The 21st century is marked with exponential advancement in machines, automation, and artificial intelligence. With the growth of technology, data is being generated at a pace not experienced before.
Life science compliance functions have already begun applying data analytics to achieve two important objectives: fact-finding and forecasting. Effective data management needs to be established to accommodate the velocity, volume, and variety and ensure the value and veracity of Big Data.
FRA Manager, Jenny Bi, continues her discussion from last month’s Policy and Medicine Compliance Update, on risk management basics that can be applied to life science corporate compliance programs to help manage risk. Jenny explains how to integrate analytics into each of the key process steps of Risk Assessment and Management Plan (“RAMP”), to ensure effectiveness and efficiency.
One of the key factors of success to assess and mitigate compliance risks is the ability to analyze data. When the correct data analysis techniques are employed in the right context, Big Data brings value by discovering new insights with accuracy and reliability.