B7: Risk Management: Compliance vs. Cost - Anita Fauchier – (All)
In a heavily regulated industry such as the pharmaceutical industry, companies need to maintain compliance while sustaining a profitable business model. Many small emerging companies as well as large organizations resort to outsourcing to drive costs down. This poses complex challenges such as managing day to day activities and the ultimate risks associated with products manufactured by third parties. Companies need to find a balance of cost and risk to ensure profits stay up and compliance risk is low. Auditors are instrumental to help manage risks within the organization and can help companies avoid unforeseen pitfalls.
The speaker will provide a case study of a small virtual company and the challenges with managing suppliers in order to sustain the business and maintain compliance. The presentation will be helpful to auditors, managers and senior management in identifying ways to communicate and manage risk within the organization. By knowing how to properly identify and manage risks, companies can work to mitigate risks from a business and compliance perspective and ultimately, to the customer.