Third-Party Risk in Healthcare
When it comes to vendor risk management in healthcare, regulators increasingly emphasize how health providers manage the vendors and contractors that help them carry out healthcare activities. Understanding how these regulations connect to third-party risk is paramount to ensuring compliance.
Healthcare organizations need to clearly define, categorize and assess a range of risks across their extended third-party relationships. This includes privacy risks, security, due diligence and conduct, licensing and credentialing of physician contracts and the management of non-physician contracts. Further, the organization must oversee resilience management and the continuity of relationships that impact critical healthcare services to ensure the viability of each third-party relationship.
Regardless of the size of the vendor risk management program, be it a small healthcare facility or a large hospital with thousands of beds – or even advanced medical equipment and research centers – vendor risk management programs are facing similar challenges due to an inefficient framework, on top of tools and processes that lack the proper insight into vendor risks across the healthcare organization. In an ever-evolving landscape of relationships, including the data and processes that span these relationships, information security, compliance requirements and growing digital threats make it increasingly essential for organizations to stay aware of industry best practices and standards for vendor risk management. Healthcare organizations must first gain clarity on the regulatory landscape facing them today.
Changing Healthcare Regulations for Vendor Risk Management
The Health Insurance Portability and Accountability Act (HIPAA) was initially passed into law in 1996, but over the past two decades, it has grown into a considerable regulatory burden for healthcare organizations. The intention of HIPAA is to drive efficiency, protect privacy and health information, and ensure that patients are notified if their PHI (protected health information) and PII (personally identifiable information) is breached. These data breaches often occur in third-party vendor relationships.
HIPAA dictates that electronically stored PHI that an organization creates, receives, and/or maintains must be protected against emerging risks and threats. The HIPAA Security Rule laid out rules for security standards, which included technical and administrative protections that need to be applied internally, but also addressed in third-party vendor relationships. HIPAA became more of a concern with the passage of The Health Information Technology for Economic and Clinical Health (HITECH) Act. HITECH is focused on the adoption and meaningful use of health information and technology, with a specific focus, in Subtitle D, on the privacy and security concerns associated with the electronic transmission of health information. The challenge is that the transmission and processing of this data often involves and relies on third-party vendor relationships. HITECH’s provisions strengthen the civil and criminal enforcement of the HIPAA rules.
Data breaches are an example of a serious risk in healthcare that deeply concerns executives throughout the industry. Vendors with access to the organizations’ personally identifiable information PII and PHI inherently expose the organization to critical risks.
The Ponemon Institute and IBM conducted their annual report on The Cost of a Data Breach that demonstrated the enormous costs of a data breach in healthcare. The study showed that an average third-party breach across industries is $3.92 million; however, the average cost of a data breach in healthcare specifically costs the organization $7.13 million.
The study also noted, “Despite the number of publicized data breaches throughout the U.S., there continues to be a significant lack of confidence and understanding within companies as to whether their security posture is sufficient to respond to a data breach or cyberattack. Companies also need to do more than depend on business associate agreements to ensure that consumer information is protected. Business should perform audits and assessments with vendors.”
Tips for Managing Third-Party Risk for Healthcare Organizations
As a result of HITECH regulation and other technological innovations over the past decade, healthcare is becoming more approachable. The reliance on vendors in healthcare to achieve compliance and deliver the best care possible is necessary, which raises the critical importance of the technical and data protection requirements seen in HITECH – but also greatly increases the risk profile of vendor relationships.
A strong vendor risk management program is vital to the health of your organization because it allows you to understand exactly where and how valuable data is exposed. IT security company SecurityScorecard recommends that healthcare organizations gain comprehensive visibility into a third-party vendor’s cybersecurity practices to understand any potential avenue for exposure of PHI/PII.
To develop this visibility, vendor risk management staff should conduct vendor risk assessments and due diligence in third-party relationships to monitor adherence to contractual requirements and control structures.
Once an effective program is developed, critical functions such as procurement, compliance and ethics, privacy and information security need to develop a collaborative strategy and approach that C-suite executives support. Together they must promote the importance and necessity of vendor risk management to engage departments cross-functionally.
ProcessUnity Vendor Risk Management for Healthcare Organizations
Most organizations are fully aware of the information security risk posed by vendors in healthcare – many even admit that their current processes may be ineffective or inefficient. The problem often lies in manual processes encumbered by hundreds to thousands of documents, spreadsheets and emails. Vendor risk management programs tend to get tied up in managing and reconciling documents, pulling resources away from truly managing the risk in these relationships. An automated vendor risk management solution can streamline this process to alleviate this burden on the program.
