Due diligence software is a tool that automates and simplifies tedious tasks, such as documenting and reviewing information about vendors and compliance. It reduces the risk associated with third-party relationships and helps companies save money by eliminating unnecessary fees from manual reviews. It removes the need for ad-hoc requests and helps businesses satisfy audit requirements like SSAE-16 type II certified data centers, ISO 27001 certification, and AES 256 data encryption.
Whistic is among the most trusted vendors which allows users to modify the due diligence process and automate it by providing standard and premium templates. This lets everyone on the team collaborate easily throughout the review process. It also offers a vast trust catalog that lets users automatically examine thousands of vendors, without having to send questionnaires or wait on their responses. Pricing information for Whistic is only available on request.
Alongside reducing risks the due diligence process can be beneficial for both the buyers and sellers. Sellers can perform a self-assessment to attract potential buyers, while a buyer can use it to evaluate the potential for growth of the company and 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. It is essential to safeguard your company from the risk of third-party vendors. This involves conducting periodic reviews of your vendors and reassessing the risk level of your overall business every time a security vulnerability is discovered.