Due diligence software provides tools for organizing, assessing and sharing relevant documents to facilitate business transactions. It streamlines the organization of documents and categorizing, thereby increasing efficiency of transactions. It also offers tools to safeguard against data breaches and other cybersecurity issues, such as unauthorised access. These types of solutions typically have secure storage with data encryption in transit and at rest, permission settings, and compliance with data protection laws. They can also incorporate external data sources, like financial databases and legal repositories to increase the number of data pools. They also provide analytics tools to monitor the activity of data rooms and ensuring engagement.
Financial institutions employ due-diligence software to assess the investment possibilities, assess risks, and meet regulatory requirements. It assists them in reviewing legal and contract documents, determine the risks of litigation, and take an informed decision during mergers. It also automatizes processes, allowing teams to work from anywhere and meet project deadlines. Legal firms, in turn make use of the software to manage client interactions and ensure compliance with law.
Vendor due diligence is a common reason to use these platforms. It helps you evaluate new and existing vendors in a speedy and automated manner by centralizedizing vendor information, providing templates to create assessments of security and facilitating collaboration. Using these solutions can significantly reduce the time spent on responding to security questionnaires.
Whistic simplifies the process by offering standard and premium templates, a complete Trust Catalogue with thousands of vendors, and much more. It is a great tool to automate routine security checks and trigger them whenever needed. It also helps you stay in compliance with ISO 27001 and SOC 2 standards by eliminating manual tasks.