Biotech and Pharmaceutical companies today face an ever increasing burden of managing risks and complying with myriad regulations. Specific business challenges include:
Managing multiple supply chain members and increased competition
Pricing challenges from competition, reimbursements and government policies
Environmental, health & safety (EH&S) risks
Managing reputation risk
Challenges and costs of skilled resources recruitment and retention
High cost in research and development and achieving return on investment
It is in this environment, that Chief Risk Officers and Chief Compliance Officers need to operate effectively and efficiently. Specifically, the risk and compliance functions require solutions that:
Provide a complete and accurate enterprise view into risk
Ensure compliance with myriad regulations across multiple geographies within cost and time constraints
Contain internal fraud
Link risks to root causes, events, hazards and other elements of governance, risk and compliance
Manage project risk and govern investments
Create a single, integrated view of risk and compliance across the organization
Manage information duplication and redundancy