Data rooms offer a safe and simple way to share documents with partners, clients and investors as well as employees. However, with so many people who are looking at the same files it isn’t easy to keep track of who has access to what. Here’s how to ensure that information stays where it should – in the hand of authorized users.
Determine what to include prior to uploading, determine which documents should be included in the data room. Create an organizational structure that reflects the business or transaction, and label documents and folders in a way that stakeholders can easily locate what they’re looking. Consider implementing a due diligence checklist to ensure that you are organized and reduce the chance that sensitive data will be accessed by the wrong people.
Set access and permissions Use granular security tools to limit who is able to view or print files in the data room. For the most secure data rooms, you should look for multi-factor authentication as well as other industry-standard security measures to stop unwanted third parties from gaining access to the data room.
Monitor use: Once the data room has been created, monitor activity using tools like audit logs and reports on user activity. This will show who has accessed what documents and when. This gives administrators the ability to monitor any issues that may come up in the course of a deal and react accordingly.
Keep stakeholders up to date: Send out custom emails based on frequency via the dashboard of your data room to keep everyone on track with tasks, Q&A threads and deadlines. If you want to use the data room for a long time, look for a company that offers flexible subscription plans that allow you can easily upgrade or decrease storage or functions based on your business needs.