Due diligence software is a kind of business software that automatizes and streamlines time-consuming tasks like reviewing and documenting vendor information and compliance. It can lower the risk of having third-party relationships and aid companies in saving money by the elimination of unnecessary fees. It also eliminates the need for periodic requests and allows companies to comply with auditing requirements, for example, SSAE-16 Type II certified data centers, ISO 27001 certification and AES-256 encryption of data.
Whistic is among the best vendors which allows users to modify the due diligence process and automate it by providing premium and standard templates. This allows team members to work together throughout the review process. It also offers a vast trust catalog that lets users examine thousands of vendors, without having to send them questionnaires or wait for their responses. Whistic pricing information is available only upon request.
Due diligence is beneficial to both sellers and buyers. The seller could conduct an assessment of themselves to attract potential buyers, while a buyer can utilize it to assess the potential growth of the company and its products.
However, completing due diligence can be a challenging and stressful process for both parties. Particularly when dealing with third-party vendors, which is where most of the security weaknesses originate from. This is why it’s essential to take every precaution to protect your organization from third-party risk. This involves conducting periodic reviews of your vendors and re-assessing the overall risk level each time a security issue is discovered.
