencies)

Problem Solving Leadership

The ability to analyse- and quickly grasp the implications of a situation, relating data from different sources, critically evaluating and integrating information/facts, and diagnosing a problem.

Results Orientation

The ability to set ambitious goals maintain a bias for action, drive delivery and take accountability for the outcome.

Customer Focus

Extensive understanding of best practices for a customer focused culture and the management of customer experiences.

Business Acumen

The ability to understand financial and economic concepts/drivers; to identify, create and/or exploit opportunities.

Innovation Leadership

Demonstrates ingenuity and curiosity to do things better and fosters an environment of disruptive thinking and action

Collaboration and Influencing

Ability to build an extensive collaborative network amongst different stakeholders within and externally of the organization (at the most senior levels) that supports the achievement of business goals

Strategic Capability

The ability to continuously evaluate and redirect business strategy and value proposition thereby promoting the competitive viability of the organisation.

Inspirational People Leadership

The ability to build, inspire, and develop teams towards high performance.

Mental and Environmental demands (RSA specific)

Special Work Requirements

Open Plan working environment

Ability to work under pressure

Depending on the business needs, travelling may be required from time to time.

Most complex decision that can be taken without referral to the manager

Product Strategy / Implementation

Establishing suitable product solution for a specific target market and channel and handling product implementation issues

Business change accountability

Implement change

Finance/Resource accountability

Establishing suitable product solution for a specific target market and channel and handling product implementation issues