ProcessUnity Vendor Risk Management centralizes important data to help your organization gain visibility into vendor risk. Making risk-based decisions on whether to engage a vendor requires reliable, consistent information related to a vendor’s profile, the types of risks in the relationship, the performance and stability of the relationship, the critical nature of the relationship, the policies and procedures that govern each relationship, and the practices and overall risk exposure of the relationship. This is essential for understanding and mitigating risk in each relationship and across the relationships of the healthcare organization.
To learn more about how an automated Vendor Risk Management solution can strengthen your program, visit our product page.
Related Articles
Quantify Financial Risk to Prioritize Third-Party...
When you quantify financial risk across your third-party ecosystem and prioritize the most critical remediation..
Learn MoreFDA Cybersecurity Regulations Add Medical Device...
As more medical devices are produced to function wirelessly and with network capabilities, the risk..
Learn MoreNIST CSF 2.0 Draft Emphasizes Cybersecurity...
The National Institute of Standards and Technology’s Cybersecurity Framework (NIST CSF) has helped organizations of..
Learn MoreMature Your Cyber Program with a...
Risk-based cybersecurity risk management is the process of identifying, tracking and mitigating the risks to..
Learn More3 Practices to Ensure Supply Chain...
Supply chain resilience, or the ability to withstand and manage disruptions to your supply chain..
Learn MoreControls-Based Versus Risk-Based Cybersecurity Programs
In the face of an escalating regulatory burden and increasingly common data breaches, many teams..
Learn More3 Key Takeaways from ICON plc’s...
ICON Plc recently received the award, “Best in Class Third Party Risk Management—Large Enterprise,” from..
Learn MoreManage Cybersecurity Risk with the SCF...
The Secure Controls Framework (SCF) Risk Management Model can be a powerful tool for teams..
Learn MoreUse Software to Follow OCC 2023-17...
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of..
Learn More3 Takeaways from Retail Cybersecurity Breaches
Retail businesses process large quantities of transactions and customer data, making them common targets for..
Learn MoreOptimize Vendor Onboarding by Aligning with...
During the vendor onboarding process, both cybersecurity and procurement manage the amount of risk brought..
Learn MoreHow ISO 27002 Prepares You for...
ISO 27002 is a powerful tool to demonstrate your information security commitments to customers, investors..
Learn MoreAlign Your Organization with the NYDFS...
The NYDFS Cybersecurity Regulation (23 NYCRR 500) is a set of rules designed to enforce..
Learn MoreMitigate Shadow IT Risk Internally and...
Shadow IT, or technology that’s used without being documented or vetted by cybersecurity personnel, poses..
Learn MoreAlign Your Cybersecurity Program with NIST...
Aligning your cybersecurity program with NIST 800-53 involves mapping your controls and policies to the..
Learn More3 Ways to Prepare Your Cybersecurity...
SOC 2 compliance can be a powerful tool for all aspects of your business—it can..
Learn MoreResponsibly Defend Cybersecurity's Budget
Though the cybersecurity function is as crucial as ever, recession, inflation and widespread layoffs have..
Learn More3 Features to Look for in...
Choosing the right third-party risk management tool for your organization requires identifying the functionality that..
Learn MoreHow to Choose Trust Service Criteria...
Selecting Trust Service Criteria (TSC) is a crucial step in achieving SOC 2 compliance: the..
Learn MoreUsing Third-Party Risk Management Software for...
Third-party risk management (TPRM) is an umbrella term for the process of tracking and mitigating..
Learn MoreA Control Metaframework Can Unify NIST,...
Cybersecurity teams often need to achieve compliance with multiple regulations, standards and frameworks. The sheer..
Learn MorePrepare for DORA with a Cyber...
Cyber risk management is now a requirement for financial organizations in the EU and the..
Learn More3 Takeaways about Anti-Bribery and Corruption...
Anti-bribery and corruption programs grant businesses visibility into their internal practices and third-party networks to..
Learn More3 Due Diligence Obligations for the...
The German Supply Chain Act (LkSG), effective as of January 1, 2023, imposes new due..
Learn MoreYour TPRM Program Must Account for...
