Xybion Predictive Compliance solution helps with planning, executing, and reporting internal audits. This helps in standardizing audit processes, and audit checklists. Compliance Risk Predictor can use the internal audit results to predict business risks.
Compliance Risk Predictor helps Life Sciences companies conduct quantitative assessments of business risks. The patent-pending solution improves a company’s ability to understand current compliance status, know business risks, and prioritize actions. Understanding higher visibility and prioritized actions make teams more productive and reduce costs.
Only Compliance Risk Predictor provides a quantitative score for a company’s Risk & Compliance Maturity Index (RCMI) at the company level, country level and functional area level, and turns it into actionable information that empowers you to prioritize actions based on findings. The tool can be used internally as well as with your third-party vendors.
At the core of the Compliance Risk Predictor solution is a proprietary industry index that compiles 483 citation documents, internal audit databases, Department of Justice fines and settlements, and a country business risk database. The resulting data lake includes more than 35,000 records from the past ten years and continuously pulls in the latest information to make real-time reporting and trend analyses possible.
To determine your company’s RCMI, the system identifies the regulatory compliance risk and guides users through a questionnaire that assesses your current state of maturity. Follow-up audits are conducted based on identified areas of risk. During the audit stage, the system automatically finds nonconformances in documents. Compliance Risk Predictor classifies all nonconformances based on a proprietary database and prioritizes actions based on the likelihood of citation and financial impact.
The RCMI score uses a 5-point scale that scorecards result by functional area and location so that you can easily identify aggregate and function- or location-specific results. The ability to drill down into the report allows you to prioritize areas of focus.