#United States #ServiceNow #risk management #Frisco #HITRUST

HITRUST Launches Innovative Third Party Risk Management App

In an age where data security and compliance have become paramount, HITRUST stands out by introducing a groundbreaking tool designed specifically to streamline third party risk management (TPRM). The newly unveiled HITRUST Assessment XChange App for ServiceNow offers organizations a cohesive solution that integrates seamlessly into existing frameworks, significantly enhancing efficiency and effectiveness in managing third-party risks.

Addressing Challenges with Practical Solutions

The HITRUST Assessment XChange App is a testament to the organization’s commitment to simplifying risk management for companies of all sizes and complexities. With the ability to automate processes and provide actionable insights, it tackles the common hurdles faced by organizations today, such as assessment fatigue and the need for repetitive data collecting.

Key Features of the Assessment XChange

This innovative application incorporates several critical features that elevate the standard of TPRM:

• - Cyber Threat-Adaptive Controls: By ensuring that controls remain relevant to emerging cyber threats, this feature eliminates redundant questionnaires, making the risk management process more streamlined.

• - Broad Assessment Portfolio: Organizations can now conduct assessments across various risk levels including low, moderate, and high-risk vendor evaluations. Notably, the inclusion of AI-driven risk management assessments provides additional layers of security and assurance.

• - Proven Assurance Methodology: The methodology employed by HITRUST has demonstrated success, shown by its low breach rates highlighted in the 2024 HITRUST Trust Report, reinforcing its reliability.

• - Results Distribution System (RDS): This feature enables organizations to securely share detailed assessment results via the ServiceNow platform, allowing for in-depth analysis without compromising confidentiality.

• - Automated Control Inheritance: This functionality reduces redundancy in assessments as it permits vendors to reuse previously validated security controls across multiple evaluations, ensuring consistency and reliability.

Enhancing Efficiency Across Organizations

With the HITRUST Assessment XChange, teams can benefit from automated vendor lifecycle workflows, ranging from onboarding to renewal. This operational integration means risk management becomes not just a necessary duty, but a manageable and strategic part of an organization’s operational workflow.

Daniel Nutkis, the CEO of HITRUST, emphasized the impact of this release, stating, "Our goal has always been to establish a standard in information protection. This App expands our capabilities, enabling organizations to attain effective TPRM seamlessly."

Industry Support for the Initiative

The response from industry leaders has been overwhelmingly positive, with figures like Ryan George from UPMC noting the importance of consolidating third-party risk management functions within a single platform. The comprehensive nature of the HITRUST Assessment XChange allows organizations to streamline their processes significantly while improving their risk insights.

Tom Dill from AdventHealth expressed enthusiasm about integrating HITRUST's tool into their existing systems, stating, "This innovation will strengthen our third-party risk management initiatives and enhance our operations."

Erica Volini from ServiceNow highlighted the significance of collaboration, affirming that partnerships such as these are crucial in addressing real-world challenges and enhancing the effectiveness of cybersecurity risk management.

Conclusion

HITRUST continues to push the envelope in cybersecurity assurance through its innovative partnerships and solutions. The Assessment XChange App for ServiceNow represents a substantial leap forward in making the complexities of third-party risk management both practical and efficient. With its proven capabilities and advanced features, organizations can finally approach risk management with the confidence it requires in today’s digital landscape. For more details and to see the app in action, organizations are encouraged to visit HITRUST’s official website.