Due diligence software streamlines and automates tedious tasks, such as reviewing and documenting information about vendors and compliance. It can lower the risk of third party relationships and assist companies in saving money by eliminating unnecessary fees. It also removes the need for special requests and enables companies to comply with auditing requirements, like SSAE-16 Type II compliant data centers, ISO 27001 certification and AES-256 encryption of data.
One of the top vendors is Whistic, which lets users customize and automate the due diligence process by providing both premium and standard questionnaire templates, and ensuring that all teammates can easily collaborate throughout the review process. The company also provides the trust catalog, which allows users to automatically assess thousands vendors without having them submit questionnaires or wait for their responses. Whistic pricing information is available only upon request.
Due diligence can benefit both sellers and buyers. Sellers can conduct a self-assessment to attract potential buyers. In addition, buyers could use the assessment to determine the potential growth of a business and its products.
Due diligence can be a stressful and complicated process for both parties. Particularly when dealing with third party vendors, where the majority of security vulnerabilities originate. It is essential to safeguard your business from risks posed by third parties. This includes conducting periodic reviews of all your suppliers, and re-assessing their risk each time a new security vulnerability is discovered.
