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Due diligence software simplifies and automates tedious tasks, such as documenting and reviewing information regarding vendors and compliance. It helps to reduce the risk associated with third-party relationships, and can help companies save money by removing the expense of manual reviews. It can eliminate the need for ad hoc requests and helps businesses comply with audit requirements, such as SSAE-16 type II compliance data centres, ISO 27001 certification, and AES 256 data encryption.

One of the most trusted vendors is Whistic, which allows users to customize and automate the due diligence process by providing both standard and premium questionnaire templates, and ensuring that all teams can easily collaborate during the review process. Whistic also has an extensive trust catalog that allows users to automatically examine thousands of vendors, without having to send questionnaires or wait on their responses. Pricing information for Whistic is only available on request.

In addition to reducing risk the due diligence process can be beneficial for both the sellers and buyers. The seller could conduct self-assessment to draw prospective buyers, while the buyer can use it to evaluate the potential growth of the company and its products.

Due diligence can be a difficult and stressful process for both parties. Particularly when dealing directly with third-party vendors, where most of the security risks originate from. It is vital to protect your business from third-party risks. This involves conducting periodic reviews of your vendors and re-assessing the risk levels of the entire group every time a security flaw is discovered.