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However, ePHI is vulnerable to threats like cyber attacks and natural disasters, making disasterrecovery planning (DRP) vital. Healthcare organizations must implement HIPAA-compliant DRPs to protect ePHI, ensuring continued operation during disasters.
PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatorycompliance, and operational risks.
This involves technological considerations, business alignment, and regulatorycompliance. The Step phase involves implementing solutions and procedures for seamless upgrades, migrations, and reconstructions. Architecture focuses on designing optimal target infrastructures aligned with the institution’s strategic goals.
Your senior team will all need to have understand the obligations on the firm and be able to prioritise regulatorycompliance and its impact across the business. Additionally, firms should stay updated on regulatory changes and developments in the payments industry.
Document workflow management procedures exist in most companies, but their formality varies. From streamlining processes and improving efficiency to enhancing security, compliance, collaboration, and disasterrecovery, document workflow management can revolutionize how your business handles its documents.
Regulatorycompliance and auditing Compliance with industry regulations and retention policies is critical for businesses. Document digitization enables better control and management of compliance-related documents, ensuring adherence to regulatory requirements and facilitating auditing processes.
Backup and DisasterRecovery: Implementing robust backup and disasterrecovery mechanisms is essential for on-premise automation. It includes documenting automation processes, configurations, system architectures, troubleshooting procedures, and best practices.
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