Marim Student Chapter (MSC) UniSZA is an organization under the umbrella of Malaysian Association of Risk and Insurance Management (MARIM). As MSC UniSZA aspires to expose, foster and practice of risk and insurance/Takaful management according to the best practice of industry, it is pertinent that MSC UniSZA must keep abreast with the industry development. With specialization of risk management and Takaful, MSC UniSZA has restructured in May 2014 to become a product and risk oriented. A product is anything, be it tangible or non-tangible, that can be offered to a target audience that might satisfy a want or need. In case of MSC UniSZA, the main audience or stakeholders would be the RMT students, followed by the fellow Islamic Finance students, UniSZA, other universities and society. To transform as such, MSC UniSZA has to adopt the industry’s practice of developing and managing products and risks. Product development & management process is a vital role to ensure competitive edge in the globalization era and in case of MSC UniSZA is a one step ahead to promote the members the benefits of risk management and Takaful. To develop a core product in MSC UniSZA means generating and developing an idea and program relating to risk management and Takaful. From the perspective of MSC UniSZA, product would refer, but not limited to, any program, activities or plan. New and/or improvised products/program after another are crucial to support the main stakeholders’ value i.e. students of Bachelor in Business Administration (Risk Management and Takaful) on top of satisfying others’ needs. Hence the document defines the governance structure in product process, focusing on procedures to be observed to approve new products, minimum reporting requirement to MSC UniSZA Senior Management Committee (SMC). The SMC of MSC UniSZA is an owner of either the core risk and Insurance/Takaful related program, non-core program and the marketing elements (market study, segmentation, product concept). The fast development of academic and technology has made the operating model become more complex and challenging. Product development and management has to cater for the different needs from various semesters and lecturers.
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