When lawyers accountants, auditors, or lawyers require access to information without the risk of hackers or causing a compliance violation, they often resort to a virtual information room (VDR). A VDR created for external parties is designed to let them review confidential documents online without risk.
VDRs are also used extensively in M&A due diligence. Companies that are acquiring or merging require a secure platform to store the relevant documentation and investors looking to invest in the future need an easy method of reviewing it. A dedicated VDR lets the process run smoothly and ensures valuable information is only shared when necessary. If a contract fails to close, access can be revoked at any time.
Many VDR vendors provide a variety of tools for managing users that allow you to control the information that users can view. Be sure that the platform that you choose includes robust settings for permissions so that you can restrict access to specific types of data. This includes finer details such as size and file names. It is also recommended to choose an option that provides an auditing system that is granular, which includes activity logs. This will give you full transparency on who has access to which files.
If you’re planning to make use of your VDR for business processes that are mission-critical that don’t operate within a 9 to 5 workday Choose a vendor with 24/7 assistance. It’s worthwhile to have a team of experts on hand to address questions and address concerns.