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Practices to Deal with Vendor’s Risks Effectively

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Working with vendors and business associates such as attorneys, law firms, IT service providers, transcription and billing service providers, claims processors, auditing consultants etc., is an unavoidable risk in business. The vendors and business associates have free access to the confidential and critical information relevant to your business, and they can cause large scale damages either accidentally or intentionally.

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									                       Practices to Deal with Vendor’s Risks Effectively

Working with vendors and business associates such as attorneys, law firms, IT service providers,
transcription and billing service providers, claims processors, auditing consultants etc., is an unavoidable
risk in business. The vendors and business associates have free access to the confidential and critical
information relevant to your business, and they can cause large scale damages either accidentally or
intentionally. It is also a fact that without these business associates and vendors your business will be
dysfunctional. Business associates also come under the jurisdiction of HIPAA/HITECH compliance as
they have been found to be one of the causes for detrimental security breaches.


It does not matter whether you have a small business or a big company because the offenders do not
spare anybody. The small businesses are at the same level of risk as the giant corporations. You cannot
afford to risk your business merely on the basis of your vendors’ verbal commitments. If you are a victim
of security breach, it is solely your business that will suffer while your vendor will go scot free. When you
are aware of the repercussions that can be unleashed due to your negligence or apathy,you need to take
proactive steps to make your business secure by employing the automated enterprise compliance
management software.


The software provides solutions for an effective and result-oriented vendor compliance management
process for document management and deploys an automated monitoring service to keep a watch on the
critical data and the process controls. It assesses the risks associated with the vendors based on several
assessment tests and practices and ranks them accordingly. It tracks the areas that lack in compliance in
the vendor assessment process and addresses them competently. The solution can be easily customized
to fulfill all the requirements of your business optimally.


The compliance management solution is simple and cost-effective and facilitates in enforcing a
comprehensive security policy in your business. The software possesses capabilities that help your
business to integrate and collaborate with all compliance frameworks with real-time HIPAA/HITECH
updates. It provides you with commendable support for PCI-DSS compliance fulfillment. As the services
are delivered on the cloud there is no requirement for any hardware or software that helps you save time
and cost.


The safety of your business is your primary objective. How can you convince the customers when you are
yourself vulnerable? Employing security measures is just not enough. You need tools that can show
profound capabilities to tone down the risks and empower your business.


Also read on - vulnerability management, IT security and compliance

								
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