Going beyond risk management: 5 steps to increased visibility into your third-party risk

Health care organizations increasingly rely on third-party vendors for efficiency due to evolving demands and digital transformation, but this dependence introduces significant risks, such as reputational damage and data breaches. Effective third-party risk management (TPRM) involves a five-step lifecycle: planning, due diligence, contracting, ongoing monitoring, and termination.

Despite initial risk assessments, many organizations fail to continuously monitor vendors, leaving them vulnerable to breaches, as evidenced by several high-profile incidents. TPRM services can offer comprehensive management and protection, allowing health care providers to focus on their core operations while ensuring compliance and security. Continuous vigilance and professional oversight are essential to mitigate these risks effectively.