October 03, 2024

HITRUST Achieves Major Milestone with Availability of Solution Making it Practical to Manage Third-Party (Information Security) Risk | 2 Minutes on ITSPmagazine

2 minutes

HITRUST, leader in information security and third-party risk management (TPRM), has announced significant enhancements to its HITRUST Assessment XChange. This comprehensive solution addresses longstanding challenges in TPRM by integrating with leading TPRM platforms to streamline vendor risk management processes. These integrations solve the "last mile" challenge by enabling organizations to efficiently capture, consume, and analyze detailed assurance data.

The HITRUST Assessment XChange operationalizes third-party risk management through end-to-end workflows that cover the entire vendor lifecycle—from initial evaluation to results analysis. This approach significantly improves information security risk capabilities, reducing time, costs, and complexity. It also allows organizations to manage risk with updated threat-adaptive controls, broad assessment options, and real-time updates on risk mitigation.

Legacy approaches to TPRM have proven inefficient, with many organizations relying on outdated methods like spreadsheets or self-assessment questionnaires. In contrast, HITRUST’s solution offers a practical, effective, and comprehensive approach, making TPRM more manageable and secure across industries.

HITRUST’s first planned integration with ServiceNow’s TPRM solution is set for release by the end of 2024, allowing users to leverage HITRUST's capabilities within the ServiceNow platform. This integration marks a new era in operationalizing information security TPRM, providing organizations with unprecedented visibility into vendor risk.

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