Due diligence software is a form of business solution that automates and streamlines time-consuming tasks like reviewing and logging vendor information and compliance. It can lower the risk that comes with third party relationships and assist companies in saving money by eliminating unnecessary costs. It also removes the need for periodic requests and allows companies to comply with auditing requirements, for example, SSAE-16 Type II compliant data centers, ISO 27001 certification and AES-256 data encryption.
Whistic is among the top vendors, allowing users to customize the due diligence process and automate it by providing premium and standard templates. This allows team members to collaborate easily throughout the review process. It also offers a trust catalog, which allows users to instantly evaluate thousands of vendors without having them send questionnaires or waiting for their responses. Pricing information for Whistic is only available upon request.
Aside from reducing risks the due diligence process can be beneficial to both the buyers and sellers. Sellers can conduct a self-assessment in order to attract potential buyers. In addition, buyers can utilize the assessment to assess the growth potential of a company as well as its products.
However, completing due diligence can be a complex and stressful process for both board portal software parties. Particularly when dealing with third-party vendors, which is where the majority of the security weaknesses originate from. It’s crucial to protect your business from the risks of third-party vendors. This includes conducting periodic reviews of all your vendors including re-assessing their overall risk every when a new security vulnerability is discovered.