Imperative for Managing Risk in Pharma

A quick scan of the literature reveals a plethora of articles written about risk and the damage that can impact a pharmaceutical company’s reputation when bad things happen. Emphasis on risk management began to shift with the advent of enterprise risk management (ERM) as specified in regulations similar to the Sarbanes Oxley Section 404 requirements for financial reporting. To manage reputation, a corporation needs to have a continuous process that supports internal changes and decisions and allows it to respond well to external changes – especially those emerging stakeholder concerns that can affect its reputation. In this article the author describe how to effectively manage the corporation’s reputation embedding risk management in their normal business practices and translating that throughout the value chain.