Due diligence software automates and streamlines tedious tasks such as documenting and reviewing information regarding vendors and compliance. It can lower the risk of having third party relationships and aid companies in saving money by the elimination of unnecessary fees. It also eliminates the need for urgent requests and allows companies to meet audit requirements for example, SSAE-16 Type II compliant data centers, ISO 27001 certification and AES-256 encryption of data.
Whistic is among the top vendors, allowing users to customize the due diligence process and make it more efficient by providing premium and standard templates. This allows team members to work together throughout the review process. Additionally, it offers www.sqsapps.com/how-small-businesses-can-benefit-from-board-portal-software a trust catalog, which allows users to evaluate thousands of vendors without having them send questionnaires or waiting for their responses. Whistic pricing information is only available on request.
Alongside reducing risks the due diligence process is beneficial to the buyers and sellers. The seller can conduct self-assessment in order to attract prospective buyers, while the buyer could use it to determine the potential for growth of the company and its products.
However the process of completing due diligence can be a challenging and stressful process for both parties. Particularly when dealing with third party vendors, where most security weaknesses originate. It is therefore crucial to take every precaution to protect your organization from the risk of third-party vendors. This includes periodic reviews of all your vendors including re-assessing their overall risk every time a new security flaw is discovered.