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Due diligence software is a kind of business solution that automates and streamlines tedious tasks such as documenting and reviewing vendor information and ensuring compliance. It reduces the risk of third party relationships and aid companies in saving money by eliminating unnecessary costs. It removes the need for ad-hoc requests and enables businesses to satisfy audit requirements like SSAE-16 type II compliance data centres, ISO 27001 certification, and AES 256 encryption of data.

One of the best vendors is Whistic, that lets users modify and automate the due diligence process, by providing both standard and premium questionnaire templates, as well as ensuring that all teams can easily collaborate during the review process. Additionally, it offers a trust catalog that allows users to automatically assess thousands of vendors without having them submit questionnaires or wait for their responses. Whistic pricing information is only available upon request.

Apart from reducing risk, the due diligence process can be beneficial to both sellers and buyers. Sellers can conduct a self-assessment to draw potential buyers. In addition, buyers can utilize the assessment to determine the growth potential of a business and its products.

Due diligence can be a stressful and difficult process for both parties. Particularly when dealing with third-party vendors, which is where most of the security weaknesses originate from. This is why it’s crucial to take all measures to safeguard your company from the risk of third-party vendors. This includes conducting periodic reviews of your vendors and reassessing the risk profile every time a security vulnerability is found.

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