GRC in Life Sciences & Health Care: Creating a Robust Regulated Environment (Published)
This technical article explores the critical role of Governance, Risk Management, and Compliance (GRC) within life sciences and healthcare environments, sectors characterized by stringent regulatory frameworks with paramount concerns for patient safety and data integrity. Organizations in these industries face mounting pressure from regulatory bodies, technological advancement, and evolving risk landscapes. The article examines how robust GRC frameworks enable organizations to navigate complex regulatory requirements while maintaining operational effectiveness and fostering innovation. It analyzes the evolving regulatory landscape, identifies critical risk areas, and explores effective risk assessment methodologies. The article further details governance structures essential for regulatory excellence, strategies for integrating GRC into organizational processes through technology and cross-functional collaboration, and presents case studies of successful GRC implementations. Emerging trends, including digital transformation, artificial intelligence applications, and patient-centered approaches, are discussed, positioning GRC not merely as a compliance exercise but as a strategic enabler that can provide a competitive advantage while supporting the core mission of improving human health.
Keywords: Risk Management, digital transformation in GRC, healthcare governance, patient-centered compliance, regulatory compliance