Due diligence software streamlines and automates tedious tasks, such as documenting and reviewing information about vendors and compliance. It can lower the risk associated with third-party relationships and aid companies in saving money by eliminating unnecessary costs. It eliminates the need for ad-hoc requests www.sqsapps.com/ and helps businesses comply with audit requirements, such as SSAE-16 type II compliant data centres, ISO 27001 certification, and AES 256 encryption of data.
One of the most trusted vendors is Whistic, that lets users modify and automate the due diligence process by offering both standard and premium questionnaire templates, as well as ensuring that all teams can easily collaborate throughout the review process. The company also provides the trust catalog, which lets users automatically evaluate thousands of vendors without having them send questionnaires or waiting for their responses. Whistic pricing information is available only upon request.
Apart from reducing risk due diligence can be beneficial for both sellers and buyers. Sellers can conduct a self-assessment to draw potential buyers. While the buyer can utilize the assessment to determine the potential for growth of a company and its products.
Due diligence can be a stressful and complex process for both parties. Particularly when dealing directly with third-party vendors, where most of the security vulnerabilities come from. This is why it’s essential to take all measures to safeguard your organization from risk posed by third-party vendors. This involves conducting periodic reviews of your vendors and re-evaluating the risk profile each time a security issue is discovered.
