Due diligence software provides tools to organize, share and evaluating relevant documentation to support business transactions. It simplifies document organization and categorizing, increasing deal efficiency. It also investment banks and their buy side management teams provides tools to safeguard against data security breaches and other issues, including unauthorised access. These solutions are typically equipped with secure storage, data encryption both during transport and at rest and also permission settings. They also meet data protection regulations. They can also integrate with external data sources to improve information pools, such as legal databases and financial databases. They also offer analytics tools for monitoring data room activity and engagement.

Financial institutions use due diligence software to assess investment opportunities, assess financial risks, and ensure compliance with regulatory requirements. It assists them in reviewing legal and contractual documents, detect litigation risks, and take an informed decision during mergers. It automatizes processes and allows teams to work anywhere while meeting deadlines for projects. Legal firms, on the other hand, leverage the solution to manage client interactions and ensure compliance with laws.

Due diligence on vendors is a common use of these platforms. It helps you evaluate new and existing vendors in a speedy and automated way by centralizing the vendor’s data, supplying templates for the creation of assessments of 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 then sending them.

Whistic simplifies the process by providing standard and premium templates, as well as a thorough Trust Catalogue with thousands of vendors, and much more. It will help you automate routine and triggered security reviews and keep you in compliance with standards such as SOC 2 and ISO 27001 while eliminating manual tasks.