Traditionally business owners used to conduct due diligence with their outside partners through flying around the world or gathering in a physical space to review and exchange documentation. But in today’s digital age, C-level executives need an effective and secure method to share papers with service providers, traders, and exterior entities without the risk of their sensitive information getting into the wrong hands. VDRs are the answer.
When selecting the VDR as a secure workplace be sure to select one that has integrated eSignature within the platform. This allows parties to sign NDAs, supplier agreements and merger agreements from a desktop or mobile devices, while all remains secure. As opposed to sending drafts backwards forwards or transferring them through an eSignature service provider third party that can pose security risks, this feature eliminates the necessity for extra steps and makes the whole process considerably more efficient.
Additionally, search for an online data space that provides comprehensive document permission and restriction settings. These include view only settings that prevent documents from being copied, edited or downloaded, as well as two-factor authentication to reduce the possibility of access by unauthorised persons. Many of these VDRs even keep track of the IP address, device and the location where the user is logging into from to stop unauthorized access.
In addition, many top-quality VDRs come with advanced collaboration features including commenting and Q&A modules. These tools encourage collaboration, but keep privacy in mind by allowing users to edit documents simultaneously and hiding the original version until they are finished. It is important to have a time-limit on access that allows users to remove access at any time, and minimizes the chance of leakage of data.
