Corporate board agendas are jam-packed with important issues. Prioritizing issues and streamlining meetings is the essence in accomplishing the most important board work. It takes a lot of pre-planning to address all the vital issues that board directors need to address. Workflow processes on the front end need to move quickly and securely. All board meeting participants need lots of information and data as early as possible in the process. A slowdown in the pre-meeting process easily translates to inefficiency in the meeting process.
How long has it been since your board took a good look at your pre-meeting, meeting, and post-meeting workflows? Are your data and communications secure as you move through these processes? How sure are you? Are board members complaining that they need more time to review materials before board meetings? Are you dealing with any especially sensitive issues right now?
In reviewing your workflows, it’s a good time to assess which digital tools your board and management teams are using. Are there any risks of malware or virus infection? With the media reporting so many accounts of data breaches, it’s time to acknowledge that technology can be our enemy as much as it can be our friend.
The surest way to improve your board workflows and maintain confidence did your board work is confidential is to use Diligent board management software . With the faith in the knowledge that every email communication and every document and file are protected, your board will be able to address the item with the proper priority.
Multiple Major Corporate Issues Being Addressed During Board Meetings
Corporate boards have to contend with. The following issues top the list:
- CEO pay ratios
- Shareholder activism
- Risk management
- Board composition and diversity
- Conflict of interest
- Transparency and accountability
- Strategy and oversight
- Compliance and regulatory matters
Who knows what additional issues tomorrow’s headlines will bring? Boards need to be prepared for their work at top efficiency.
Taking Caution When Streamlining Board Processes
On the board’s agenda, it can be easy to overlook important issues like security. By failing to ensure that all board communications are secure, boards risk unintentionally creating new problems, which only adds to the existing issues.
If a data breach should occur, the board wants to have its full attention to the crisis. That means they should be dealt with on the back burner. There’s no telling when the crisis wants to get back to the regular business.
What are you going to do to clarify your questions, to ask any clarifying questions before the meeting? Diligent Messenger gets those questions because they never leave the secure platform.
Board management software improves your workflow because it allows you to update the board agenda and make last minute changes to materials in real time. There is no concern for papers or papers on a book. That situation could be worse if you’d handwritten confidential notes on any of the papers. Board management software lets you transfer files and documents along the way.
Dangers of Not Having a Secure Workflow Process in Place
When was the last time your board took a critical look at your current board and management workflows? Are you still using large binders with numerous pages in them? Are you silently using your personal email account to discuss issues with other board directors? What program do you use to send or receive files? Google Drive or Dropbox? If so, you may be putting your files at an unnecessary risk.
If your board is not using diligent board management software, your files could be confiscated while in storage or while being transferred. Your emails could be hacked and made public before you wake up in the morning. In essence, your board becomes a sitting duck for cybercrime .
What Risks Do Organizations Run By Not Using the Right Technology to Communicate to the Board?
Boards that do not use secure board management software run a host of risks. In addition to having to do important board business on a business dealings with a crisis, a data breach means that you could have lost personally identifiable information . That by itself wants to set off a chain of other risks. You could lose the confidence of your shareholders. You may be in violation of laws search as Notifiable Data Breaches Law or GDPR . Your company may have to pay the cost of a forensic cyber team to secure your system and identify the damage. One opening for cybercrime can cause your company to lose its competitive edge and reputation.
What Advantage Is There for the Board in Using Board Management Software?
The greatest advantage of using board management software is that it takes the worry out of communicating and collaborating. With worry behind them, boards can be set to work and focus on it, and without distractions.
If a board director loses or misplaces a cell phone, tablet, or laptop at the airport, the remote wiping feature wipes it clean and the cyber crime nets a big fat nothing. By using a board management system, board directors are less on edge and can let their creativity and imagination flow.
How Does This Create More Visibility?
A board management system helps to control the lines of communication. Boards need to be close with managers without micromanaging them. When the lines of communication breakdown, board members are often left out of the loop. Boards can be used in the process earlier and offer guidance and suggestions as soon as they need them. Early intervention may mean that boards get out of control.
The risks of using secure board management software are palpable. In today’s marketplace, it just takes one wrong click for risks to blossom overnight. Diligent Boards and Governance Cloud are the top industry solutions for secure file-sharing and streamlining board processes to position your company for success now and in the future.
If you’re ready to talk to Diligent directly , do not hesitate to drop us a line.
Board Portal Buyer’s Guide
With the right Board Portal software, a board can improve corporate governance and efficiency while collaborating in a secure environment. With lots of board portal vendors to choose from, the whitepaper contains the most important questions to ask during your search, divided into five essential categories.
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