Due diligence software is a form of business software that automatizes and reduces the time spent documenting and reviewing information about vendors and compliance. It reduces risk associated with third-party relationships and can help next page businesses save money by eliminating the need for manual reviews. It can eliminate the need for ad hoc requests, and allows businesses to meet audit requirements, including SSAE-16 type II compliance data centres, ISO 27001 certification, and AES 256 data encryption.
One of the most trusted vendors is Whistic, which lets users customize and automate the due diligence process, by providing both premium and standard questionnaire templates. It also ensures that all teammates can easily collaborate throughout the review process. It also offers a trust catalog, which allows users to evaluate thousands of vendors without having them send questionnaires or waiting for their responses. Pricing information for Whistic is only available on request.
Due diligence is beneficial to both buyers and sellers. The seller can conduct a self-assessment in order to attract potential buyers. While the buyer could use the assessment to assess the growth potential of a company as well as its products.
Due diligence can be a difficult and stressful process for both parties. Particularly when dealing with third party vendors, where the majority of security issues originate. This is why it’s essential to take every precaution to safeguard your organization from the risk of third-party vendors. This includes performing periodic reviews of all your vendors, and re-assessing their risk each time a new security flaw is discovered.