Global conditions, from civil unrest and political turmoil to questionable government practices, can affect operations..
Learn MoreShow Executives that Cybersecurity Drives Operational...
One strong approach to justifying your cybersecurity budget to executive leadership is to show how..
Learn MoreMaturing Your Program with a Cyber...
Many organizations spread their cybersecurity budget between a variety of technologies, services and vendors: they..
Learn MoreNew Rules Strengthen SEC Cybersecurity Oversight...
The United States Securities and Exchange Commission (SEC) has recently announced a set of new..
Learn MoreNew FSRA Guidance Emphasizes Operational Risk...
The Financial Services Regulatory Authority of Ontario (FSRA) recently released guidance for credit unions and..
Learn More4 Tips for Justifying a Bigger...
Economic uncertainty presents cybersecurity teams with new challenges: while each round of big tech layoffs..
Learn More3 Tips for Aligning Internal and...
While cybersecurity traditionally owns control assessments, they need help from procurement to get a true..
Learn MoreHow Healthcare Security Leaders Can Mitigate...
Healthcare organizations have faced serious challenges in recent years, and while the pandemic has been..
Learn MoreProperly Scoping Vendor Due Diligence Drives...
Properly Scoping Vendor Due Diligence Saves Both Time and Money One of the costliest mistakes..
Learn MoreNext-Level Strategies for an Efficient Third-Party...
How to Optimize Third-Party Due Diligence for Cybersecurity According to IBM’s Cost of a Data Breach..
Learn MoreDon’t Treat Third-Party Risk Management as...
Beyond Basic Compliance: Achieving True Resilience Requires Third-Party Risk and Cybersecurity Alignment Between SOC audits,..
Learn MoreHow Automated ESG Due Diligence Makes...
Over the past few years, Environmental, Social, and Governance (ESG) regulations have become increasingly rigorous..
Learn MoreNew Artificial Intelligence Regulations Will Require...
The frontier is closing on artificial intelligence: Where AI once represented the “Wild West” of..
Learn MoreProcessUnity Customer Summit: Experts Advocate for...
At the 2022 ProcessUnity Customer Summit, experts from a variety of industries and organizations convened..
Learn MoreWhich Cybersecurity Certification Does Your Business...
More customer wins. Better organizational security. Efficient compliance management. These are just a few of..
Learn More3 Business Benefits of a Cybersecurity...
Cyber risk is a top concern for businesses today thanks to the ubiquity of the..
Learn MoreGRC 20/20 Quantifies Return on Investment...
Independent research examines the measurable benefits of ProcessUnity VRM Imagine what business results you could..
Learn MoreZero Trust as a Third-Party Risk...
According to a Microsoft survey, more than 40% of workers are considering quitting their jobs..
Learn More3 Questions Healthcare Organizations Should Consider...
Did you know that 33% of third-party data breaches in 2021 targeted healthcare organizations? In..
Learn MoreProcessUnity is a Leader in the...
The results are in: ProcessUnity is a Leader in The Forrester Wave™: Third-Party Risk Management..
Learn MoreCan You Apply Zero-Trust to Your...
The federal government shifted to a zero-trust strategy in 2022 to bolster its cybersecurity posture; private..
Learn MoreWhy Third-Party Risk Management Saves Businesses...
Small to midsize companies are increasingly feeling financial pressure on their operations. According to Harvard..
Learn MoreHow Remote Work Has Changed On-Site...
The pandemic caused a shift in how we think about the modern workplace. Pew Research found that..
Learn MoreAre Your Suppliers Putting You at...
Global events, such as the Ukraine-Russia conflict, are driving increased risk levels in nearly every..
Learn More3 Third-Party Risk Lessons from the...
Proactively mitigate third-party risks with vendor engagement and issue response strategies Lapsus$, a criminal hacking..
Learn MoreUnderstanding Your Cybersecurity Risks During the...
Cybersecurity experts warn that conflict in Ukraine presents ‘perhaps the most acute cyber risk U.S...
Learn MoreWar in Ukraine: Monitoring Resiliency in...
As the world turns its attention towards the escalating conflict between Russia and Ukraine, companies..
Learn More5 Areas to Mitigate Risk in...
If you work within a Vendor Risk Management (VRM) team, you know that third-party risk..
Learn MoreAre You Ready for the PRA's...
The clock's ticking. If you're a financial services institution regulated by the Prudential Regulatory Authority,..
