Case study: NetSuite assessment enhanced compliance for a life sciences company
A life sciences company got an integrated procurement process and improved system access controls and segregation of duties.
A clinical-stage pharmaceutical company with 100 employees developing novel therapeutics.
The situation
The client was running NetSuite but had a legacy purchasing system with no audit trails and had an immediate need to implement NetSuite’s procure-to-pay features.
They required custom approval workflows to support purchase order (PO) amendments and electronic data interchange (EDI) and punchout integration with suppliers.
Lastly, their existing NetSuite roles and permissions weren’t set up to be compliant with proper segregation of duties (SOD) rules.
The solution and results
Advisors provided a comprehensive review of business process needs and documentation of business requirements for procurement automation. We recommended a vendor punchout integration and coordinated with the vendor to implement the solution.
Additionally, we performed a gap assessment of SOD conflicts and recommended roles and permissions as well as mitigating controls to remediate identified gaps.
The client’s updated systems gave them:
- A fully integrated procurement process, plus EDI with their supplier, for the automatic creation of POs from their shopping cart and electronic transmission of POs
- Sarbanes-Oxley Act (SOX) compliant PO approval workflows and elimination of manual processes
- Improved controls around system access and proper segregation of duties for roles and permissions
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