LIFE SCIENCES: RISK MANAGEMENT
Crowe Third-Party Risk
Management Services
Life sciences organizations rely increasingly on outside service
providers, focusing in-house resources on research and development
of the next blockbuster innovation. Contracting out processes can
provide cost and quality advantages, but only if relationships are
monitored. Leaders of pharmaceutical, biotechnology, and medicaldevice companies need to assess the quality and security of
vendors, outsourcers, product resellers, servicers, and others.
Assessing the Landscape
Benefits of a Mature
Third-Party Risk
Management Program
Maintaining a formal and mature
third-party risk management program
enables life sciences organizations to:
Crowe Horwath LLP has sponsored research studies on third-party risk to gain
insight into the challenges. Our surveys show more than three-quarters (78 percent)
of respondents have experienced “some concern” or “high concern” with monitoring
third-party practices, and 75 percent have experienced harm.
■■ Identify and monitor the risks of
third-party relationships
Crowe offers a suite of third-party risk management services that assist life sciences
organizations in monitoring a wide array of product and service providers. Some
third parties are using subcontractors, which extends the landscape further into
fourth-party risk.
■■ Mitigate the inherent risk of working
with third parties by ensuring that
only organizations with strong
control environments are engaged
■■ Evaluate the control environments
of third parties
Advancing in Risk Management Maturity
Crowe helps life sciences organizations develop mature approaches to managing
third-party risk. Whether initiating a new program or expanding existing practices,
Crowe can assist organizations at any point in the journey.
Assess. Crowe can help evaluate the maturity of third-party risk management programs,
identify gaps, and provide strategic recommendations for program enhancement.
Design. Crowe helps life sciences organizations right-size new or existing programs
aimed at getting the most value from third-party risk management investments.
Audit | Tax | Advisory | Risk | Performance
crowehorwath.com/lifesciences
About Crowe Life
Sciences Services
For this innovative industry – highly
regulated throughout the world – Crowe
helps pharmaceutical, medical device,
and biotechnology companies address
complex business issues that can hold
back achievement of strategic objectives.
The Crowe life sciences services group
brings together accounting, consulting,
and technology professionals in a highly
collaborative and productive global team.
Our wide range of competencies and
industry experience combine to produce
pragmatic solutions that help our clients
build their businesses.
Build. Once designed, Crowe can build out and implement aspects or an entire
program. We help develop tools, processes, and procedures as well as assist with
implementation and integration of technologies. We help pilot new programs and
document changes needed as a result of audits and regulatory reviews.
Run. We can augment your team with expertise to assist with execution of risk
assessments, independent third-party evaluations, technology support, and efforts to
mediate risk.
For More Information
Mindy Herman, Principal
+1 317 706 2614
[email protected]
Choosing the Best Provider
Crowe performs third-party risk management assessments for multinational
organizations, and our team has experience assessing third-party controls in virtually
every region. For a Global 2000 pharmaceutical company, for example, Crowe
delivered a maturity assessment that identified strengths and weaknesses across the
organization. The opportunities for improvement were communicated to each business
unit to enhance the maturity of third-party practices.
Our approach covers all types of relationships and is:
■■ Risk-based
■■ Technology-enabled
■■ Linked to enterprise risk management
Our team includes subject-matter specialists in regulatory compliance, information
technology and security, procurement, operational risk, and more.
Improving Your Capabilities
Companies can outsource processes but never completely shed the risk. By targeting
areas of high risk first, we help life sciences companies monitor and evaluate the risk
profile of third parties. Crowe works with organizations to mitigate the risks that could
undermine new product launches, result in poor service quality, and tarnish their brands.
Audit | Tax | Advisory | Risk | Performance
crowehorwath.com/lifesciences
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