163. An institution should have in place a well-documented new product approval policy (NPAP) …

An institution should have in place a well-documented new product approval policy (NPAP), approved by the management body, that addresses the development of new markets, products and services, and significant changes to existing ones, as well as exceptional transactions. The policy should in addition encompass material changes to related processes (e.g. new outsourcing arrangements) and systems (e.g. IT change processes). The NPAP should ensure that approved products and changes are consistent with the risk strategy and risk appetite of the institution and the corresponding limits of the institution, or that necessary revisions are made.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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