Learn MoreHow to Improve Your Vendor Due...
You can't do business without your vendors. They support critical elements of your organization, from..
Learn More3 Reasons to Align Cybersecurity and...
In the face of increasingly common and costly data breaches, your organization needs to know how..
Learn MoreLog4j: How Organizations Address Cybersecurity with...
The discovery of the Log4j vulnerability is the latest incident to send organizations into panic about..
Learn MoreLog4j Vulnerability: A Lesson in Third...
A vulnerability was recently detected in Log4j, an open-source logging framework web developers use to..
Learn MoreHow To Create a Results-Driven Supplier...
Seventy percent of organizations have under-invested in their supplier risk assessments. This fact is startling given the growing reliance organizations have on..
Learn More2021 and Beyond: Financial Viability Trends...
Experts from ProcessUnity and RapidRatings recently got together to discuss why world-class third-party risk management programs are leveraging financial health ratings for onboarding, due..
Learn More4 Reasons to Manage Cybersecurity Controls...
The modern cybersecurity program faces more challenges today than ever before. New worldwide directives and increased cyberattacks put pressure..
Learn More5 Tips to Improve Your Vendor...
Vendor due diligence is essential to any third-party risk management program. However, no two due diligence processes are..
Learn MoreHow Dynamic Scoping Can Improve Your...
Vendor risk assessments help third-party risk management (TPRM) teams understand the risk their third parties,..
Learn MoreThird-Party Vendor Risk Management Challenges for...
Today’s financial institutions face an incredible challenge when it comes to managing their third-party vendor..
Learn MoreBuild a Better Vendor Due Diligence...
Take a deep dive into vendor due diligence with ProcessUnity’s in-house due diligence specialist, James Goncalves. This interview..
Learn More3 Steps to Better Vendor Risk...
Creating and distributing vendor risk assessments is a key part of any third-party risk management program. As organizations utilize third-party services to..
Learn MoreExpert Interview: Continuous Monitoring of Third-Party...
ProcessUnity discusses best practices for continuous monitoring of third-party vendor risk with BitSight, a leading..
Learn MoreManaging Third-Party Cyber Risk
Each day organizations face new threats that jeopardize their critical networks. Standard cybersecurity practices help mitigate the..
Learn MoreWhy Organizations Automate Vendor Risk Assessments
It’s a fact increasingly validated with each third-party data breach: when an organization brings on..
Learn MoreISACA Summit Replay: Cybersecurity is an...
Throughout your company, people are managing silos of cyber risk to your business. You need..
Learn MoreInherent Risk vs. Residual Risk in...
Conducting a thorough vendor risk analysis is an integral step in Vendor Risk Management. However,..
Learn MoreProcessUnity Team Kicks Off National Day...
On August 20th, 2021, ProcessUnity hosted its inaugural Day of Giving to provide our team with the..
Learn MoreUK PRA Guidelines: New Strategies for...
It goes without saying that operational resiliency and supplier risk management go hand in hand. Organizations need to adapt, respond to, and..
Learn MoreWhat the Biden Administration's Executive Order...
The Biden Administration is prioritizing the nation’s cybersecurity with an executive order to modernize cybersecurity defenses and protect..
Learn MoreHow to Create a Mature Third-Party...
Whether building a program from scratch or improving an existing program, third-party risk management (TPRM)..
Learn MoreWhat is Third-Party Risk Management?
Third-Party Risk Management is the process of identifying, managing and mitigating risks present in a vendor relationship. This..
Learn MoreESG Reporting Mandates to Know for...
Third-Party Risk Management in today’s regulatory landscape is difficult – and it is about to..
Learn MoreDiversity and Inclusion as a Third-Party...
Diversity and inclusion initiatives are helping organizations to increase profitability, boost their reputation and even..
Learn MoreWhat is Fourth Party Risk and...
As we’ve seen in recent events such as the SolarWinds hack, third-party risk poses a serious threat to business continuity. What the..
Learn MoreSupplier Risk Management Strategies for Healthcare...
The COVID-19 pandemic served as a wake-up call for supplier risk management programs globally. Formerly reliable..
Learn MoreSetting Up A Cybersecurity Assessment Schedule
Building an Informed Cybersecurity Assessment Schedule Managing a cybersecurity program demands regular reviews of key..
Learn MoreThe Impact of NERC and FERC...
Cyber threats and their subsequent attacks are dominating news headlines globally. The recent SolarWinds attack..
