Automated KYC for Pharmaceutical Companies
As with most regulated industries, pharmaceutical companies have their own specific challenges with supply chain and vendor due diligence, adverse media screening as well as customer onboarding and monitoring. Isolating the relevant data for complex entities is a common pain point for compliance teams at pharmaceutical companies who need to become more efficient with their time.
Arachnys have deep domain expertise in working with pharmaceutical companies to provide cloud-based solutions that align with their risk policy and reduce the burden of manual, laborious and inefficient processes.
Backed by unparalleled global data sources, we provide the tools to help you automate and accelerate manual effort in supply chain due diligence, customer and vendor onboarding, monitor adverse media and mitigate reputational risk.
Industry Problems
Pharmaceutical companies struggle with consistency and managerial oversight across due diligence processes, anti-money laundering and anti-bribery regulatory requirements.
Supply chain due diligence is one of the biggest pain points for compliance professionals at pharmaceuticals who need to conduct research across a multitude of countries and languages.
Regulators have warned that the pharmaceutical sector has been targeted by financial criminals seeking to execute frauds known as transaction laundering.
Arachnys Solutions
Automated AML & Investigations
Automated KYC & Onboarding
Automated Enhanced Due Diligence
We channel data into your ecosystem
We act as a single lens, accessing and enriching the best KYC & AML data from global sources, which connects your compliance ecosystem to the data you need to make more confident compliance decisions.
Benefits
Features
Why a new pharmaceutical brand chose to improve their audit trail
A new pharmaceutical company needed the rapid implementation of a risk solution that they could trust. What was especially needed was a single platform to integrate structured and unstructured data sources for all due diligence research to be carried out in one environment. There were inconsistencies in investigations, and insufficient insights into compliance to correctly adhere to regulatory requirements.
The case for enhanced due diligence in the pharma sector – and how to achieve it
Pharmaceutical companies are among the most regulated businesses in the world, from drug safety bodies with exacting requirements to competition authorities determined to prevent market abuse. But while pharma businesses have developed sophisticated compliance functions to meet their obligations, it’s still possible to get caught out in less obvious areas.
