Due diligence software is a specific type of business solution that automates and streamlines time-consuming tasks like reviewing and logging vendor information and compliance. It can help reduce the risk associated with third-party relationships and help businesses save money by eliminating unnecessary fees. It can eliminate the need for ad hoc requests, and allows businesses to satisfy audit requirements like SSAE-16 type II certified data centers, ISO 27001 certification, and AES 256 data encryption.
Whistic is one of the best vendors, allowing users to customize the due diligence process and automate it by providing premium and standard templates. This allows team members to work together throughout the review process. It also offers a vast trust catalog that allows users to automatically examine thousands of vendors, without the need to send them questionnaires or wait on their responses. Whistic pricing information is available only upon request.
Aside from reducing risks due diligence is beneficial to the sellers and buyers. The seller could conduct a self-assessment to attract potential buyers, while the buyer could use it to determine the potential for growth of the company and its products.
Due diligence can be a stressful and complicated process for both parties. Particularly when dealing with third party vendors, where the majority of security risks originate. It is vital to protect your company from the risk of third-party vendors. This involves conducting periodic reviews of your vendors and re-evaluating the overall risk level every time a security flaw is found.
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