Learn MoreYour Cybersecurity Budget is a Top...
Cybersecurity is recognized as an increasingly important annual budget spend, with many organizations declaring their cybersecurity..
Learn MoreThe Benefits of a Centralized Cybersecurity...
Implementing a centralized Cybersecurity Program Management platform can pay dividends for your organization by protecting high-value..
Learn MoreDo You Really Know Who Your...
Money laundering; bribery and corruption; drug trafficking; and terrorism financing are issues that are rapidly infiltrating business operations. In recent years,..
Learn MoreExpert Tips for Setting up a...
Assessing Third Party Risk with a Vendor Questionnaire Vendors deliver reduced costs and increased productivity, making them very advantageous for business strategy...
Learn MoreVendor Risk Management & ESG Related...
The Emerging Importance of ESG-Related Risk Environmental, social, and governance (ESG) and its role in vendor..
Learn MoreWhat’s the Difference? Vendor Risk vs...
The words are frequently used interchangeably. Is there a difference between them? The Basics of Third Party..
Learn MoreThe Intersection of Third-Party Risk and...
According to a recent BlueVoyant, Opinion Matters global study of 1,500 CISOs, CIOs, and CPOs, 29 percent say they have..
Learn MoreSolarwinds Hack: The Intersection of Cybersecurity...
The continuing fallout from the SolarWinds hack is creating a mashup of Cybersecurity Program Management stuffed..
Learn MoreAnti-Bribery & Corruption (ABAC) in Business...
The impacts of corruption can be very severe and have been historically well documented. On a political level, corruption – however and wherever..
Learn MoreCybersecurity Accountability Requires Enterprise-Wide Involvement
Cybersecurity is every employee’s responsibility. To ensure success, organizations today need to weave cybersecurity accountability into the..
Learn More8 Key Reports You Need for...
The foundation for an effective vendor risk program starts with solid reporting. As your vendor..
Learn MoreStay Ahead of the Cybersecurity Threat...
Understanding today’s ever-evolving cybersecurity threat landscape is essential for developing strategies and taking action to..
Learn MoreStop Wondering if You're Compliant: The...
Regulations and compliance requirements are constantly changing, and this can make it challenging to efficiently maintain compliance...
Learn MoreTips for Quantifying Inherent Risk for...
Quantifying inherent risk for third parties is one of the most important aspects of a..
Learn MoreThe Importance of a Flexible Cybersecurity...
It goes without saying: Your cybersecurity threat landscape is continually evolving, and new risks emerge each day. Trends..
Learn MoreEBA Guidelines and Supplier Risk Management
Today’s distributed, business environment is defined by third-party relationships. The boundaries of the organization have..
Learn MoreReporting on the State of Your...
The CISO’s Role and Cybersecurity Program Evolution As the role of the CISO changes and..
Learn MoreCybersecurity Risk has Changed the Chief...
In the past, the Chief Information Officer (CIO) was responsible for all things technology, but..
Learn MoreHow to Address The Top Third-Party...
Third-party risk management, or TPRM, is a critical part of keeping your company’s and customers’..
Learn MoreWhat is a Cybersecurity Framework?
A cybersecurity framework is the foundation on which your program is built. It documents the..
Learn MoreThird-Party Risk Management Best Practices
New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes A robust, effective, and..
Learn MoreGartner Names ProcessUnity a Leader in...
The title says it all – Gartner has again recognized ProcessUnity as a Leader in..
Learn MoreWhy Vendor Risk Management Should Be...
As the severity and cost of data breaches continues to increase, Vendor Risk Management has never been..
Learn MoreThe Evolution of the Third-Party Due...
To compete in today’s marketplace, companies routinely engage third parties to provide all manner of..
Learn MoreProcurement or Information Security: Who Owns...
There is no right answer to which team should own Third-Party Risk Management, but effective..
Learn MoreCompliance Week Recognizes Abercrombie & Fitch’s...
Congratulations to Rob Seibel, Director of Legal Compliance at Abercrombie & Fitch Co., for receiving..
Learn MoreRevolutionizing Third Party Risk: How to...
Despite their best efforts to administer an efficient and effective process, many organizations spend an..
Learn MorePandemic Questionnaire Guidance & Vendor Assessment...
Before the emergence of COVID-19, third-party risk management programs were executing in a business-as-usual mode,..
