# Risk Management * **Definition:** The process of identifying, assessing, and prioritizing risks in healthcare organizations, including managing risks associated with third-party vendors, ensuring the confidentiality, integrity, and availability of information assets, and mitigating risks related to the use of medical devices. * **Taxonomy:** CTO Topics / Risk Management ## News * Selected news on the topic of **Risk Management**, for healthcare technology leaders * 29.4K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/23/2025 | [**Privacy & Security - Healthcare IT News**](https://www.healthcareitnews.com/taxonomy/term/6156/blog/cio-looks-back-2023-and-offers-forecast-2024?type=video&page=37) | [[Healthcare IT News]] | | 5/13/2025 | [**Riskonnect Recognized as a Top Technology Risk Management Vendor by Wheelhouse Advisors**](https://finance.yahoo.com/news/riskonnect-recognized-top-technology-risk-130000833.html) | [[Yahoo Finance]] | | 5/12/2025 | [**Proactive Risk Management: Strategies for a Secure Business Environment - CIOReview**](https://www.cioreview.com/news/proactive-risk-management-strategies-for-a-secure-business-environment-nid-40985-cid-192.html) | [[CIO Review]] | | 3/25/2025 | [**ValidMind Announces Strategic Partnership with Genpact to Elevate Model Risk ...**](https://finance.yahoo.com/news/validmind-announces-strategic-partnership-genpact-130000561.html) | [[Yahoo Finance]] | | 3/24/2025 | [**Growth Equity Firm PSG invests US $280 Million in Protecht - Yahoo Finance**](https://finance.yahoo.com/news/growth-equity-firm-psg-invests-210000987.html) | [[Yahoo Finance]] | | 3/5/2025 | [**Emerge Innovation in Action at HIMSS25 - Healthcare Finance News**](https://www.healthcarefinancenews.com/news/emerge-innovation-action-himss25) | [[Healthcare Finance]] | | 2/6/2025 | [**1m Raises $10 Million in Series A Funding to Bring Modern Risk Management Capabilities ...**](https://www.healthcareittoday.com/2025/02/06/1m-raises-10-million-in-series-a-funding-to-bring-modern-risk-management-capabilities-to-healthcare-organizations/) | [[Healthcare IT Today]] | | 1/30/2025 | [**Health IT Business News, Financial Edition - January 30, 2025**](https://www.healthitanswers.net/health-it-business-news-financial-edition-january-30-2025/) | [[Health IT Answers]] | | 1/24/2025 | [**Patient Safety and Risk Management Software Market Size to Hit USD 6.07 Billion by 2032 ...**](https://finance.yahoo.com/news/patient-safety-risk-management-software-130500421.html) | [[Yahoo Finance]] | | 1/24/2025 | [**What Treasurers Can Learn From How Central Banks Approach Risk**](https://www.pymnts.com/news/b2b-payments/2025/what-treasurers-can-learn-from-how-central-banks-approach-risk/) | [[PYMTScom]] | | 1/23/2025 | [**HITRUST Delivers on Commitment to Make Third Party Risk Management Practical and Efficient**](https://finance.yahoo.com/news/hitrust-delivers-commitment-third-party-140000677.html) | [[Yahoo Finance]] | | 1/22/2025 | [**Risk Management Market to Reach $52.7 Billion by 2031 - PR Newswire**](https://www.prnewswire.com/news-releases/risk-management-market-to-reach-52-7-billion-by-2031---exclusive-report-by-meticulous-research-302357169.html) | [[PR Newswire]] | | 1/3/2025 | [**Treasury And Risk Management Software Market , 35f Growth to Originate from North ...**](https://www.prnewswire.com/news-releases/treasury-and-risk-management-software-market--35-of-growth-to-originate-from-north-america-technavio-302340484.html) | [[PR Newswire]] | | 1/2/2025 | [**Treasury And Risk Management Software Market , 35f Growth to Originate from North ...**](https://finance.yahoo.com/news/treasury-risk-management-software-market-225500245.html) | [[Yahoo Finance]] | | 12/15/2024 | [**Governance Risk And Compliance (GRC) Platform Market size to increase by USD ... - PR Newswire**](https://www.prnewswire.com/news-releases/governance-risk-and-compliance-grc-platform-market-size-to-increase-by-usd-37-63-billion-between-2023-to-2028--market-segmentation-by-deployment-component-geography---technavio-302332059.html) | [[PR Newswire]] | | 12/12/2024 | [**1m Raises $10 million in Series A Funding to Bring Modern Risk Management Capabilities ...