Third Party Risk Assessment

Third Party Risk Assessment

What is Third Party Risk Assessment ?

Identifying, evaluating and reducing third-party risks.

  • Third-Party Risk Management (TPRM) is the process of recognising, evaluating, and mitigating all of the many risks that can arise throughout the lifespan of your partnerships with third parties.
  • TPRM is frequently initiated throughout the procurement phase and should continue until the offboarding process is completed. This is also known as Vendor risk management and helps in the analysis of new and continuing vendor relationships.
  • This involves the assessment of the products and services of the third party to check if they are in accordance with the risk appetite of your organisation.

Application

  • The security rules are applicable on “covered entities” which includes health plans, pharmacy, radiology and electronic health records (EHR) labs, health care clearinghouses, laboratories and to any health care provider.

Requirements

  • Ensure the confidentiality, integrity, and availability of all e-PHI they create, receive, maintain or transmit.
  • Identify and protect against reasonably anticipated threats to the security or integrity of the information.
  • Protect against reasonably anticipated, impermissible uses or disclosures.
  • Ensure compliance by their workforce.
  • Risk Management of e-PHI
  • Administrative safeguards: security management process, Information access management, workforce training and management, and workstation and device security.
  • Technical safeguards: Access control, integrity controls, and transmission security etc.

Non-compliance

The U.S. Department of Health and Human Services (HHS) may impose civil money penalties up to $100 per failure. The upper limit for penalty per year is $25,000. If anyone discloses or obtains information with malicious intention, it may attract criminal penalty of $50,000 and up to one-year imprisonment.

Our Approach

Balancing third party risks, catering to compliance needs, and keeping abreast with the changes in the technology atmosphere.

  • We adopt a very nuanced approach that consists of recognizing the risks in the organisation’s third party relationships, followed by the organization of vendors on the basis of their access, evaluation of SLAs, balancing compliance necessities, meeting the expected standards, keeping an eye on the changing landscape of the third party, your organisation as well as the industry and auditing of the third-party vendors by conducting on-site visits.

Non-compliance

The U.S. Department of Health and Human Services (HHS) may impose civil money penalties up to $100 per failure. The upper limit for penalty per year is $25,000. If anyone discloses or obtains information with malicious intention, it may attract criminal penalty of $50,000 and up to one-year imprisonment.

Advantages

  • Highlights the specific risk-prone areas that require thorough monitoring.
  • Mandates the third party to take extra efforts in the adoption of additional controls for risk mitigation.
  • Conducts it on a yearly basis to make sure the risks do not go beyond the risk appetite of your organisation
  • Helps avoid costly and unanticipated surprises by identifying the risks beforehand.
  • Protects the reputation of your organisation.
  • Prevents illegal use of data by third parties and economic burdens.

Advantages

Gap analysis

  • Highlights the specific risk-prone areas that require thorough monitoring.
  • Mandates the third party to take extra efforts in the adoption of additional controls for risk mitigation.
  • Conducts it on a yearly basis to make sure the risks do not go beyond the risk appetite of your organisation.
  • Helps avoid costly and unanticipated surprises by identifying the risks beforehand.
  • Protects the reputation of your organisation.
  • Prevents illegal use of data by third parties and economic burdens.

Why Us?

Tsaaro understands the dependency of the smooth running of a business on engaging with third parties, and also the undeniable risk of exploitation and misuse of operational, confidential data that comes with such engagement.

Our commitment to the cybersecurity domain coupled with seasoned experts will provide you with the recognition, analysation, and assessment of risks and finally enable you to gauge the efficacy of the risk assessment threshold regarding the quality and reliability of your data.

Why Us?

Tsaaro understands the dependency of the smooth running of a business on engaging with third parties, and also the undeniable risk of exploitation and misuse of operational, confidential data that comes with such engagement.

Our commitment to the cybersecurity domain coupled with seasoned experts will provide you with the recognition, analysation, and assessment of risks and finally enable you to gauge the efficacy of the risk assessment threshold regarding the quality and reliability of your data.