Data rooms provide a secure and simple method of sharing documents with clients, partners or investors. But with so many stakeholders reviewing the same files, it can be difficult to track who has access to what. Here’s how you can make sure that the data is only in the hands authorized users.
Determine what documents to include. Before uploading, you must decide which documents should go in the data room. Create a folder structure that reflects your transaction or business. Label folders and files to make it easy for users to locate what they’re looking for. Also, consider creating a due diligence checklist that helps to keep the organization in place and can minimize the risk of sensitive information getting into the wrong hands.
Set access and permissions Use granular security options to limit who can access, print, or download files from the data room. Look for data rooms that employ multi-factor authentication as in addition to other security measures that are standard in the industry. This will block unauthorized third parties from gaining access.
Monitor usage: After the data room has been launched it is important to monitor activity using features like audit logs as well as reports on user activity to determine who has visited which documents and when. This allows administrators to track and address any concerns that might arise during a transaction.
Keep your stakeholders on track: Ensure everyone is aware of tasks, Q&A threads and deadlines by sending out email notifications that can be customized according to frequency on the data room dashboard. If you want to use the data room for a long time, look for a provider that offers flexible subscription packages so you can easily upgrade or downgrade functionality or storage in line with your company’s needs.
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