**](https://finance.yahoo.com/news/1m-raises-10-million-series-130000561.html) | [[Yahoo Finance]] | | 12/12/2024 | [**1m Raises $10 million in Series A Funding to Bring Modern Risk Management Capabilities to Healthcare Organizations**](https://www.globenewswire.com/news-release/2024/12/12/2996118/0/en/1m-Raises-10-million-in-Series-A-Funding-to-Bring-Modern-Risk-Management-Capabilities-to-Healthcare-Organizations.html) | [[Globe Newswire]] | | 12/11/2024 | [**1m Raises $10 million in Series A Funding to Bring Modern Risk Management Capabilities to Healthcare Organizations**](https://markets.businessinsider.com/news/stocks/1m-raises-10-million-in-series-a-funding-to-bring-modern-risk-management-capabilities-to-healthcare-organizations-1034129337) | [[Business Insider Markets]] | | 12/2/2024 | [**Treasury and Risk Management Software Market Research Report 2024 - Yahoo Finance**](https://finance.yahoo.com/news/treasury-risk-management-software-market-121900211.html) | [[Yahoo Finance]] | | 11/29/2024 | [**AI Model Risk Management Market Set to Reach USD 19,036.19 Million by 2032, Growing ...**](https://finance.yahoo.com/news/ai-model-risk-management-market-125800929.html) | [[Yahoo Finance]] | | 11/4/2024 | [**Shelley Gandhi Joins Firm - Headlines ELIQUENT's Expanded Pharmacovigilance Service Offerings**](http://www.businesswire.com/news/home/20241104361511/en/Shelley-Gandhi-Joins-Firm-%E2%80%93-Headlines-ELIQUENT%E2%80%99s-Expanded-Pharmacovigilance-Service-Offerings/?feedref=JjAwJuNHiystnCoBq_hl-RLXHJgazfQJNuOVHefdHP-D8R-QU5o2AvY8bhI9uvWSD8DYIYv4TIC1g1u0AKcacnnViVjtb72bOP4-4nHK5ieT3WxPE8m_kWI77F87CseT) | [[Business Wire]] | | 7/10/2024 | [**Healthcare Quality Management Market Highlights and Forecasts to 2030 As Revealed ... - WhaTech**](https://www.whatech.com/og/markets-research/medical/854515-healthcare-quality-management-market-highlights-and-forecasts-to-2030) | whatech.com | | 7/5/2024 | [**SonicWall Launches EMEA Managed Security Services Backed by a 24x7 European ...**](https://telecomreseller.com/2024/07/04/sonicwall-launches-emea/) | telecomreseller.com | | 7/3/2024 | [**Automated Infrastructure Management Solutions Market Size,**](https://www.openpr.com/news/3564377/automated-infrastructure-management-solutions-market-size) | openpr.com | | 6/15/2024 | [**Responsible AI: Transforming risk management in the Philippines**](https://www.bworldonline.com/economy/2024/06/16/602169/responsible-ai-transforming-risk-management-in-the-philippines/) | bworldonline.com | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **ValidMind**: A provider of AI-driven model risk management solutions, collaborating with Genpact to enhance governance for financial institutions. - **Argos Risk, LLC**: Specializes in third-party risk management solutions for financial institutions, enhancing risk assessment capabilities. - **Dasera**: Provides insights into data risk management, emphasizing the need for integrated security strategies. - **1m**: A data and analytics technology company focused on risk management for healthcare systems. - **Oscar Segurado**: A seasoned medical expert emphasizing the importance of risk management in clinical trials, particularly in enrollment, retention, and adverse events. - **Happiest Minds Technologies Limited**: Recognized for excellence in risk management, implementing comprehensive strategies aligned with global standards for data privacy and information security. - **HITRUST**: Launched the AI Risk Management Assessment to help organizations manage AI risks effectively, particularly in healthcare. - **SOCOTEC**: A global leader in risk management and technical consultancy, enhancing capabilities through acquisitions. - **CultureAI**: A human risk management platform focusing on individual employee risks and providing tailored coaching to mitigate data breach risks. - **Lori Frank**: President & CEO of Argos Risk, providing insights on third-party risk management in the payments landscape. - **Protecht Group**: An Australian leader in governance, risk, and compliance solutions, focusing on AI-driven risk management offerings. - **Kodiak Solutions**: Identifies key risks for healthcare leaders, focusing on generative AI management, cybersecurity enhancements, and compliance. - **H3PT**: Health 3rd Party Trust Initiative, focusing on enhancing healthcare