Third-party entities provide a host of integral services for modern industries. Healthcare is no exception, yet the field’s strict regulations, sensitive operating environment, and challenging threat landscape make it especially critical to adopt best practices in managing the risks connected to these vendor relationships. Fortunately, prudent third-party risk management (TPRM) in healthcare follows a time-tested playbook and hinges on a few key fundamentals that all risk managers can use to assess their organization’s progress. It is also a crucial exercise, as studies show that the industry’s vendor risk landscape involves serious, ongoing challenges.
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