Strategies for Managing Third-Party Risks within Healthcare Sector
In the rapidly evolving landscape of healthcare IT, managing third-party risk has become a critical concern. This article outlines four essential strategies to strengthen third-party risk management (TPRM) in healthcare IT outsourcing.
1. **Creating and Maintaining an Inventory of Partners**
A comprehensive inventory of third-party partners is essential for effective TPRM. This involves categorising vendors based on risk level and services provided, maintaining detailed records of each vendor contract, and regularly reviewing and updating the inventory to reflect changes in vendor relationships or services. By doing so, healthcare organisations can ensure that all vendors are accounted for and address potential risks associated with each partner.
2. **Treating TPRM as an Ongoing Relationship**
TPRM should be viewed as an ongoing process rather than a one-time assessment. Key practices include continuous engagement with vendors, periodic risk assessments, and performance monitoring using continuous monitoring tools. Regular communication with vendors helps set clear expectations and fosters mutual trust, while risk assessments identify and mitigate emerging threats.
3. **Holistically Integrating TPRM into the Overall Security Strategy**
Integrating TPRM into the organisation’s broader security strategy is essential. This involves cross-functional participation from multiple departments, using technology to streamline risk assessment and monitoring processes, and adopting industry standards like HITRUST to standardise assessments and compliance efforts.
4. **Being Proactive with Monitoring, Analytics, and Escalation**
Proactive monitoring and analytics help identify risks early. This includes implementing tools that provide real-time insights into vendors' security postures, using data analytics to predict potential risks before they materialise, and establishing clear escalation procedures for risk issues to ensure timely response and mitigation.
### Implementation Steps
To implement these strategies, healthcare organisations should establish clear governance, implement continuous monitoring, develop a risk mitigation plan, and engage stakeholders. By adopting these strategies, healthcare organisations can effectively manage third-party risk in IT outsourcing, ensuring compliance and data security.
For instance, if cloud-connected thermostats control environmental systems in patient care areas, a failure in these devices could pose a risk. In such cases, ingenuity, exploration, and experimentation may be required to find suitable monitoring, analysis, and alerting solutions. It's important to note that SaaS and IaaS providers may still need to progress in fully integrating with customers' TPRM programs.
Healthcare IT teams often outsource various solutions, including cloud-based data centers and outsourced call centers. Regular communication with major partners is necessary to understand changes and improvements in their security and risk management programs. Outsourcing can lead to cost savings and improved service, but it also means third parties handle sensitive data and connect to the network, becoming part of the security and risk management program.
This inventory should include not only outsourcing partners but also software suppliers, open-source software providers, and on-premises Internet of Things devices. Proactively monitoring, analysing, and escalating issues related to third-party infrastructure is essential, as managing third-party risk involves managing risks where control may be limited.
To strengthen TPRM, prioritising third parties is crucial. Identify vendors with the biggest potential exposure and focus on them. Engaging directly with third parties can yield real answers and real insights into their security practices and risk management programs. By implementing these strategies, healthcare organisations can ensure their outsourcing relationships are secure and compliant, safeguarding patient data and maintaining the trust of their stakeholders.
A combination of science and technology can be leveraged to proactively monitor and analyze third-party infrastructure in health-and-wellness, identifying potential risks associated with medical-conditions. For instance, implementing analytics tools can predict risks related to IoT devices controlling environmental systems in patient care areas.
Furthermore, by adopting TPRM as an ongoing relationship and treating it holistically, technology can help healthcare organisations integrate it into their overall security strategy, ultimately enhancing health-and-wellness outcomes by managing risks effectively.