security standards and third-party risk management practices. - **ALIGNMT.AI**: A SaaS provider specializing in AI governance solutions for healthcare, enhancing compliance and risk management. - **ELIQUENT Life Sciences**: A firm enhancing regulatory consulting capabilities with a focus on pharmacovigilance and risk management. - **Quantum Gears**: A provider of Agentic AI platforms, focusing on compliance and risk management in healthcare and other sectors. ### Partnerships and Collaborations - **ValidMind and Genpact**: A strategic partnership to provide Model Risk Management as a Service (MRMaaS), enhancing AI governance for financial institutions. - **1m and Stanford Health Care**: Collaboration to support the development of advanced risk management capabilities. - **Safe Security and Booz Allen Hamilton**: Collaboration to launch an Integrated Risk Management-as-a-Service suite for continuous cyber risk management. - **1m and Banner Health**: Collaboration for funding and governance to enhance risk management solutions in healthcare. - **Argos Risk and Cornerstone**: Strategic partnership to enhance third-party risk management solutions for financial institutions. - **Experian and ValidMind**: Collaborated to improve regulatory compliance and operational risk management in financial institutions. - **1m and Cleveland Clinic**: Partnership to improve risk management practices and governance in healthcare. - **HITRUST and 1upHealth**: Collaboration to ensure adherence to leading security practices in information risk management. - **Protecht Group and PSG Equity**: An investment partnership to enhance AI-driven risk management solutions and support global expansion. - **Samplemed Group and dacadoo**: A strategic partnership to integrate dacadoo's Risk Engine into Samplemed's life underwriting SaaS platform. - **Qualifyze**: Secured $54 million in Series B funding to enhance supplier risk management technology in Life Sciences. - **Kipu Health**: Acquired Hatch Compliance to strengthen governance, risk, and compliance capabilities. - **Dataminr and Healix International**: Formed a partnership to enhance travel risk management through real-time risk detection. - **HITRUST and ServiceNow**: Collaboration to enhance third-party risk management through the HITRUST Assessment XChange App. - **Trilogy Capital and OHM Security**: Acquisition highlights the growing importance of cybersecurity solutions. - **Cantata Health Solutions and Zero Overdose**: Collaborated to integrate overdose risk management tools into healthcare systems to address the opioid crisis. - **Rubrik Zero Labs**: Collaborating with healthcare leaders to address data security challenges and improve patient care outputs. - **ALIGNMT AI**: Partnered with HFMA to launch a micro-credentialing program for AI governance skills. - **Exiger**: Named a Preferred Cybersecurity Provider by the AHA to help hospitals manage cyber threats. ### Innovations, Trends, and Initiatives - **Third-party risk management (TPRM)**: A systematic approach to mitigate risks associated with outsourcing in healthcare. - **AI and Machine Learning in Risk Management**: Increasing integration of AI technologies in risk management solutions to enhance predictive capabilities and decision-making. - **AI in Risk Management**: AI is transforming risk management by providing advanced tools for assessing and mitigating risks, particularly in healthcare and financial sectors. - **AI and machine learning**: Technologies being integrated into risk management solutions to improve predictive capabilities and compliance monitoring. - **Vendor Risk Management Market Growth**: Projected significant growth driven by increasing complexity of vendor ecosystems and the adoption of advanced technologies. - **AI Model Risk Management Framework**: Released by CSA, it outlines strategies for responsible AI model development and use, emphasizing data quality and bias mitigation. - **Governance, Risk, and Compliance (GRC) Platforms**: Emerging as essential tools for integrating various risk management functions in organizations. - **AI Risk Management Assessment by HITRUST**: A comprehensive assessment tool for organizations to manage AI risks and ensure compliance with governance