Target market methodology review
How the firm identifies a target market for a product, and whether the definition is specific enough to be tested later.
Product Governance / SC Guidelines Review
SC Product Governance Review
An independent review of a capital market product issuer's or distributor's compliance with SC's Guidelines on Product Governance, in force since 2 January 2026, for firms that built an informal process at best and now need to show one that holds up to a review.
Overview
SC Product Governance Review
What it is
An independent review of a capital market product issuer's or distributor's compliance with SC's Guidelines on Product Governance: target market identification methodology, product approval process and sign-off evidence, ongoing product review and monitoring, and distributor due diligence.
Why organisations need it
The Guidelines on Product Governance took effect on 2 January 2026, which means the obligation to identify a target market, document a product approval and keep reviewing a product after launch is not new, it is overdue. Many firms have something informal: a launch meeting that happened, a target market description nobody wrote down, a review that was meant to happen and did not. A review tests what actually exists against what the guidelines expect, before a regulator or an institutional counterparty does.
Key features
What the engagement covers
Product approval process review
Who signs off a product before launch or distribution, and whether that decision leaves evidence a reviewer could later examine.
Ongoing product review assessment
Whether a review cycle exists, what triggers an early re-review, and whether it has actually been run rather than scheduled.
Distributor due diligence review
Where the firm distributes products it did not design, whether it has done the due diligence on the issuer's own product governance that the guidelines expect.
Documentation gap analysis
Product governance files checked against what the SC would expect to see in a review.
Remediation plan
Findings ranked by exposure, with owners and target dates.
Business value
What the business gets out of it
Tests practice against an already-effective guideline
The guidelines are not upcoming. This review checks where the organisation actually stands against a requirement already in force.
Independent
A review, not a referral to a compliance software vendor.
Separates issuer and distributor obligations
Findings organised by which side of the product chain owns each gap.
Ranked by exposure
Findings prioritised by regulatory and distribution risk, not listed alphabetically.
Board or management-ready reporting
A summary senior management can act on without translating it first.
How it works
How the engagement runs
01
Scoping
Product range, distribution model and existing documentation.
02
Target market review
Methodology and definitions tested against sample products.
03
Approval process review
Sign-off evidence checked against the guidelines.
04
Distributor due diligence review
Where applicable, checked against third-party product governance.
05
Report
Findings, remediation plan and a management summary.
Deliverables
What you receive
Compliance review report
Findings ranked by exposure, with evidence.
Target market gap list
Products with no, or an inadequate, target market definition.
Approval evidence findings
What is documented and what is not.
Distributor due diligence findings
Where applicable.
Remediation plan
Owners, actions and target dates.
Who it is for
Who this is built for
Industries
Company sizes
Departments
Why Orbix
Why organisations choose Orbix
A governance approach, not a tool sale
We do not resell products, so nothing here is shaped by a vendor margin. The recommendation is whatever your risk and your budget actually justify, including telling you that you do not need the engagement yet.
Recommendations you can actually implement
Findings come with a sequence, an owner and a realistic effort estimate, sized to the team you have rather than the team a framework assumes. A report that cannot be acted on is an expense, not a control.
Consultants who have sat on your side of the table
Our people have carried the obligation internally, not only audited it. That shows up in what we consider proportionate, and in how much documentation we think you genuinely need.
Built for the Malaysian operating context
Work is grounded in Malaysian law and regulator expectation, from the PDPA and the Cyber Security Act 2024 to Bursa, BNM and SC requirements, rather than translated from a European or American template.
HRD Corp expertise where it applies
Where an engagement includes training, the training component is structured to be HRD Corp SBL-Khas claimable, which changes what the programme costs you in practice.
Questions
Questions we get asked
Is this guideline actually in force, or still coming?
It is in force. SC issued the Guidelines on Product Governance on 24 June 2025 and they took effect on 2 January 2026, so this review tests current compliance, not readiness for something future.
Do you apply to issuers, distributors, or both?
Both, but the obligations differ. The review tells you which obligations apply to your role in the product chain and checks each separately.
What if we distribute products we did not design?
The review covers the due diligence a distributor is expected to perform on a product it did not create, which is a distinct obligation from the issuer's own target market and approval process.
Do you replace our compliance function?
No. The review assesses the output of the existing process and reports findings; it does not run product governance on an ongoing basis.
How long does this take?
Typically three to five weeks, depending on the size of the product range and the distribution model.