Improving the audit trail for a pharmaceutical brand to ensure compliance
A new pharmaceutical brand needed the rapid implementation of a risk solution that they could trust to build out an audit trail. There had been inefficiencies within investigations, namely a lack of sufficient insights into compliance which would hinder their efforts in a tight regulatory environment.
Therefore, the client needed to face this challenge by implementing a single platform with the functionality to integrate both structured and unstructured data sources in one environment, to be used for all due diligence research. This would ensure more single-focused managerial oversight to conduct their KYC and due diligence.
The new head of compliance, a former client of Arachnys at a previous organisation, was initially interested in the platform, but wanted to make further use of integrations with third party data providers on top of Arachnys’ extensive data source library. This would act to substantiate findings for an enhanced audit trail, while also maintaining consistency in compliance across different jurisdictions; the team was split across Switzerland, the USA and Brazil.
The client and Arachnys worked collaboratively to choose which sources would be needed for their research across our library of 23,000 sources and those provided by third-party premium data suppliers. These data sources would then be used to assess risk across their global supply chain on a daily basis. This was not just to enhance their due diligence and compliance processes, but also uphold their strategic deliverable of managing reputational risk.
A due diligence process was designed and implemented by a dedicated account manager and a data expert from Arachnys, with a step-by-step investigative process put in place for all analysts to follow, maintaining a standardized method to ensure compliance across all company processes and policies. The client was fully live on the platform within one month and full training was provided by our team to the business’ analysts. The positive results have seen the client provide references to other pharmaceutical companies.
- Greater efficiency – configured data sources from the Arachnys source library and third party suppliers, all within a single investigative working environment
- Less friction – training supplied to all analysts to use a standardized, one environment platform across all global regions to meet compliance
- Fast implementation – go-live to full platform within one month