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Due diligence software provides tools for organising, evaluating and sharing relevant documents to facilitate business transactions. It improves deal efficiency by streamlining the organization of documents and categorizing. It also features security features to guard against data breaches, and other cybersecurity issues like unauthorized entry. These solutions are typically equipped with secure storage, encryption of data both in transit and at rest, and permission settings. They also comply with data protection regulations. They can also be integrated with external data sources in order to enrich information pools, for example, legal databases and financial databases. They also offer analytics tools to monitor data room activity and engagement.
Financial institutions employ due diligence software to assess the potential for investment, evaluate financial risks, and to comply with regulatory requirements. It helps them review legal and contractual documents, detect litigation risks and make an informed decision during mergers. It automatizes processes and allows teams to work from anywhere while ensuring deadlines for projects. Legal firms use the software to manage interactions with clients and ensure compliance.
Vendor due diligence is another common reason to use these platforms. It can help you vet new and existing vendors in a quick and automated way by centralizing the vendor’s data, supplying templates for creating assessments of security, and facilitating collaborative work. These solutions can reduce the time you have to wait for answers to security assessments and then sending them.
Whistic simplifies the process by offering standard and premium templates, a comprehensive Trust Catalogue with thousands of vendors, and much more. It can automate routine security reviews, and trigger them when necessary. It also helps you stay fully compliant with ISO 27001 and SOC 2 standards by eliminating manual tasks.