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Like any business, a cannabis operation requires certain licenses, approvals and audits before opening the doors. While regulations and security requirements differ across states, almost all require some form of electronic alarm and surveillance system, along with audit trails, whether paper or electronic, that must be archived.
Risk can be affected by numerous external factors, including natural disasters, global pandemics, raw material prices, increased levels of competition, or changes to current government regulations. Audit risk. Workflow management features offer easy tracking, automated reminders, and audit trails. What Is a Risk Assessment?
Regular audits of the compliance program. In June 2020, the OCC warned banks about compliance risks related to the COVID-19 pandemic. Compliance Audit. In addition to internal audits and supervision, this committee contributes to developing a compliance culture. Surveillance and Audits. Risk Evaluation.
Cloud-based solutions also make sense for GRC – especially in the context of the COVID-19 pandemic. Managing risk, compliance, and audit processes is complex and resource intensive. Without a centralized platform, audit cycles are longer, visibility into overall risk posture is lacking, and reporting is inefficient.
External events, such as natural disasters or pandemics. This comprehensive platform includes risk management, compliance, audit, and policy management capabilities to manage these critical tasks easily. System failures and downtime. Inadequately trained staff. Breakdown of business process controls. Cybersecurity. Other stakeholders.
In the corporate sphere, retail giants responded with strategic investments in resilient infrastructure and diversification of supply chains to adapt to climate change impacts. This extended not only to health guidelines amid the ongoing pandemic but also included safety precautions and the provision of psychological support.
The pandemic accelerated the digitalization of customer interactions by several years, and there’s no turning back: we now live in an era of digital. Other approaches include using encryption, implementing strict access controls, and regular monitoring and auditing systems.
The numbers tell a compelling story: According to the National Library of Medicine , patient adoption of telehealth services has surged nearly 35% since the COVID-19 pandemic. The digital pharmacy market specifically is projected to grow at a 14.42% annual rate and reach an estimated $35.33 billion by 2026.
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