Managed Services Program Provides a Scalable and Affordable Solution to Vendor Risk Challenge

An increasing amount of sensitive data is flowing to third parties while cyberattacks are at an all-time high. Most healthcare providers simply don’t have the resources, budget, or technology required to appropriately assess and manage risks to electronic protected health information (ePHI), which is shared with a growing number of vendors.

The traditional approach to vendor risk management is costly and has been demonstrated to be ineffective in today’s environment. Healthcare organizations need a scalable, actionable and affordable way to assess and manage third-party cyber risk.

Clearwater’s tech-enabled, data-driven Vendor Risk Management as a Service (VRMaaS) solution reduces the cost and resource burden associated with performing vendor risk assessments, while also providing up-to-date, accurate, and actionable risk indicators of your vendors and other third parties.

Through our VRMaaS solution, we provide the people, process and technology to implement an effective vendor risk management program that scales with your organization.

Technology & Data: Clearwater utilizes a vendor risk assessment platform with internal and external security assessment capabilities, coupled with proprietary breach experience data, to facilitate risk scoring and financial exposure.

Process: Clearwater executes vendor security assessments, analyzes data, prioritizes highest risk vendors, recommends and communicates remediation actions, and provides on-going monitoring and reporting.

People: Clearwater’s experienced, certified healthcare security professionals execute the program on the customer’s behalf and provide advisory services. Our experts are an extension of the customer’s vendor risk management team.

Key Benefits

Assess and manage risk on the entire vendor portfolio at an affordable cost – Clearwater monitors the portfolio of vendors, discovers risk blind spots, and drills down to focus on the ones that may cause the greatest harm to the organization

Get a true risk indicator – Predictive analytics estimate both the likelihood of a breach and the organization’s exposure to financial fines, historical damages, BI costs, ransom events, financial theft, and more

Stay up to date with on-going monitoring – Risk ratings are monitored and updated to ensure the vendor risk assessment is current

Get a 360-degree view – Internal & external data calculate both inherent and residual risk, resulting in well-rounded security assessments

Tailored to each organization – As opposed to other solution providers that offer one-size-fits-all risk scores, Clearwater’s VRMaaS provides a tailored risk rating based on the number of sensitive records, or the organization’s dependency on a specific vendor

Vendor Risk Management Resources & Insights

Find White Papers, Blogs, and On-Demand Webinars specifically about Vendor Risk Management in our extensive library of educational resources.

Looking for help with vendor risk management? Talk with our experts.