Third-party risk management for life sciences companies

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When your life sciences company places trust in third parties, your reputation serves as collateral

Third parties are a necessity for life sciences companies. But if quality, cybersecurity, privacy, and compliance risks negatively affect the people you serve, your organization might take just as much of a reputational hit as the third party involved – if not more.

Our third-party risk management specialists are attuned to the unique vulnerabilities and concerns life sciences companies face. We can help you plan, build, and run a third-party risk program that adapts to your evolving needs.

Let's discuss ways to strengthen your reputation against third-party risk.

Cutting through the noise of third-party risk can be difficult

The number of third-party connections a growing company needs often increases over time. With that evolution can come opportunities and operational efficiencies. But each new third-party relationship and integration with your systems can also bring a higher potential for risk and greater complexity in mitigating that risk.

Keeping up with spiraling demand is a challenge many life sciences companies are facing. Complexities can arise across an organization, including:

People

Companies have difficulty hiring and keeping qualified, experienced risk management professionals.

Processes

Companies are migrating from industry standard questionnaires to custom control sets as the scopes of risk domains and regulations change, presenting new and unexpected challenges.

Technology

Companies have more point solutions to consider than ever before, which might or might not be compatible with legacy platforms.

While the specifics of challenges can differ from company to company, there is a common underlying thread: Risk management teams are being asked to do more with less.

You don’t have to sacrifice efficiency, flexibility, or maturity in your third-party risk program

Managing third-party risk with fewer resources doesn’t necessarily mean limiting your program to meet minimum standards. A properly implemented strategy can help streamline processes and cover more risk domains without sacrificing depth.

With progressive tools and up-to-date insights, your life sciences risk management program can meet current needs and retain a flexible advantage toward future changes and expansions.

Doing more with less doesn’t have to be a liability when it’s part of a resourceful strategy.

Our third-party risk specialists can meet your company where it currently stands

Crowe risk management consultants cover a broad range of life sciences risk domains including cybersecurity, privacy, and supply chains. Whether your company is a large pharmaceutical firm or a medical device startup, we can adapt our approach to fit your needs.

We take the time to talk with your teams and sift through the data so our recommendations can provide operational value and a path to reasonable, sustainable maturity.

Crowe consultants can provide the people, processes, programs, and planning support your third-party program needs

We help design, execute, and enhance third-party risk management programs that effectively identify and address risk, enabling key stakeholders to manage evolving business needs while understanding the stakes.

Program consulting

Receive an independent review of your program to benchmark against best practices, peers, and your own standards to build a road map toward responsible maturity.

Technology enablement

Benefit from our team’s expertise with design, implementation, and integration of solutions that securely increase efficiency without sacrificing oversight.

Outsourcing and co-sourcing

Enlist a team with extensive experience helping companies like yours alleviate the pressure of high volumes and backlogs.

Program consulting

Receive an independent review of your program to benchmark against best practices, peers, and your own standards to build a road map toward responsible maturity.

Technology enablement

Benefit from our team’s expertise with design, implementation, and integration of solutions that securely increase efficiency without sacrificing oversight.

Outsourcing and co-sourcing

Enlist a team with extensive experience helping companies like yours alleviate the pressure of high volumes and backlogs.

Third-party assessments

Let our specialists execute your assessments so your team can focus on managing internal relationships, escalations, and tough risk conversations.

Ongoing monitoring

Get support for continuous monitoring of your third-party vendors between assessments and remain proactive in your approach to risk management.

Third-party assessments

Let our specialists execute your assessments so your team can focus on managing internal relationships, escalations, and tough risk conversations.

Ongoing monitoring

Get support for continuous monitoring of your third-party vendors between assessments and remain proactive in your approach to risk management.

Let’s discuss ways to strengthen your third-party risk management program

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Third-party risk management is a marathon, and we can help your program keep pace

When you bring in Crowe consultants for risk management services, you also receive access to diversified specialists that can help make sure your program connects efficiently and securely through all relevant departments.

Schedule a call with us to learn more about how to consolidate the elements of your third-party program and prepare your business for the future.

Brad Gilliat

Principal, Consulting

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Blake Gardner

Consulting

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