Utilizing AI to Manage Compliance Risks in Life Sciences
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The application of AI in compliance risk management can help life sciences companies improve audit efficiency, reduce costs, and potentially affect how travel and expense spending is monitored.
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- SAP Concur BlogUtilizing AI to Manage Compliance Risks in Life Sciences
Mark Linver, Managing Director of Deloitte Life Sciences Advisory, discusses how life sciences manufacturers can use artificial intelligence (AI) and robotic process automation (RPA) to manage compliance risks. Since it is not feasible to audit all activities involving healthcare professionals (HCPs), compliance organizations use a risk-based approach. A Deloitte survey shows manufacturers want to use AI to monitor financial transactions in real time, implement automatic controls to prevent overspend, automate contract reviews, and more. AI can increase the amount of data reviewed, the frequency of audits, identify anomalies, and prioritize compliance risks. The article also covers knowledg…