Due diligence software is a tool that automates and simplifies tedious tasks such as recording and reviewing information about vendors and compliance. It reduces the risks associated with third-party relationships, and can help companies save money by removing the expense of manual reviews. It also eliminates the need for periodic requests and allows companies to meet audit requirements for example, SSAE-16 Type II compliant data centers, ISO 27001 certification and AES-256 data encryption.
Whistic is among the most trusted vendors, allowing users to customize the due diligence process and automate it by providing standard and premium templates. This allows all team members to collaborate seamlessly throughout the review process. The company also provides a trust catalog, which lets users automatically evaluate thousands of vendors without having them submit questionnaires or wait for their responses. Whistic pricing information is available only upon request.
In addition to reducing risk, the due diligence process can benefit both the sellers and buyers. Sellers can https://sqsapps.com/ conduct a self-assessment in order to draw potential buyers. The buyer could use the assessment to determine the growth potential of a business and its products.
However the process of completing due diligence can be a difficult and stressful process for both parties. Particularly when dealing with third-party vendors, which is where the majority of the security risks originate from. This is why it’s crucial to do everything you can to safeguard your organization from risk from third-party suppliers. This includes periodic reviews of all your vendors, and re-assessing their risk every time a new security flaw is discovered.