Learning Ways to Incorporate SOX
For pharmaceutical companies, Section 404 of SOX requires to establish and uphold sufficient internal controls. However, experts like John Rhodes, managing partner of the pharmaceutical and life sciences division of Deloitte and Touche suggests, to comply with SOX and to garner benefits of SOX, pharma companies must build up a proactive strategy which will include the following:
- Culture of Identifying Negative Vibe - Any pharma company should work on establishing a culture of effective risk management and identifying negative vibe within the organization. Moreover, this culture should enable and allow employees to bring the negativity of the company into the notice of the management without fear.
- Establishing A Sustainable Process of Risk Management - The proactive strategy of SOX requires the management team to establish a sustainable process of identifying and communicating risks within the organization.
- Adhering to Proactive rather than Reactive Strategy - To be compliant with SOX, the key rule is to be proactive rather than reactive. The proactive strategy will enable the management to identify the risks associated with the process of manufacturing before any financial or reputation loss.
- Ensuring Functionality of the Risk Management Process - Someone must be appointed to ensure that the sustainability and functionality of risk management is at par with the requirement of being SOX compliant.
- Risk Management Through all Business Process - All pharma manufacturer should ensure that risks associated throughout the business processes like manufacturing, commercial and scientific are managed and well taken care of.
To gain a string grip on SOX, all you need to do is attending ComplianceOnline organized webinars on SOX, risk management and pharma companies. CO webinars are a great way to understand more about SOX and risk management. These industry leading and world class webinars are conducted by leading experts and professionals with years of experience in the field of SOX and risk management. These webinars are easily available as on demand recordings and CDs at very affordable prices.