Due diligence software automates and streamlines routine tasks like reviewing and documenting information about vendors and compliance. It helps reduce risk of third-party partnerships and helps companies save money by removing unnecessary fees from manual reviews. It also removes the need for periodic requests and allows companies to comply with audit requirements, for example, SSAE-16 Type II certified data centers, ISO 27001 certification and AES-256 data encryption.
Whistic is one of the best vendors which lets users personalize the due diligence process and automate it by providing premium and standard templates. This lets all team members work together throughout the review process. Whistic also has a trust catalog, which allows users to evaluate thousands of vendors without having them submit questionnaires or wait for their responses. Whistic pricing information is only available on request.
Due diligence can benefit both buyers and sellers. Sellers can conduct a self-assessment in order to attract potential buyers. Meanwhile, the buyer can utilize the assessment to assess the growth potential of a company and its products.
However the process of completing due diligence can be a complicated and stressful process for both parties. Particularly when dealing with third party vendors, from which the majority of security issues originate. It is therefore crucial to take all measures to safeguard your organization from third-party risk. This due diligence software includes conducting periodic reviews of all your vendors, and re-assessing their risk levels each time a new security vulnerability is discovered.