3rd Party Risk Management
,
Business Continuity Management / Disaster Recovery
,
Governance & Risk Management
The Edmund Group’s Adler on Managing Third- and Fourth-Party Risk in Healthcare
Healthcare organizations face mounting third-party risks driven by data distribution, complex vendor networks and global uncertainty. Data often resides across multiple entities – offshore, onshore or with fourth parties, raising compliance challenges under HIPAA and new federal security regulations, said Steven Adler, partner at The Edmund Group.
See Also: OnDemand | Secure Your Vendor’s Access from Attacks on Third-party Vulnerabilities
Adler said organizations must begin by maintaining a patient-centric focus while aligning risk management with business priorities. He advises creating a vendor risk-tiering model that ranks suppliers by data sensitivity and strategic importance.
“Make sure you’re hiring the right partner. It’s not just a supplier, but do they have the recovery capability? If they don’t, you may want to think about potentially identifying another partner,” he said. “One of the most critical controls within the supply chain risk management program is making sure that you have a contract in terms of defining recovery time objectives, maximum allowable downtimes and things like that. Don’t assume your supplier can recover.”
In this video interview with Information Security Media Group at the Healthcare Security Summit in New York, Adler also discussed:
- Evaluating suppliers’ strategic importance and infrastructure dependencies;
- Ensuring resiliency clauses are written into supplier contracts;
- Using business intelligence to monitor vendor stability and marketplace behavior.
Adler has more than 15 years of experience building and leading TPRM programs for several of the top 10 market-cap healthcare companies. He helps healthcare clients strengthen supplier governance, enhance regulatory readiness and improve operational resilience.