Tech
Who Should Have Access to Your Virtual Data Room
Data rooms provide a secure place to store and share sensitive corporate documents. Designating the right people to access your data room facilitates the smooth and secure running of operations. Here is more information about who to grant access to your virtual data room:
Who to Give Access
Grant access to the following people as needed:
1. Executives
Everyone on your leadership team needs access to key company documents. With all company information in one location, leaders can view data and collaborate with other executives in the data room.
Company leaders can discuss information with specific staff members by granting them restricted access. The executives can also monitor the activities on each document for added security.
2. Investors and Shareholders
Potential investors and shareholders will want to view details about your business operations, procedures, and finances. Grant them restricted access to your virtual deal room for quick assessment. VDRs enable proper document organization for easy access.
Your data room should contain all necessary documentation for a due diligence investigation. Consolidating information in one place can help speed up the assessment. Investors and shareholders can get the information they need without leaving their offices.
3. Board Members
Board members visit the offices less frequently but still need to be involved in management. A virtual data room allows members to access company documents without visiting the office.
During board meetings, you can share the same document with all board members at once. They can ask questions and leave comments that every member with access will see. With permissions granted, members from across the globe can be part of board meetings without compromising data security.
4. Strategic Partners
Strategic partnerships can help a business reach greater heights if there is transparency. Like in merger and acquisition deals, the potential partners will need access to key company documents.
Granting temporary data room access at every deal stage will create openness among partners. Strategic partners can access all the necessary documents, and you will have peace of mind knowing data is secure. You can see and limit what potential partners do, and revoke access if a partnership deal fails.
5. Human Resources Managers
Sensitive company information, including employee records, should be stored in your data room. The human resources department should have access to the relevant employee documentation. A VDR allows granular access so that other company information can stay inaccessible to the HR department.
Human resource managers can update employees’ titles, benefits, health insurance policies, and salaries. They will share the updated details as a view-only document with the accounts department for payment. With all human resource documentation available in a single and secure online location, there can be transparency in the hiring and onboarding processes.
6. Auditors
Internal and external auditors should have access to your data room during company audits. Virtual deal rooms speed up auditing by providing safe and accessible storage for all the records. Auditors can thus avoid repetitive data and copy requests.
Auditors can check users, their activities, and time spent on certain documents to determine responsibility. Using a Q&A feature, users and auditors can collaborate and clarify any potential issues.
7. Legal Counsel
Company lawyers should have access to sensitive documents for legal advice and compliance. Lawyers are instrumental in partnerships, intellectual property, and fundraising. Grant them access to help make the flow of information easier.
Why You Should Grant Access
Granting temporary data room access allows users to:
- Access documents remotely: Authorized visitors can access your data from anywhere.
- Share confidential files: Invited individuals can access data by clicking on an access link.
- Get reviews and responses faster: Guests can access your data and submit prompt responses in the data room.
- Save costs: Users may save money on standard office supplies and mailing services because files are available online.
Grant Virtual Data Room Access Today
Use a virtual data room to grant access to specified individuals. Use email addresses to add individuals or groups to your data room as administrators or users. Admins will have access to all your company documents, while users can only see what you allow them to. Restrict user activity by setting permissions to view, download, or edit files. Find a virtual deal room with restricted access for secure file sharing and storage.
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].
