Due Full Article diligence software automates and streamlines routine tasks like documenting and reviewing information regarding vendors and compliance. It helps to reduce the risks associated with third-party relationships and can help businesses save money by eliminating the expense of manual reviews. It removes the need for ad-hoc requests, and allows businesses to satisfy audit requirements like SSAE-16 type II certified data centers, ISO 27001 certification, and AES 256 encryption of data.

Whistic is among the best vendors that lets users customize the due diligence process and automate it by providing premium and standard templates. This lets everyone on the team easily collaborate throughout the review process. The company also provides a trust catalog, which allows users to automatically assess thousands vendors without having them submit questionnaires or wait for their responses. Whistic pricing information is available only upon request.

Aside from reducing risks the due diligence process is beneficial to the buyers and sellers. The seller can conduct a self-assessment in order to draw potential buyers. Meanwhile, the buyer can utilize the assessment to determine the potential for growth of a company as well as its products.

However, completing due diligence can be a complicated and stressful process for both parties. Especially when dealing with third-party vendors, which is where most of the security weaknesses originate from. It is therefore crucial to take all measures to protect your business from third-party risk. This involves conducting periodic reviews of your vendors and re-assessing the risk level of your overall business each time a security vulnerability is found.