Common use of New Product Approval Process Clause in Contracts

New Product Approval Process. The appropriate Supply / Trading and Marketing Officer will sponsor any New Product request. Once the sponsor has reviewed the request and desires to proceed with a formal review and request for approval, it is the responsibility of the Supply / Trading and Marketing Officer and the Chief Risk Officer to coordinate the New Product Approval process. The following departments will generally be required to review and understand the New Product request, though in some cases the Chief Risk Officer may determine that the review of a specific department(s) is not required. Each department will be required to identify any concerns and, where appropriate, identify necessary changes to address those concerns in order to accommodate the new product: