Effectively Monitor Key Risk Areas and Ensure Commercial Compliance
Compliance Monitoring Solution
qordata Inc. enables Life Sciences companies to overcome increasing regulatory and board scrutiny. We have worked with 55+ life sciences clients with an industry-beating NPS of over 70%.​ Our compliance monitoring solution automates your monitoring process​, identifies key risk areas, and tracks remedial actions to ensure an effective and efficient compliance program.
Our Compliance monitoring solution has a comprehensive suite of features. It includes live and virtual monitoring, automated scheduling, dynamic workflows, customizable checklists, data-driven insights, and executive dashboards. This reduces manual work and the inaccuracies that come with it in risk assessment. Enhance your transparency and accountability by conducting a 100% audit of your commercial expense data. You can easily ensure your organization aligns with the predefined expense limits and policy changes.
Implement AI-driven risk-based scoring for speakers and physicians, enhancing the overall effectiveness of your compliance efforts.
Our Solution Offers:
Stay Compliant by Monitoring the Right Reps
Search and select sales reps who violate regulations, tag them to monitor, and take necessary corrective actions.
Convenience-Based Selection
Monitor sales reps or events on the go with convenience-based selection. Simply input the city you are traveling to; the state and the system will show you the reps and events scheduled in the city that you can monitor.
Random Selection
The system automatically picks random sales reps or events for monitoring for you. It also keeps track of the sales reps that you have already monitored minimizing the risk of duplicate monitoring activities.
Risk-Based Selection
The system calculates the risk score of each sales rep based on previous violations and helps you tag high-risk sales reps. Since every rep has a risk score, every monitoring activity ensures a positive impact.
Total Penalties From Compliance-Related Violations Since 2000 - Surpassing $20 Billion
The focus on risk-based compliance is driven by increasingly rigorous transparency requirements and regulatory scrutiny. This demands a shift in approach. If identifying risks and risk coverage is not up to the mark, there are potential gaps in compliance efforts.
Many organizations require well-defined and holistic mitigation plans, which leaves them vulnerable. Therefore, organizations are moving towards proactive risk mitigation, recognizing the value of data-driven insights in preventing and mitigating risks. This is both cost-effective and regulatory-friendly.
Changing business expectations and activities, and global restructuring are placing greater pressure on compliance teams to adapt quickly. This dynamic landscape can result in a disconnect between monitoring activities and mitigation plans, posing challenges. Accessing and integrating data from different sources is crucial. However, resource constraints can limit an organization’s capacity to handle identified risks effectively.
Conventional Vs. Modern Compliance Monitoring
Conventional Compliance Monitoring | Data-Driven Compliance Monitoring |
---|---|
Difficult access to data – disparate systems, lack of clarity. | Utilizes a data-driven approach with AI for easier data access. |
Limited team members and budget constraints. | Effective risk assessments and monitoring with limited headcount. |
Effective management of only 30% of risks. | Increased risk coverage up to 90% with connected mitigation plans. |
Limited visibility due to weak connections between assessments. | Comprehensive visibility, enabling insights and data sharing. |
Limited audit coverage. | Automated audit processes, achieving 100% coverage. |
6-Steps to Increase the Effectiveness of Your Compliance Program​
Step 1: Develop and Implement Your Risk Assessment Strategy​​
Step 2: Identify and Prioritize Your High Risk​​
Step 3: Define Your Risk Mitigation Strategy​​
Step 4: Create a Risk Mitigation Plan​​
Step 5: Implement a Monitoring Process to Manage Risk Mitigation
Step 6: Analyze data to assess mitigation plan effectiveness and identify new risks
Step 1
Needs Assessment Plan
Step 2
Streamline the HCP Engagement Process
Step 3
HCP Selection and Background Checks
Step 4
Fair Market Value Assessments
Step 5
Effectively Manage HCP Contracts
Step 6
Ensure Accurate & Timely PaymentsÂ
Step 7
Document Proof of Performance 
Take control of your compliance program today. Discover the power of our comprehensive compliance monitoring solution and ensure regulatory peace of mind.