Adds Intelligence and Automation, and Scales the Company’s Extensive Collaborative Risk Network to Include Non-Technical Supplier Products and Services for Patient Care
BOSTON, November 17, 2021 – Censinet, the leading provider of healthcare IT risk solutions today announced Censinet RiskOps for Supply Chain. This new capability builds upon the Company’s extensive experience engaging vendors and automating manual parts of cybersecurity risk assessments to produce fast, high-quality results. Censinet RiskOps for Supply Chain expands assessment coverage to all non-technical supply chain vendors, products, and services. This new intelligence leverages the platform’s recommendation engine to assess unique risks rapidly, engage the vendors, and develop corrective action plans.
Compared with technical products such as those managed by IT and biomed, the non-technical products that comprise the healthcare supply chain are also critical to patient care and often include 10X the number of products and services. According to the FBI, the healthcare supply chain is more frequently a target of sophisticated attacks because of the large number of participants and their limited cybersecurity capabilities.1
“The healthcare supply chain team is under a significant amount of pressure to move quickly while managing a multitude of risks during the procurement process,” stated Ed Gaudet, CEO and Founder at Censinet. “Actionable risk insight can help supply chain managers and business owners align to business objectives and manage difficult trade-off decisions in real-time such as inventory availability, fraud reduction, safety, and supplier redundancy which are invaluable during a crisis.”
Censinet RiskOps for Supply Chain provides complete vendor-engagement workflows, automated corrective action plans, data and access insights, and actionable report generation. Supply chain risk coverage areas included as part of these new vendor, supplier, and product capabilities are:
- Financial and corporate structure to ascertain solvency and viability
- Privacy and access to PHI, PII, and PCI along with usage rights and protections
- Physical security controls if gaining entry to on-site protected areas
- Utilization of subcontractors and the processes used to manage them
- Use of international vendors, how they’re managed, and any offshoring of data
- Legal requirements and any litigation risk that may disrupt goods and services
- Operational processes such as availability and resiliency to ensure continuous delivery during events that could impact the business
“Third-party risk management is how your firm survives,” according to a Forrester report co-authored by Forrester Senior Analyst Alla Valente. “Risk to your supply chain doesn’t stop at the pandemic. Supply chains are also affected by trade wars, bankruptcies, and cybersecurity attacks, to name a few. As long as companies use third parties, supply chain risk will remain critical, and a formal third-party risk management program is a necessity.”2
Censinet RiskOps for Supply Chain is available now. For more information on how healthcare organizations can reduce and avoid the impact of risk, please visit censinet.com/supply-chain.
For more details on this topic, please join our webinar on December 14, 2021, at 12:00 PM ET Understanding and Addressing Healthcare Supply Chain Risk. Register at censinet.com/webinar-healthcare-supply-chain-risk.
Censinet, based in Boston, MA, enables healthcare organizations to take the risk out of their business with Censinet RiskOps™, the first and only cloud-based exchange that integrates and consolidates enterprise risk management and operations capabilities across critical clinical and business areas. RiskOps builds upon the Company’s foundational success with third-party risk management (TPRM) for healthcare. Censinet transforms healthcare risk by increasing productivity and operational effectiveness while eliminating risks to care delivery, data privacy, and patient safety. Find out more about Censinet and its RiskOps platform at censinet.com.