ECHO Health Enables Business Growth with NAVEX Vendor Management
Company Size
11-200
Region
- America
Country
- United States
Product
- NAVEX IRM
Tech Stack
- Risk Management Software
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Digital Expertise
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Healthcare & Hospitals
Applicable Functions
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- System Integration
About The Customer
ECHO Health, Inc. is a payment processor serving industries including the highly regulated sectors of health care and insurance. The company, based in Ohio, processes more than 175 million transactions annually. As a payment intermediary, ECHO handles a large amount of sensitive data such as patient health information. Compliance with regulations like the Health Insurance Portability and Accountability Act – HIPAA – is essential to ECHO’s business. The company was founded in 1997 and has a workforce of around 130 employees.
The Challenge
ECHO Health, a company operating in highly regulated sectors, had to ensure its third-party vendors satisfy any related requirements. This involved sending a periodic compliance survey to around 10 vendors who handled a variety of work for ECHO, such as printing or call center services, which involved the handling of regulated information. Those involved in assessing third-party risk at ECHO would rely on tools like spreadsheets, calendar reminders and emailed forms to track vendor compliance. However, to support a recent opportunity for rapid growth, ECHO saw a major increase in the number of third-party vendors necessary for its operations. Each new vendor represented a new need to evaluate risk. The 130-person firm was on the precipice of a major business opportunity. It recognized the growth potential could only be realized with an efficient, scalable strategy to vet and monitor third-party partnerships.
The Solution
ECHO implemented NAVEX IRM, launching a comprehensive and holistic governance, risk and compliance program. NAVEX IRM is an “integrated risk management” solution that enables organizations to gain a comprehensive view of their business and operations from a risk perspective. It connects individual risk disciplines and manages them in centralized fashion. Implementing NAVEX IRM allowed a small team at ECHO to expand the scope of their vendor risk assessments eight-fold, clearing the way for the company’s growth. ECHO uses NAVEX IRM as a single portal to efficiently manage and monitor four risk-based tiers of vendor and subject each to differing levels of appropriate scrutiny.
Operational Impact
Quantitative Benefit
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