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The Risk Intelligent Enterprise

Life sciences

Global R&D. New regulatory challenges. Diversification. Tightening cost constraints. Life sciences firms face risk on virtually every today.

Insights: Things to read | Watch, listen, discuss

Process: A new way of looking at risk

Any organization’s approach to risk management succeeds or fails at the process level. Here’s one look at how a Risk Intelligent Enterprise™ operates, by embedding risk management capabilities throughout the organization. Click on each layer to dig even deeper.

 

Industry: Different industries, different approaches to risk

Different industries look at risk in entirely different ways. Here’s a selection of industry-specific resources for creating a Risk Intelligent organization. Click on each industry below to learn more.

 

Risk Intelligence Skills: Do you have what it takes?

Deloitte’s book, Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, identifies 10 “fatal flaws” of conventional risk management. Addressing these flaws involves 10 essential skills of risk intelligence — an unconventional way of thinking that sees risk management as integral to the pursuit, as well as the protection, of enterprise value. Click on each skill below to learn more.

 

Roles: Who does what?

In a Risk Intelligent organization, everyone has responsibility for managing risk. But different groups serve different roles. Here’s a closer look.

 

The Risk Intelligence Map™

A Risk Intelligent Enterprise™ recognizes the dual nature of risk and devotes sufficient resources both to risk taking for reward and to the protection of existing assets. The Risk Intelligence Map™ is a wall-sized poster that provides a unique view of the pervasive, evolving, and interconnected nature of risk that business leaders may face.

 

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Things to read

Commercial capability outsourcing: A significant risk to the industry?
The pharmaceutical industry historically maintained direct control over core business activities across the value chain; however over time there is increasing willingness to outsource within the heart of the business.

Cloud computing: Prime time for life sciences
Description: Cloud computing architectures are now designed to provide highly scalable, efficient, and secure environments, increasing the benefits of technology virtualization. This paper discusses the benefits of the new technology.

U.S. Health reform
Health reform’s indirect impacts related to the changing nature of their relationships to other stakeholders, could demonstrate an even greater catalyst for transformation.

Creating a new formula for drug safety and compliance
Blending the synergies of its leading life sciences R&D practice with a drug safety consulting market leader, Deloitte has acquired Intrasphere, a global drug safety and regulatory consulting business.

Know your risks: Emerging markets, third-party intermediaries, and the life sciences industry
While emerging markets may represent incredible growth opportunities, they are still developing, and many have reputations for seemingly pervasive corruption in their business practices and processes.

Shop talk: Pharma CCOs on "vicarious liability": Compliance challenges in the life sciences sector
Read more about compliance challenges in the life sciences sector, the threat of strict vicarious liability and how it has created great uncertainty for pharmaceutical executives.

The Risk Intelligent life sciences company: Issue No. 4 in the Risk Intelligence seriesThis paper provides practical guidance and real-world examples of how to more effectively address the industry’s complex risk matrix, and cites a number of fundamental steps organizations need to undertake to create a Risk Intelligent Enterprise™.

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The risk volatility quiz
Take the short, online benchmarking quiz, which allows you to compare your approach to risk volatility to the overall respondent pool from the Aftershock survey.

The Risk Intelligent general counsel: Discard the compass and get a GPS
This whitepaper can assist you in orienting your organization toward a new approach to legal, regulatory, and ethical risks. It starts with seeing where your organization is, where you want it to go, and how to get there.

Risk assessment in practice
This whitepaper developed by Deloitte in collaboration with COSO, presents a process for developing a risk assessment criteria, assessing risks and risk interactions, as well as prioritizing risks. It also discusses how to actually put this process into practice in a simple, practical and easy to understand way.

The Risk Intelligent chief compliance officer: Champion of Risk Intelligent compliance
Demanding regulatory environments require effective compliance risk management. A Risk Intelligent Chief Compliance Officer can help make compliance the smart investment that it should be.

Risk Angles: Five questions on current trends in compliance risk management
In this issue, Robert Biskup, Director, Forensic & Dispute Services at Deloitte Financial Advisory Services LLP takes stock of some of the latest leading practices in compliance risk management

Pursuing Risk Intelligence in a rapidly changing industry
This paper delves into the risks that challenge effective operations planning and decision making issues in the pharmaceutical industry, in the light of the changing industry trends.

Risk Analytics: The three-minute guide
Our three-minute guides to analytics can help you get your analytics initiatives off to a smart start. Read now to learn how risk analytics can help establish a baseline for measuring risk across the organization and offer executives clarity in identifying, viewing, understanding, and managing risk.

Your Risk Intelligent Enterprise™ column
Series of brief articles that appeared as part of Deloitte’s monthly column, Your Risk Intelligent Enterprise™, for Corporate Compliance Insights.

Risk Intelligent governance in the age of cyber threats
This new paper describes how a company’s approach to four specific “leading practices” in cybersecurity can give both executives and the board of directors valuable insights on its cyber risk management strengths and weaknesses.

A Risk Intelligent view of reputation: An outside-in perspective
This new paper, developed in collaboration with RiiЯ Ltd., explores how your company can use Risk Intelligence to support a much-needed and valued "outside-in" perspective that helps identify sources of reputational opportunities and threats on an ongoing basis.

Risk Intelligent Enterprise management: Running the Risk Intelligent Enterprise™
This white paper defines the building blocks of a risk-informed approach to running an enterprise – and identifies the key people and processes that should be involved in an effective risk management program.

Shaping a Risk Intelligent strategy: Confronting assumptions to find risk and opportunity 
This white paper proposes a simple yet powerful framework for challenging deeply held assumptions to test – and, ultimately, strengthen – an enterprise’s strategy.

Surviving and thriving in uncertainty: Creating the Risk Intelligent Enterprise™
A book to help senior executives and boards get smart about risk management.

 

Watch, listen, discuss

A Risk Intelligent Enterprise™ focuses not solely on risk avoidance, but also on risk-taking as a means to value creation. Click on the framework above to learn how to implement an effective risk management program, and to access resources relevant to risk-related processes at every level.

By implementing the risk management capabilities referenced above, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a “Risk Intelligent” approach that incorporates a broad outlook on risk and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on such intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

A Risk Intelligent Enterprise™ focuses not solely on risk avoidance, but also on risk-taking as a means to value creation. This approach recognizes the need for an integrated risk management program that embeds capabilities throughout all levels of the organization. Click on the framework above to learn how to implement an effective risk management program, and to access resources relevant to risk at every level.

By implementing an effective risk management program, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a “Risk Intelligent” approach that incorporates a broad outlook on risk and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on such intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

By implementing an effective risk management program with an industry-specific approach, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a "Risk Intelligent" approach that incorporates a broad outlook on industry risks and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on industry intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

By implementing an effective risk management program that incorporates practical Risk Intelligence skills, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a "Risk Intelligent" approach that incorporates a broad outlook on risk and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on such intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

As used in this document, Deloitte means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, and Deloitte Tax LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

This tool helps leaders identify the various aspects of risk across the organization, including:

  • Governance
  • Strategy and planning
  • Operations/Infrastructure
  • Compliance
  • Reporting

It also serves as a guide to help personnel in all functions of an organization broaden their perspective on risk and improve their ability to execute their risk-related responsibilities. The Risk Intelligence Map™ should be used as part of an overall risk management program that is based on the nine fundamental principles of the Risk Intelligent Enterprise. These principles define and integrate risk-related responsibilities at every level of the organization, and address issues around governance, infrastructure, management, and ownership.

For more information on The Risk Intelligence Map tool, e-mail us at rimap@deloitte.com.

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