Challenges Before Censinet
Prior to adopting Censinet, Faith Regional faced several challenges in managing third-party risk:
- Manual Processes: The organization relied on an internally developed vendor questionnaire that, while functional, was difficult to maintain and lacked efficiency.
- Limited Visibility: Initial assessments were performed, but reassessments were not consistently executed, creating gaps in risk oversight.
- Inefficient Tracking: Tracking vendor compliance and remediation required significant manual effort, often leading to delays and inconsistencies.
- Challenges in Risk Prioritization: Determining which vendors posed the highest risk was difficult without a standardized framework for stratification and follow-up.
On Automating Vendor Compliance
“The ability to have vendors already in the catalog and automate follow-ups has been super important. We now have a system that enforces accountability and ensures vendor compliance before contracts are signed.”
Why Censinet?
Recognizing the need for a more scalable approach to third-party risk management, Faith Regional selected Censinet for its ability to drive:
- Faster Risk Assessments: Censinet streamlines the risk assessment process, enabling vendors to respond efficiently and eliminating the need for redundant data entry.
- Longitudinal Risk Visibility: The platform provides a clear, ongoing view of risk, ensuring vendor compliance and risk monitoring doesn’t stop after initial onboarding.
- Improved Policy Enforcement: With Censinet, Faith Regional requires vendors to complete the risk assessment process before contracting, preventing workarounds and ensuring compliance.
On Benchmarking and Industry Collaboration
“We’re a rural healthcare provider, but that doesn’t mean we should be behind in cybersecurity. Benchmarking against industry standards helps us advocate for the right resources and ensure we are leading where it matters.”
