If you are a health care provider, hospital or vendor, it’s essential that you take proactive steps to keep your patient HIPPA records as secure as possible so you don’t need to worry about the outcome of an audit. Getting audited does not always mean you will face negative consequences, but it can still be a stressful experience. Staying updated on related laws can go a long way toward keeping you and your practice safe, but you cannot eliminate the odds of being audited entirely. It’s important to learn about the auditing process before you find yourself in the middle of it through third party vendor risk management — because knowing how to respond to an audit can be the difference between having the charges dropped and facing time in prison.
Third party risk management (TPRM) is a form of risk management specifically designed to analyze and control risks that arise from parties outside of your organization. Such risks could include a breach of data, operations or finances and could result in a negative impact on your organization’s reputation, among other problems. This form of risk management allows you to forecast several means to effectively deal with vendor failures and the ways those failures could affect your organization’s data — and your customers’ data, as well.
Vendor risk management assesses risk areas for your vendors rather than just your organization. These could include compliance, credit, operational risk, among other forms. With a vendor risk assessment, you can identify and analyze the level of disruption that a vendor’s failure would have on your business performance — and help ensure that those disruptions do not occur, or can be fully managed if they do.
Facing multiple security threats and vulnerabilities, more and more of our clients are realizing that effective, risk-informed IT security strategies can offer a major source of competitive advantage. We take a holistic approach to IT risk, combining deep industry insight and strategic skills with a structured risk management approach and proven methodologies that focus on true transformational security practices, practical tools and functional implementation.
Talk to Blair Carlisle about a customized cyber risk assessment and information security framework for your organization. Request a free consultation to learn more about our third party vendor risk management and other cybersecurity services!