Vendor Risk Profiling:

March 20, 2007 at 6:21 pm 1 comment

People profile risk in their lives everyday.  From personal health and finance to public safety, risk profiling is everywhere.  Have you ever assessed whether or not you are at a healthy weight or cholesterol level?  Some people even go as far as gene profiling to determine their chances for hereditary diseases such as cancer and/or heart disease.  Businesses and government alike are spending billions of dollars to profile risks facing the American public.  Have you ever made an investment without first considering the risk?  

So why not profile the amount of risk your healthcare system is facing from the very people working in your building?  Why is this so important you ask?  Visibility into these relationships can eliminate fraud and improve business decisions.  All business relationships are not equal, nor do they pose the same risks.  However, there is a base line risk of doing business with any vendor.  But how do you determine the amount of risk you face from each vendor? 

There are 3 basic elements of risk associated with vendors. 

  • Entity Level
  • Individual/Representative Level
  • Product/Service Level

Each of these are inter-related and any of these elements have a higher level of importance based on the type of company.  As a practice these should not be viewed or measured independently.  I will spend the next several posts digging into each.

Entry filed under: Uncategorized.

Wanted: Man who touched patients in hospital Entity Level Risk Profiling

1 Comment Add your own

  • 1. Ben Morton  |  February 26, 2009 at 12:02 am

    Internal Audit supervisor. Interested in means of identifying most risk vendors for future audit reviews.

    Reply

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