standards. - **Governance, Risk, and Compliance (GRC) platforms**: Growing market for solutions that help organizations manage risks and ensure compliance with regulations. - **AI in Healthcare**: Transforming workflows and enabling personalized patient care, requiring robust risk management strategies. - **SaaS-based platforms**: 1m's platform integrates data monitoring and anomaly detection to enhance risk management in healthcare. - **Compliance as a Service**: Emerging as a critical solution for organizations to manage complex regulatory environments without diverting resources from core activities. - **VISO TRUST**: Enhanced AI-driven third-party risk management platform to streamline vendor risk assessments. - **Quality Management System Regulation (QMSR)**: Introduced by the USFDA to align with international standards and enhance risk management practices in medical devices. - **Agentic AI**: Automating compliance processes and enhancing organizational agility, allowing businesses to predict and mitigate risks effectively. - **ICH E6 R3 Guidelines**: Emphasizing risk-proportionate approaches to compliance in clinical trials. - **Deep Tech Orchestration**: Integration of advanced technologies like AI and blockchain to enhance operational efficiency and risk management. - **Zero-Trust Mentality**: VA's implementation to protect sensitive information and maintain healthcare operations integrity. - **Secure by Design**: VA's approach to technology development ensuring adherence to security standards to mitigate risks. - **AI Governance Frameworks**: Frameworks like IEEE UL 2933 and NIST AI RMF are recommended for ensuring AI systems are secure and compliant. ### Challenges and Concerns - **Third-Party Risk Management**: Essential due to vulnerabilities from third-party vendors, highlighted by significant data breaches. - **Integration Complexities**: Challenges in integrating new technologies with existing systems can hinder effective risk management. - **Data Privacy and Security**: Organizations must implement robust risk management strategies to ensure data privacy and compliance with evolving regulations. - **Enrollment Risks**: Identifying and managing enrollment risks in clinical trials to ensure feasibility and cost-effectiveness. - **Data Security**: Healthcare organizations face increasing threats to data security, necessitating robust risk management frameworks. - **Cybersecurity Threats**: Healthcare organizations face significant risks from cyberattacks, necessitating robust risk management strategies. - **AI Model Risks**: Need for effective AI model risk management to protect sensitive data and ensure compliance. - **Regulatory Compliance**: Healthcare organizations face increasing regulatory scrutiny, necessitating robust compliance frameworks and risk management strategies. - **Compliance Risks**: Growing concerns related to regulations like the No Surprises Act and the 340B drug discount program, with potential financial penalties for non-compliance. - **Supply Chain Vulnerabilities**: The COVID-19 pandemic highlighted weaknesses in supply chains, emphasizing the need for comprehensive third-party risk management strategies. - **Regulatory Scrutiny of AI**: The introduction of AI Risk Repository raises concerns about increased scrutiny and liability for businesses deploying AI in high-stakes sectors. - **AI Risks**: Concerns regarding the balance between innovation and patient safety as AI adoption grows in clinical settings. - **Compliance Complexities**: Navigating stringent regulatory standards in behavioral health and life sciences. - **Cybersecurity Risks**: Healthcare organizations face increasing threats from data breaches and fraud, necessitating robust cybersecurity measures. - **Cybersecurity threats**: Increasing risks from cyber attacks, highlighted by incidents like the Heritage Valley ransomware attack. - **Privacy Regulations**: Compliance with regulations like HIPAA is critical as organizations leverage data analytics for patient care. - **Compliance with HIPAA**: Many healthcare organizations struggle with compliance, particularly in risk analysis and safeguarding electronic protected health information (ePHI). ## Related Topics [[Portfolio Management]]; [[Risk Analysis]]