You probably think of the data room as a virtual place that aids due diligence in an acquisition. Both sides of a deal can access and examine sensitive information like financial performance, patents, and product development. But a well-designed data room can also facilitate internal storage and file sharing, fundraising, and other collaboration projects too. Access control is crucial for a dataroom to be efficient.
The permissions granted to users that are set at the document and folder level will allow you to control access to sensitive information on the basis of need-to-know, thereby reducing the risk of unauthorised disclosures. By tracking data room activity you can keep track of who has viewed what when, and for how long. This can improve transparency and accountability among collaborators.
A reliable VDR can allow you to retract documents even if they’ve been downloaded. This will mitigate the risk of sensitive information falling into the wrong hands. It will also provide an effective redaction tool that lets you to remove information in a document without the need for manual edits.
Many VDRs provide pricing per page. This is a good option for an incredibly small and clearly defined project, but it may be costly for larger, more complex projects with unclear or unknown variables. It’s important to know whether the VDR provider you choose charges depending on the amount of documents or the amount of activity in the data room.
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