Due diligence software is a tool that automates and simplifies tedious tasks, such as recording and reviewing information about vendors and compliance. It reduces the risk of having third party relationships and aid companies in saving money by eliminating unnecessary fees. It also eliminates the need to make urgent 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.
One of the top www.sqsapps.com/intelligent-interactive-multimedia-systems-and-services vendors is Whistic which lets users customize and automate the due diligence process, by providing both standard and premium questionnaire templates, and ensuring that all teams can easily collaborate during the review process. It also has a large trust catalog that lets users automatically examine thousands of vendors, without the need to send them questionnaires or wait for their responses. Whistic pricing information is only available on request.
Due diligence can benefit both sellers and buyers. The seller could conduct a self-assessment to attract potential buyers, while the buyer could use it to determine the growth potential of the company and its products.
Due diligence can be a stressful and complex process for both parties. Particularly when dealing with third party vendors, where the majority of the security weaknesses originate from. It’s crucial to protect your business from third-party risks. This includes conducting periodic reviews of all your vendors, including re-assessing their overall risk level every time a new security vulnerability is discovered.