Management of corporate policies is a primary challenge for compliance officers in today’s life sciences sector. Recent guidance from the Justice Department and OIG-HHS about effective compliance programs does elaborate on what a strong policy management program should do. In this article, we examine five basic abilities that all policy management programs should have—things that your program must be able to do, regardless of your organization’s specific structure and processes, if you want an effective program that can endure in today’s highly regulated environment.
Successful policy management is crucial to the compliance program for any large organization, and especially so for a highly regulated field such as the life sciences or pharmaceutical sectors. Every skilled compliance professional already knows this.
More elusive is a keen understanding of just how policy management can work well. The challenge is one part technology, certainly. Another key to success is a strong grounding in your company’s mission and core values; they are the foundation upon which all policies will be built.