Learn MoreHow Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
Learn MoreHow to Spot Your Riskiest Vendors:...
Maintaining strong relationships with third parties is critical to business success. Yet too often, does..
Learn MoreThird-Party Risk Management: From A to...
Just as the mind, body and spirit are intertwined, there are several interconnected pillars to..
Learn MoreMetrics to Avoid When Discussing Cybersecurity...
Chief Information Security Officers (CISOs) have one of the toughest jobs in the C-Suite. They..
Learn More2019 Was A Banner Year for...
ProcessUnity just finished up another banner year – it’s an exciting time to be in..
Learn MoreProcessUnity Scores Highest in Gartner 2019...
Gartner recently published the 2019 Critical Capabilities for IT Vendor Risk Management Tools, and we..
Learn MoreProcessUnity Positioned as a Leader in...
We have great news. Today, Gartner published the 2019 Magic Quadrant for IT Vendor Risk..
Learn MoreWhat the European Banking Authority Guidelines...
Using the European Banking Authority (EBA) guidelines to streamline your supplier risk management program Simply..
Learn MoreWhy Your Third-Party Risk Management Program...
The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
Learn MoreHow To Improve Your Third-Party Inherent...
More than two-thirds of companies are cutting corners when it comes to third-party due diligence..
Learn MoreSarbanes-Oxley Compliance: Five Steps to Cleaning...
While Sarbanes-Oxley (SOX) compliance management may be old hat for some, organizations today continue to..
Learn MoreHow Financial Ratings and Cybersecurity Scores...
RapidRatings, Security Scorecard and BitSight Enhance Vendor Risk Management Process As a standalone solution, ProcessUnity’s..
Learn MorePoll: Over Half of Risk Managers...
ProcessUnity recently participated in a live webinar with IT GRC and other leading Vendor Risk..
Learn MoreFirst GDPR, Now CCPA: Manage Your...
One year ago, organizations of all sizes were scrambling to comply with the pervasive General..
Learn MoreEvaluating Third-Party Risk Management Software? Speed...
Good vendor risk management practices are good for business. Unfortunately, most organizations today continue to..
Learn MoreIt’s a Wrap: Four Takeaways from...
The 2019 ProcessUnity Customer Summit is a wrap and what a week it was. We..
Learn MoreThird-Party Management Maturity Model White Paper:...
ProcessUnity’s recent white paper, the “Third-Party Risk Management Maturity Model,” helps you understand where your..
Learn MoreNew Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
Learn MoreThird-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
Learn MoreNew Report Predicts Significant Market Growth
MarketsandMarkets has published a new report that states that the global Vendor Risk Management market..
Learn MoreVendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
Learn MoreThink GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
Learn MoreRisk & Compliance – The Build...
We’re not seeing it as much as we used to, but some companies are still..
Learn MoreIncorporating Content Services into Your Vendor...
Companies are continually searching for ways to improve the quality of their third-party risk due..
Learn MoreRegulatory and Management Reporting for Vendor...
In working with prospects and customers, one of the questions I get asked the most..
Learn MoreSLAs and Vendor Performance Management
Not all business relationships require a service-level agreement (SLA), but good vendor performance management is..
Learn MoreFormalizing Vendor Risk Management - Keep...
When starting to build a formal Vendor Risk Management program, it’s important not to overcomplicate..
Learn MoreSix Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
Learn MoreThe 2017 State of Third Party...
How does your program rate? Take the Third-Party Risk Management survey and find out! There..
Learn MoreeBook: 8 Reports for Effective and...
The foundation for an effective and efficient Vendor Risk Management program is solid reporting. The..
Learn MoreThe Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
Learn MoreHow to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
Learn MoreMitigating the CFPB Audit Process
In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau..
Learn MoreWhy Cloud Works for Third-Party Risk...
If you are running a Vendor Risk Management program, odds are that you either have:..
Learn MoreThe Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
Learn MoreThe State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
Learn More45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
Learn MoreFFIEC Cybersecurity Assessment Tool: What You...
Cybercrime is a hot topic among GRC practitioners these days. It should be. According to..
Learn MoreCase Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
Learn MoreChange Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
Learn MoreIntroducing ProcessUnity’s Summer 2015 Release
Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
Learn MoreChannel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
Learn MoreFive Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
Learn MoreA Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
Learn MorePlan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
Learn MoreDoes Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
Learn MoreWelcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
Learn MoreAbout Us
ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.