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

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Due diligence software is a type of business software that automatizes and reduces the time spent documenting and reviewing information about vendors and ensuring compliance. It helps to reduce the risks associated with third-party relationships and can help companies save money by eliminating the need for manual reviews. It also eliminates the need to make special requests and enables companies to meet audit requirements like SSAE-16 Type II compliant data centers, 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, and ensuring that all teams can easily collaborate throughout the review process. It also provides an expansive trust catalog that lets users review thousands of vendors without having to send them questionnaires or wait on their responses. Pricing information for Whistic is only available on request.

Due diligence can benefit both sellers and buyers. The seller can conduct a self-assessment to draw potential buyers. While the buyer can utilize the assessment to assess the potential growth of a company and its products.

Due diligence can be a difficult and stressful process for both parties. Particularly when dealing with third party vendors, where most of the security flaws originate from. This is why it’s crucial to do everything you can to protect your business from risk from third-party suppliers. This includes conducting periodic reviews of all your vendors, including re-assessing their overall risk each time a new security flaw is discovered.

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