Realizing the full potential of FDA and transforming the risk functions
An effective FDA strategy will lead to better risk management and increased business transparency. To achieve the full potential of FDA, companies should aim for better integration; leverage the right technologies, data and people; and secure strong leadership support.
With the right efforts, investment and leadership support, the confluence of data and technology will better address businesses’ needs to manage legal, compliance and fraud risks. Companies can extend FDA’s benefits beyond basic risk functions while increasing business transparency and improving operational efficiency. In doing so, the risk function can continue to protect the business, while also offering insights that can inform business opportunities and strategy.
The views of third parties set out in this article are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.
Summary
Seventy-eight percent consider data protection and data privacy compliance a growing concern, yet only 33% have a plan in place for GDPR. Increasing adoption of advanced FDA technology, including robotics and AI, is likely over the next 12 months.