The Ultimate TPRM & Cyber Risk Glossary
When in doubt, use an acronym.
Whether you’re a seasoned healthcare CISO or you’re new to the industry and convinced people are just making up acronyms—this glossary has you covered. From standard industry frameworks to CORL-specific terms, it’s your Rosetta Stone for healthcare TPRM, cyber risk, and compliance.
Understanding Third-Party Risk
Third-party risk refers to the potential risks introduced to an organization by external entities such as vendors, contractors, or partners.
In healthcare, third-party risk is especially critical due to the sensitive nature of patient data and stringent regulatory requirements, such as HIPAA. Ensuring compliance and maintaining data security within the vendor ecosystem is imperative, as breaches or non-compliance could lead to severe penalties, legal implications, and compromised patient trust. Healthcare providers must assess not only their own practices but also those of their vendors to ensure these external entities meet rigorous security and compliance standards.
Effective third-party risk management involves continuous monitoring and proactive risk assessments, including vendor due diligence, ongoing performance evaluations, and regular audits. At CORL, we combine technology and human services to help healthcare organizations manage third-party risk efficiently and effectively.