HITRUST® Releases New Tools to Improve Efficiency and Effectiveness of Third-Party Risk Management
Summary
FRISCO, Texas--(BUSINESS WIRE)--HITRUST, a leading data protection standards development and certification organization, today announced a major release of its HITRUST Third-Party Risk Management (“TPRM”) Methodology that introduces numerous new components including an Inherent Risk Questionnaire, Rapid Assessment, and Trust Score. Also announced today are enhancements to the HITRUST Assessment XChange (the “Xchange”) Manager platform to fully integrate the TPRM Methodology. Further, by bringing the methodology and technology platform together, HITRUST is simplifying the deployment and operationalization of the process organizations use to qualify a third party for a business relationship and provide a common approach that can be used across industries to drive efficient and effective third-party risk management. Implementation of the HITRUST TPRM methodology solves this issue by incorporating greater oversight early in the vendor selection process in support of informed decision-making, determining an acceptable level of risk, and reducing the likelihood of vulnerabilities being interjected into an organization’s environment. With this new qualification process HITRUST also introduces: “Organizations often struggle to leverage their existing technology because they lack an underlying risk management methodology to support it.