Setting Up a VDR

When evaluating VDR providers, it’s important to consider security and cost. In addition to making sure that your data is secure in storage and while in transit, you must consider a solution that lets users control the level of verification required to access sensitive documents. The ability to remove access rights on a document-by-document basis is also crucial particularly when dealing with sensitive documents which require extra security.

To help users find information quickly and easily, choose a solution that has sophisticated search tools and can automatically organize uploaded documents in the file store. Modern software can recognize text in various formats and transform it into searchable PDFs. This makes them the ideal platform for due diligence and collaboration on projects.

Investment banks love VDRs because they can securely and quickly share information with buyers, investors, or strategic partners. This could save time and money that could be used for printing or meetings and can make it much easier to negotiate the terms of a deal.

A well-designed VDR allows you to track the time and date of viewing a document and who viewed helpful resources it. This is vital for compliance, and can be used as an opportunity to prove that your business has met all regulatory requirements. A financial services company for instance will want to make sure that their VDR is configured in a FINRA compatible way. While an organization that provides health care should ensure that the VDR is HIPAA prepared.