Calvin London (email@example.com) is Principal Consultant at The Compliance Concierge in Beaumaris, Victoria, Australia. Reyna-Chris Comeros (firstname.lastname@example.org) is the Compliance Manager, and An Nguyen (email@example.com) is the Quality Liaison, Australia and New Zealand, Celgene Pty Ltd. in Southbank, Victoria.
One of the most pertinent examples of “blind ignorance” is the Unaoil case where hundreds of international companies relied on Unaoil to secure lucrative contracts for local expertise.
Adam Frey, associate managing director at K2 Intelligence,has pointed out that the risk appetite and risk rating criteria for third-party compliance can maximize program efficiency while saving time and effort. Given that all third parties bring risks, and every business has a different risk tolerance, the absence of a previously established risk rating mechanism can significantly hamper any effort to achieve an effective program. This is particularly apt for pharmaceutical companies where there can often be three distinct areas of third-party management: those associated with Good Manufacturing Practice (GMP), those associated with healthhare compliance (HCC), and finally, those that do not seem to fit neatly into either of these two.
Although for many companies it may seem that having a third-party management program seems logical, and many recognize that a proactive approach is far better than a reactive one, “getting started” is a daunting task. The following discussion outlies a process that has worked well for us and enabled us to make a significant impact in the area of third-party management based on a risk assessment approach.