Major Health Insurer Manages Vendor Risk with NAVEX Global’s GRC Platform
公司规模
Large Corporate
地区
- America
国家
- United States
产品
- Lockpath Integrated Risk Management
技术栈
- GRC Platform
实施规模
- Enterprise-wide Deployment
影响指标
- Cost Savings
- Productivity Improvements
技术
- 平台即服务 (PaaS) - 数据管理平台
适用行业
- 医疗保健和医院
适用功能
- 采购
用例
- 监管合规监控
服务
- 系统集成
关于客户
The customer is a major health insurer in the United States. Like most in the healthcare industry, the company complies with the Health Insurance Portability and Accountability Act (HIPAA), as well as many other regulations and requirements. A primary HIPAA compliance requirement for the company is assessing vendors regularly, as well as assessing vendors’ third parties. Compliance failures can lead to stiff fines. The company had previously relied on manual processes for vendor risk management activities like issuing assessments, which proved to be inefficient and error-prone.
挑战
The major health insurer was struggling to comply with HIPAA data security requirements and other regulations due to inefficient manual processes for vendor risk management. The company had previously adopted a GRC platform, but it proved to be overly rigid and required technical expertise to configure, leading the risk management team to revert to manual processes. The company needed a more advanced GRC platform that could streamline vendor risk assessments, comply with healthcare regulations, require little or no IT assistance, and achieve high user adoption.
解决方案
The health insurer adopted NAVEX Global’s Lockpath, a flexible and scalable solution for integrated risk management that includes the ability to streamline vendor risk assessments. Lockpath was easy to configure to the health insurer’s processes and enhanced the company’s ability to identify, analyze, track, and report on vendor risks. The platform allowed the IT Risk team to enforce its defined vendor risk assessment process, ensuring vendors have the proper security controls in place to meet HIPAA requirements for protecting patient data. The team assesses vendors by issuing questionnaires internally with staff who each represent a segment of the vendor base. Comprehensive questionnaires help the health insurer identify security control gaps that are tracked as findings within Lockpath’s risk register. As third parties remediate their findings, their risk score is reduced, which lowers the insurer's overall third party risk.
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