Technical Due Diligence In Online Data Room

Technical due diligence in the online data room is increasingly being used in practice. In general, computer-technical expertise serves to establish facts, confirm the information on electronic media, computers, as well as online.

The Meaning of the Due Diligence in Online Data Rooms

In the modern world, information is one of the most valuable resources, and in the financial industry, it often plays a completely dominant role. The virtual data rooms have developed our solution to make working with documents as safe and secure as possible from all types of leaks, including those provoked by employees through a photo of the screen and/or printing of documents. Among the main requirements of market players to the debt financing system is increased competition among banks and lower rates.

With the technical due diligence, the technologies that internal auditors have to master, the risks they will have to deal with, and the frequent technological changes that will need to be considered in their work, the tools used today will become obsolete. In addition, more than half of internal audit leaders are concerned that insufficient use of technology will reduce the value of the internal audit function to the company.

Technical due diligence as a result of an online data room solution, or the result of the work performed as a whole, may be provided for by the contract itself. Upon completion of the work, in accordance with the contract, the contractor orders the production of an independent examination, or an independent examination is ordered by the customer at the stage of acceptance. In other words, after the work is done, the project documentation has been developed, in particular, the technical task, technical project, organizational and administrative documentation, etc., the entire set of documents is transferred to the expert organization for examination.

How to Avoid Information Leak with the Technical Due Diligence for the VDR?

Everyone is familiar with the traditional picture typical for the largest companies – employees send documents to print, choosing a printer from a huge list of devices available in their working system. Confidential documents sent for printing are essentially not protected from prying eyes until the owner picks them up. It is good if, at the level of regulations, it is prescribed who can print what and on what printer. However, even the strictest safety instructions do not allow to exclude the influence of the human factor, because the employee can get distracted.

Regardless of the type of accounting, online data room for technical due diligence in confidential documents can be recorded in magazines and cards. Journals or cards for accounting of issued and received documents are kept; documents not executed in the current year are subject to transfer to the accounting of the next year with a note about this in the accounting firms of the current year. The records of the allocated storage documents are kept continuously, the numbers of each year continue the numbers of the previous years.

To create an effective information security system for technical due diligence using the virtual data room, the following should be developed:

  • the concept of information security (defines the overall policy, its principles, and goals);
  • standards (rules and principles of information protection in each specific area);
  • procedure (description of specific actions to protect information when working with it: personal data, the procedure for accessing information carriers, systems, and resources);
  • instructions (a detailed description of what and how to do to organize information security and ensure existing standards).
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