Due diligence software automates and streamlines tedious tasks such as reviewing and documenting information about vendors and compliance. It reduces the risks associated with third-party relationships and helps companies save money by eliminating the need for manual reviews. It also eliminates the need to make special requests and enables companies to meet audit requirements for example, SSAE-16 Type II certified data centers, ISO 27001 certification and AES-256 encryption of data.
Whistic is one of the best vendors that lets users customize the due diligence process and automate it by providing standard and premium templates. This lets everyone on the team collaborate seamlessly throughout the review process. Whistic also has a trust catalog that allows users to evaluate thousands of vendors without having them send questionnaires or waiting for their responses. Whistic pricing information is available only upon request.
In addition to reducing risk the due diligence process can be beneficial for both the buyers and sellers. The seller can conduct a self-assessment to draw potential buyers. While the buyer can benefit from the assessment to determine the growth potential of a company as well as its products.
However the process of completing due diligence can be a challenging and stressful process for both parties. Particularly when dealing with third party vendors, which is where the majority of security vulnerabilities originate. This is why it’s essential to take all measures to protect your business from third-party risk. This includes periodic reviews of all your vendors, including re-evaluating their overall risk each time a new security vulnerability is discovered.
