How to Use Due Diligence Software to Reduce Risks in Vendor Relationships

Due diligence software is a kind of business software that automatizes and reduces the time spent reviewing and documenting vendor information and compliance. It reduces risk that comes with relationships with third parties and can help businesses save money by eliminating the expense of manual reviews. It removes the need for ad-hoc requests and enables businesses to satisfy audit requirements like SSAE-16 type II compliant data centres, ISO 27001 certification, and AES 256 encryption of data.

Whistic is one of the most trusted vendors, allowing users to customize the due diligence process and automate it by providing standard and premium templates. This allows team members to collaborate seamlessly throughout the review process. It also offers a trust catalog, which allows users to evaluate thousands of vendors without having them send questionnaires or waiting for their responses. Pricing information for Whistic is only available upon request.

In addition to reducing risk, the due diligence process can benefit both the buyers and sellers. The seller could conduct self-assessment to draw potential buyers, and the buyer can use it to evaluate the growth potential of the company and its products.

However doing due diligence can be a challenging and stressful 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 the risks of third-party vendors. This includes conducting periodic reviews of your vendors and reassessing the overall risk level each time a security issue is found.

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