Due diligence software streamlines and automates tedious tasks, such as recording and reviewing information about vendors and compliance. It can reduce the risk of third-party relationships and assist companies in saving money by cutting out unnecessary costs. It also eliminates the need for special requests and enables companies to comply with auditing requirements, like SSAE-16 Type II certified data centers, ISO 27001 certification and AES-256 encryption of data.
One of the best vendors is Whistic which allows users to customize and automate the due diligence process by providing both premium and standard questionnaire templates, and ensuring that all team members can collaborate during the review process. Additionally, it offers the trust catalog, which allows users to automatically assess thousands of vendors without having them submit questionnaires or wait for their responses. Whistic pricing information is only available upon request.
In addition to reducing risk and reducing risk, due diligence can be beneficial for both sellers and buyers. Sellers can conduct a self-assessment to attract potential buyers. The buyer can benefit from the assessment to determine the potential growth of a company as well as its products.
However doing due diligence can be a challenging and stressful process for both parties. Particularly when dealing directly with third-party vendors, which is where most of the security risks originate from. It’s crucial to protect your business from third-party risks. This includes conducting periodic reviews of your vendors, and re-evaluating the read the article risk level of your overall business every time a security flaw is found.