Due diligence software is a form of business solution that automates and reduces the time spent reviewing and documenting vendor information and compliance. It helps reduce risk of third-party partnerships and helps companies save money by removing unnecessary fees from manual intelligent interactive multimedia systems reviews. It eliminates the need to make ad-hoc requests and allows businesses to comply with audit requirements, such as SSAE-16 type II certified data centers, ISO 27001 certification, and AES 256 encryption of data.
One of the best vendors is Whistic, which lets users customize and automate the due diligence process by offering both premium and standard questionnaire templates. It also ensures that all teams can easily collaborate during the review process. It also offers a vast trust catalog that lets users assess thousands of vendors without the need to send them questionnaires or wait for their responses. Whistic pricing information is only available on request.
In addition to reducing risk due diligence can benefit both sellers and buyers. The seller can conduct a self-assessment to attract potential buyers. Meanwhile, the buyer could use the assessment to assess the potential for growth of a company as well as its products.
However doing due diligence can be a complex and stressful process for both parties. Particularly when dealing with third-party vendors, where the majority of security risks originate. That’s why it’s important to take all measures to safeguard your company from risk posed by third-party vendors. This includes conducting periodic reviews of your vendors and reassessing the risk profile each time a security vulnerability is found.