Atlanta, GA – Frazier & Deeter has been named a founding member of the newly formed HITRUST® Third-Party Risk Management (TPRM) Council. The Council was created to foster collaboration between companies, third-party vendors, and advisory service firms.
“The mission for the TPRM Council is to drive efficiencies and effectiveness as it relates to identifying, assessing, and mitigating risk in the complex supply chain ecosystem,” noted Michael Parisi, Vice President of Assurance Strategy & Community Development.
Founding members of the TPRM Council are global security, risk, compliance, and audit executives representing a diverse cross-section of organizations. TPRM Council members are committed to identifying and supporting approaches to improve the current TPRM process—with a focus on increasing effectiveness and reducing inefficiencies.
“The Council will help ensure organizations are considering the impact on the supply chain as they mandate assurance requirements on their third parties,” said Andrew Hicks, Frazier & Deeter’s Vice President of Risk Assurance and National HITRUST Practice Lead. “This collaborative forum will help HITRUST identify the most effective, efficient solutions to challenges that permeate the supply chain.”
“While the need to ensure appropriate privacy and security over sensitive information has never been more important, many current approaches to managing third-party risk have unintended impacts on companies and their vendors. Challenges exist around inconsistent and uncoordinated requirements that lead to redundant assessments. The results are inefficient uses of time, higher costs, increased burdens, and ineffective mitigation strategies,” noted Parisi.
“As one of only two external assessor firms appointed to this important Council, we are honored to collaborate with numerous global organizations on the topic of third-party risk management,” noted Hicks. “This cross-sectional group offers deep insights into the daily realities of organizations in every area of the supply chain, so we will be able to offer pragmatic approaches to streamline risk reduction efforts while achieving necessary goals.”
To learn more, visit: https://hitrustalliance.net/business/third-party-risk-management/
About HITRUST Third-Party Risk Management (TPRM)
The HITRUST TPRM and HITRUST CSF® Assurance Programs together can streamline and improve the TPRM process. HITRUST’s robust approach incorporates inherent risk, which helps to recommend controls required for inclusion and provides an appropriate level of assurance. Simplifying the TPRM process, in addition to layering in staff on-demand and software as a service, means that relying parties can streamline and scale their TPRM programs cost-effectively. Vendors benefit from being able to utilize a single assessment to be reported out in multiple ways for an Assess Once, Report Many™ approach.
About Frazier & Deeter
Frazier & Deeter is an award-winning accounting and advisory firm headquartered in Atlanta, Georgia, USA. The firm provides a wide range of tax, audit, accounting and advisory services to serve the emerging needs of clients as they evolve. Frazier & Deeter and its FD family of brands have nine offices across the United States and one in the United Kingdom. The firm has been recognized repeatedly as a Best of the Best Accounting firm, a Best Firm to Work For in the U.S. and a Best Firm for Women in Leadership. Frazier & Deeter’s brand promise is Investing in Relationships to Make a Difference™.