PharmaWell Purchase Card Risk Management Case

Author:

Guyden Thomas1ORCID

Affiliation:

1. Marymount University, USA

Abstract

PharmaWell, a prominent pharmaceutical company known for its commitment to ethics and compliance, recently discovered that several mid-level managers within the organization have been misusing their corporate credit cards for unauthorized personal expenditures for more than five years. This ethical breach has raised questions about the company's ethical culture and oversight mechanisms related to financial risk management practices. This consultant-based solution for PharmaWell involves a comprehensive and integrated approach to address the ethical and physical breach of mid-level managers misusing corporate credit cards. Leveraging the Six Sigma DMAIC problem-solving model, Kotter's 8-Step Change Model, and the COSO Enterprise Risk Management Framework, the ethical solution begins by clearly defining the problem and establishing a sense of urgency for change. Concurrently, the ethical solution addresses transparency, accountability, and continuous improvement in hiring practices by implementing standardized processes, diverse hiring panels, and metrics for diversity.

Publisher

IGI Global

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