Insights to promote new thinking as companies conduct annual risk assessments & reflect on how they cover these risks through their audit universe
The life sciences industry is transforming. Organisations face changing regulatory requirements, potential constraints on their use of patient data, evolving relationships with payers, fierce competition on a global playing field, and the need to respond to pricing pressure with proof of a product’s value. These challenges are forcing organisations to re-examine their business portfolios, go-to-market strategies and customer engagement models to accelerate growth and enhance shareholder value.
All of these changes bring both risks and opportunities. Identifying the fine line between the two factors is critical. Although only 10 percent of CFOs and audit committee chairs responding to the recent KPMG/Forbes Seeking Value through Internal Audit study feel their internal audit (IA) function adequately identifies and responds to emerging risk, the area is ripe for IA leadership. In fact, IA can play an important role in helping organisations manage the risk environment while making progress on strategic priorities.
This white paper is designed to guide you in navigating today’s risk environment. In many cases, risks and related control frameworks are interrelated. Our hope is that these insights will be catalysts for new thinking as you conduct your annual risk assessments and reflect on how you are covering these risks over time through your audit universe. We have also highlighted broader trends that may have a bearing on the evolution of your function and setting your strategic priorities.