Companies have long been held responsible for the wrongful acts or negligence of their vendors and related third parties. The due diligence efforts needed to police these commercial relationships can be a compliance nightmare for regulated entities. Unfortunately, a high percentage of serious PHI and PII breaches have been at the hands of vendors and third party service providers, resulting in a significant increase in the probability of lawsuits, fines, damaged reputations and other incident response costs to the original owners of the information.

Violations of the HIPAA and HITECH Acts have the potential to cause substantial financial, reputational and operational harm to covered entities, business associates and subcontractors. These Acts are important examples of how complex this situation can be, with the chain of written assurance of compliance extending not only to vendors and subcontractors, but to each contractor or consultant of each vendor or subcontractor and so on down the line for as long as the line may be. Among the mitigating factors, due diligence in the form of external risk assessments and training can limit liability exposure.

Staying in compliance with regulation is part of the cost of doing business today. But you are not in the business of validating the accuracy of your vendors’ compliance statements or preventing fraud. 4A Security is. We focus on:

  • Direct, first hand compliance assessments, yielding Compliance Certification or Gap Analysis
  • Objective Compliance Scoring, standardized across a range of comparable companies
  • Current, documented, verified, fact-based insight into vendor’s current operating standards
  • On-going updates for critical vendors, reflecting current Compliance Scoring as their status changes
  • Information and reporting available for regulatory review

4A Security’s Vendor Due Diligence Services provide you with first hand Compliance Assessments of your vendors’ and third parties’ compliance with applicable regulatory standards. Based on verified information, 4A Security provides vendor certification along with a current snapshot score of your Vendors’ Preliminary Compliance Assessment. For critical vendors, 4A Security can maintain a regime of periodic Compliance Checks at regular intervals, providing you with updated scores as their status changes. This vendor information is maintained on our secure technology platform so that reports can be generated as needed for regulatory review.

Get a free quote for 4A Security’s Vendor Due Diligence Service