of risks are addressed by teams in clinical projects.
of the risks or either siloed or trapped in functions.
A vast majority (50%) are unreported and lost.
If you know your risks, I’m sure you or your teams manage them well (with KRIs or thresholds or logs or trackers). Question is what are you doing about the remaining 80% of risks. Most companies leave this key part to either untrained teams or vendors (and some of vendors doesn’t know risk management except to update a risk log before audits). Some of these are contributing factors for TUFTS projecting the increasing costs for drug development year-on-year.
Without addressing this effectively, no matter how well you optimize your processes or outsource or offshore or other methods you adapt, you may not get full efficiencies ion Time gains or Cost savings.
TULA (Governance, Project/Program Performance, Vendor Oversight, Risk and Compliance solution) ensures this. Instead of focusing on just analytics or just telling the teams “what” happened, it focuses on “Why that happened” and more importantly “What to expect in near future” so that the teams can focus ONLY on the parts that they NEED to act on and not the drudge of several charts/graphs and overload of just fancy reports.