Due diligence software simplifies and automates tedious tasks, such as recording and reviewing information about vendors and compliance. It can help reduce the risk that comes with third party relationships and help businesses save money by eliminating unnecessary fees. It removes the need for ad-hoc requests and helps businesses meet audit requirements, including SSAE-16 type II compliant data centres, ISO 27001 certification, and AES 256 encryption of data.
One of the best vendors is Whistic, that lets users modify and automate the due diligence process by providing www.sqsapps.com/due-diligence-software-with-integrated-document-editing-feature both standard and premium questionnaire templates. It also ensures that all teams can easily collaborate throughout the review process. It also offers a vast trust catalog that lets users automatically evaluate thousands of vendors without the need to send them questionnaires or wait on their responses. Pricing information for Whistic is only available on request.
Alongside reducing risks the due diligence process can benefit both the sellers and buyers. The seller can conduct a self-assessment in order to attract potential buyers. In addition, buyers can benefit from the assessment to determine the growth potential of a business and its products.
Due diligence can be a stressful and complex process for both parties. Particularly when dealing with third party vendors, which is where most security weaknesses originate. This is why it’s crucial to take every precaution to protect your organization from third-party risk. This includes conducting periodic reviews of all your vendors including re-assessing their overall risk level every time a new security flaw is discovered.