HIPAA and HITRUST are two frameworks that are commonly compared because they are used in the healthcare industry.
Trust Management Platform
Being compliant in today’s digital and interconnected world has become more important than ever before. Cyberattacks and breaches happen to many companies, leaving organizations’ and individuals’ private data at risk. When an organization starts their journey to become compliant, there are various tasks and procedures that need to be carried out in order to attain their compliance status. Organizations will not only want to become compliant, but they will also want to maintain their compliance. Many tools and platforms have been developed to aid organizations in achieving this. Trust management platforms can be one of the components used in attaining an organization’s compliance.
What is a Trust Management Platform?
A trust management platform is a comprehensive, all-inclusive system, which is designed to facilitate trust risk management and enhance trust management services. This comprehensive platform allows organizations to efficiently handle private data and mitigate certain risks. By utilizing the various tools and functions, the trust management platform provides a centralized space for monitoring, analyzing and addressing security compliance matters. The platform contains various features including a risk assessment, secure data storage, automated compliance checks and customizable reporting capabilities. This platform is useful for businesses to proactively identify potential data breaches, assess their impact and implement the right measures to safeguard their trust and maintain strong relationships with their stakeholders and other entities who interact with the organization. By streamlining trust management processes, the platform helps organizations maintain transparency, reliability and integrity, leading to enhanced customer confidence and sustained business growth.
Advantages of using a trust management platform:
- A trust management platform aids organizations to build and maintain its reputation through transparency, consistent messaging and quick response to any type of security compliance problem. A good reputation regarding data management and transparency increases a trusting relationship with stakeholders, future stakeholders and any other organizations your company will work with in the future.
- A trust management platform allows everyone involved to have clarity when evaluating policies, processes and handling data.
- A trust management platform includes risk management – This is done through identifying and mitigating risks that could compromise data privacy, operations and by extension, a reputation. A platform can help identify risks through monitoring and analytics and provide tools to respond quickly to various issues.
- Compliance is another main advantage. With an organisation being labeled as “compliant”; whether it being SOC 2, ISO 27001 or any other security framework; this can already make an organisation more likely to be chosen for tenders or more desirable to work with. Compliance with regulations, standards and codes of conduct is essential for building trust with potential partnerships and stakeholders. A trust management platform can help ensure compliance through workflows, approval processes and audit trails.
- Data management, data privacy and security are critical components of trust. A platform can provide tools to manage sensitive data securely and comply with data protection regulations.
- Monitoring, analytics and tracking metrics like sentiments, engagement and brand mentions helps businesses identify and respond to trust risks quickly. A platform provides monitoring and analytics tools to gain these insights.