Considering both financial services and life science industries typically make it onto the top 10 list of most regulated industries in the U.S., can life science compliance professionals learn something new from banking compliance? This article explores that concept.
Both the financial services industry and life sciences typically make the top 10 list of most regulated industries in the U.S. At the same time, financial services industry operates in a fiercely dynamic regulatory environment, influenced by emerging technology, market globalization, industry consolidation, as well as competitive services and products, it also performs a crucial role in maintaining financial stability, and driving economic growth that is central to overall economic health. Therefore, it is no surprise that scrutiny given to managing and controlling risk has been constant and continues to increase, especially since the 2008 global financial crisis. Regulators have been focusing on enterprise-wide risk management, and in recent years, have been heightening their expectations, especially around large banks, whose failure may impact or trigger a financial crisis. Therefore, it only stands to reason that life science compliance professionals might learn something new from banking compliance.
To read the full article, visit Life Science Compliance Update.