Product Development Director

Job Overview

1.      Strategic Planning


·        Develop Product Development  Unit strategy in line with Operations Departmental strategy to support in the achievement of Departmental objectives

·        Ensure implementation of Departmental strategy and related strategic plans in order to achieve agreed upon strategic goals and objectives

·        Develop, and update Product Development Unit organization structure –with compliance to relevant policies- to ensure meeting different business needs and requirements

2.      Budgeting


  • Prepare and recommend the Product Development Unit budget by conducting analysis and preparing data related to specific elements as directed
  • Monitor financial performance versus budget and report unanticipated costs or revenues, areas of unsatisfactory performance, as well as potential areas for cost reduction or performance improvement opportunities to capitalize upon.

·       Ensure portfolio yield through healthy cash inflow, and reduce operational risks through enhancement.

3.      Operations Management



  • Manage the daily operations of Product Development Unit to ensure that work processes are implemented as designed and comply with established policies and procedures
  • Manage the preparation of timely and accurate reports to meet company and departmental requirements, policies and standards
  • Manage the execution and delivery of internal project  by planning, organizing, overseeing of various project activities to ensure meeting agreed project parameters (cost budget, timelines, scope  and quality)

·       Manage day to day issues pertaining to product policy related and system integration related obstacles to sales.

·       Review contracts & agreements, and modifications to existing documentation.

4.      Product Design & Development
  • Design and develop mortgage products and services based on extensive market research and intelligence, in an innovative and creative manner that is fair to the company  and competitive in the market
  • Identify potential market segments for each product based on several demographics and commercial factors, in order to enable effective targeted product design and marketing
  • Analyse and calculate breakeven points for proposed products and forecast their profitability
  • Identify and advise product interest rates that are competitive and fair to the company from a revenue-generation perspective
  • Conduct annual business plan with other stakeholders.

·       Develop product development on an annual basis.

·       Monitor existing products’ sales performance to identify obstacles and handle resolutions.

·       Oversee system enhancements.

·       Manage product development with all related parties including Risk, Compliance, Sharia’a, and SAMA submissions.

·       Contribute to preparing marketing collaterals and content.

5.      Research & Market Intelligence
  • Liaise with the Business Development Manager to obtain market research and intelligence reports in order to use them in formulating and designing new products.
  • Conduct continuous market research including, market scans, product specific research, and occasional customer driven research.

·       Ensuring alignment with market needs, and competitiveness with other lenders.

·       Identify opportunities to enhance business/products.

6.      Compliance ·        Ensure that all proposed product designs are Shariah and SAMA compliant, in liaison with the Sharia Committee and the Compliance Manager

·        Ensure that all proposed product designs are compliant with the Mortgage law, in liaison with the Legal Manager

7.      People Management


·        Manage the activities and work of subordinates and evaluate their performance by providing formal and informal feedback to ensure that all work within a specific area is carried out in an efficient manner and in accordance with set individual targets

·        Stimulate subordinates and manage the identification of opportunities for continuous improvement of systems, processes and practices taking into account ‘international best practice’, improvement of business processes, cost reduction and productivity improvement

8.      Policies, Processes & Procedures
  • Recommend improvements to departmental policies and direct the implementation of procedures and controls covering all areas of Product Development activity so that all relevant procedural/legislative requirements are fulfilled while delivering a quality, cost-effective services
  • Ensure compliance to all relevant safety, quality and environmental management policies, procedures and controls across the section in order to guarantee employee safety, legislative compliance and a responsible environmental attitude

·       Review insurance policies and subsequent deals with insurance companies.

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