Forum Discussion
Using Sharepoint as Virtual Data Room (VDR)
Since you want to do external sharing, you will want to control the content that external users can work with. SharePoint Site Collection are a security boundary that should be used for this purpose, I typically recommend creating separate site collections for each project or client. you can then activate External Sharing when necessary. (Some projects may not need to be shared externally)
see https://support.office.com/en-us/article/Manage-external-sharing-for-your-SharePoint-Online-environment-C8A462EB-0723-4B0B-8D0A-70FEAFE4BE85 for some more details
Thanks Dean_Gross for your response. Indeed, I am intending to set up a separate site collection away from our main site, making the security and control abit more manageable.
Our VDR will contain several projects within, and we will only allow limited access to the external parties the project they are interested in. It is easy to share document externally, but the control feature in Sharepoint is very lacking. It is manageable for now when the number of users is just a few, but when the number grows, control features, like auto expiry, users management tool and content management tool, will be very helpful.
You may find Site Policies helpful, these allow you to easily close project sites when they are done, see
The account management features you mention will come from Azure AD B2B. MS has lots of plans to continue to add improvements to them