The functions and activities of counterparties include: claims management or management; data analysis, processing or management; verification of use; quality assurance; settlement of accounts; performance management; practice management; and reassessment. the counterparty services are: legal; actuarial; accounting; counselling; data aggregation; management; from an administrative point of view; accreditation; and financially. See the definition of “counterparty” in 45 CFR 160.103. What is an “associate”? `counterparty` means any natural or legal person who performs certain functions or activities involving the use or disclosure of protected health information on behalf of an undertaking concerned or the services provided to that undertaking. A staff member of the covered company is not a business partner. .