Creating a game plan for vendor risk management

Vendor risk management is crucial for healthcare provider organizations due to the increasing threat of cybersecurity breaches. Vendors often have access to protected health information and breaches can result in significant financial and reputational damage. Implementing a vendor risk management plan involves conducting security assessments, embedding security controls into agreements, and establishing cross-discipline partnerships. Failing to monitor or assess third-party vendors can lead to strategic, compliance, operational, financial, and reputation risks for organizations. Successful vendor risk management programs minimize risk and liability, and ongoing risk assessments are necessary to ensure ongoing protection.