Navigate risk and regulatory complexity

Staying on top of your risk

As new capabilities are developed within the new health economy so too there are more sources of risk and complexity are emerging. These range from new technologies, cyber threats and regulatory requirements.  As leaders develop new systems and strategies as well as products and services the holistic management of risk and regulatory complexity is increasingly key to success. At PwC we work with healthcare organisations and pharma companies to stay ahead of their risk and to make sure they can see, and are prepared for, what’s coming round the corner.

Through our experience of supporting a number of organisations on their journey to implementing this type of transformational change we know that assurance plays a vital role and there are key considerations to be made:

• Are you demonstrating the right leadership behaviours across the system? Any successful transformation needs to be underpinned by strong leadership, collective and engaging decision making, and a focus on the outcomes as much as the process itself.
• How can you be sure you are going to deliver on your commitments? With the cost of failure being so high there is a need to ensure plans are credible and robust.
• Are you set up for the best chance of success? Transformation programmes are highly complex. It is critical to have ongoing monitoring and a continually updated view of how they are performing against overall expected outcomes.
• Does your team have the right capacity and capability? As well as effective systems, the team delivering the change have to have the right combined skills and the time and resources to allow them to do an effective job.
• How do you know your data is accurate? Data is key to determining if plans are on track. As progress is made the need for shared analytics will be greater and the need to be sure of the accuracy of the data is critical.
• Is your assurance more than internal audit? The role of internal audit needs to be challenged and an assessment made of whether they have the skills, scale and resources to deliver in this new environment.