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Due diligence software provides tools for organizing, sharing, and assessing relevant documentation to aid in business transactions. It simplifies document organization and categorization, which improves the efficiency of deals. It also features security features to guard against data breaches, as well as other cybersecurity issues such as unauthorised entry. These solutions typically come with secure storage, encryption of data both during transport and at rest and permission settings. They also comply with the regulations for data protection. They can also integrate external data sources, like financial databases and legal repositories to increase the number of information pools. Moreover, they provide analytics tools to monitor the activities of the data room and monitor user engagement.

Financial institutions use due diligence software to assess investment opportunities, evaluate financial risks, and comply with the regulations. It assists them in reviewing legal and contractual documents, determine the risks of litigation and make informed decisions during mergers. It also automates processes, allowing teams to work from any location and meet project deadlines. Legal firms, in turn, leverage the solution to manage client interactions and ensure compliance with legal requirements.

Vendor due diligence is a common application for these platforms. It will help you assess new and existing vendors in a fast and automated manner, by centralizing the vendor’s data, supplying templates for assessing security, and facilitating collaborative work. These solutions can help you cut down on the amount of time you wait for answers to security questionnaires and sending them.

Whistic simplifies the process by offering standard and premium templates, a detailed Trust Catalogue with thousands of vendors, and much more. It will help you automate routine and triggered security checks and keep you in compliance with standards such as SOC 2 and ISO 27001 while removing manual work.

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