May 23, 2017 – Plano, TX – GuideIT, a market leader in redefining the delivery of information technology, announced today a partnership with HITRUST Alliance that will help speed HITRUST’s Digital Transformation in the creation of an assessment exchange to automate and streamline vendor risk management.
Building on GuideIT’s iVelociti™ platform, the new HITRUST Assessment Exchange will help organizations rapidly integrate valuable vendor risk assessment data locked in redundant silos, improve customer experience, and simplify the process of managing security and privacy risk assessments and compliance information from third-party vendors.
“This is a valuable step forward for customers, vendors and our organization,” said Daniel Nutkis, CEO of HITRUST. “Customers can now benefit from the speed and visibility of a secure collaborative environment for managing the demands of vendor risk management.”
The traditional vendor risk management process is a complex, fragmented, time consuming process. It is no longer sustainable in-light-of the demands on most organizations that struggle to reduce risk and stay within their respective regulatory compliance. Additionally, consumer demand for better digital experiences has evolved from a “nice-to-have” to a requirement. Business partners, associates and vendors all want to seamlessly connect with information services in a transparent and easy to use environment at any time – wherever they are across multiple devices and platforms.
“We believe the healthcare industry has reached an inflection point where the demands of the regulatory environment require that organizations be able to effectively manage their third-party vendor risk in an integrated and automated environment,” said Chuck Lyles, CEO of GuideIT. Lyles added, “iVelociti™ through its business process automation and integration will ensure that comprehensive assessment information will be available for exchange in a digital format, consumable by the healthcare organization’s current risk management system, independent of vendor or technology.”
The HITRUST Assessment Exchange also provides customers with updates on progress and allows engagement when a vendor is not appropriately meeting their requirements, allowing the customer to focus on managing risk rather than the administrative process. The HITRUST Assessment Exchange is intended to integrate with, and not replace, an organization’s existing vendor risk management system.
For the vendor, it streamlines and simplifies the process, as most vendors do business with multiple organizations. Given the wide adoption and success of the HITRUST CSF Assessment and HITRUST CSF Assurance Program, already covering thousands of vendor assessments and thousands more in process, vendors are ensured they can truly achieve “assess once, report many” benefits, unlike other third-party assessment approaches and exchanges.
With HITRUST's ability to engage with a vendor on behalf of multiple organizations, it streamlines the communications and interactions for that vendor by reducing the number of organizations making similar requests and automating the process, making business engagements much more efficient.
Founded in 2007, the HITRUST Alliance, a not for profit, was born out of the belief that information protection should be a core pillar of, rather than an obstacle to, the broad adoption of health information systems and exchanges. HITRUST—in collaboration with public and private healthcare technology, privacy and information security leaders—has championed programs instrumental in safeguarding health information and managing information risk while ensuring consumer confidence in the organizations that create, store or exchange their information. HITRUST develops, maintains and provides broad access to its common risk and compliance management and de-identification frameworks, and related assessment and assurance methodologies, as well as programs supporting cyber sharing, analysis and resilience. HITRUST also leads many efforts in advocacy, awareness and education relating to information protection. For more information, visit www.hitrustalliance.net
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