Relying on cumbersome, unresponsive static processes in a dynamic, real-time risk environment leaves healthcare providers unable to respond quickly to changes in the risk profiles of their third-party vendors which makes them susceptible to expensive consequences.
- Security breaches result in noncompliance with HIPAA regulations, costly fines and a lack of confidence in the provider.
- Lack of a central repository of vendor risk data means silos of critical data that aren’t communicated or shared with workers across the organization.
- Poor or nonexistent reporting, no real-time risk monitoring and analysis, and no automated updates make ongoing risk management a lurking threat.
In this white paper, we look at the problems in current healthcare third-party vendor risk management and demonstrate how a collaborative cloud platform like Censinet automates third-party vendor risk management securely and efficiently.