Your glossary for risk and compliance
Helpful definitions of all of the terms you need to know to better manage risk and compliance.
TermsAFSL Authorised Representative AICPA Annex A Controls ASIC Attestation of Compliance (AOC) Business Continuity Management Compliance Automation Software Compliance Risk Management Cybersecurity Maturity Model Certification (CMMC) FedRAMP Governance Risk & Compliance (GRC) GPDR HIPAA HITRUST Incident Management Information Security Management System (ISMS) ISMS Governing Body ISO 27001 Notifiable Data Breach OAIC Policy Management SOC 1 SOC 2 SOC 3 SOC Reports SOC Trust Services Criteria (TSC) SSAE 16 SSAE 18 Third Party Risk Management Vendor Assessment Vendor Management Policy Vendor Review Vulnerability Vulnerability Management
What is HIPAA?
HIPAA is the acronym for the Health Insurance Portability and Accountability Act passed by Congress in 1996. HIPAA helps by:
- Providing the ability to transfer and continue health insurance coverage for millions of American workers and their families when they change or lose their jobs;
- Reducing health care fraud and abuse;
- Mandating industry-wide standards for health care information on electronic billing and other processes;
- Requiring the protection and confidential handling of protected health information
HIPAA compliance is relevant to Covered Entities and Business Associates. Covered Entities include the following:
- Healthcare providers - Hospitals, doctors, clinics, psychologists, dentists, chiropractors, nursing homes, and pharmacies
- Health plans - health insurance companies, HMOs, company health plans, Medicare, and Medicaid
- Healthcare clearinghouses - an entity that takes in information from a healthcare entity, puts the data into a standard format, and then returns the information to another healthcare entity.
Business Associates are vendors or subcontractors who have access to private health information (PHI). If your company stores or processes PHI, you should be HIPAA compliant.