How Boards Can Face Growing Expectations With Technology

How Boards Can Face Growing Expectations With Technology

The pressure is on for boards of directors across industries, in both the public and private sector. Taxpayers expect more from Crown corporations that are entrusted with the public’s money and the services they provide, while there’s also increasing scrutiny on big business management in the wake of public resentment over executive compensation. Add to these problems a world increasingly at the mercy of international and rogue cybercriminals, and you have an environment where boards of directors need to be paying attention.

The culture of boards of directors has changed; in the past, once boards had hired a CEO, they may have acted like a rubber stamp for the executive’s decisions. All that’s changed thanks to new regulations and public opinion putting pressure on large companies and organization to keep organizations accountable.

Software and the boards’ effectiveness

Accountability doesn’t just happen within an organization because you say it should, it demands a board of directors that works as a team and focuses on the issues facing the organization. One of the ways you can help create a better working environment for engaged directors is to improve efficiency and security for your board with board portal software.

Board portal software is designed with two goals in mind: more efficient board meetings and security that will keep any organization’s data, documents, and passwords safe from ever-evolving cybercriminals.

Efficient board meetings mean a few things and board portal software can facilitate those goals:

  • Equitable information distribution – that means all directors have the same, up-to-date information when they arrive at the meeting. When one director requests additional documents, everyone sees them.
  • Work between meetings – board portal software should have the tools that allow directors to annotate documents either for public collaboration or private use. Directors can also vote electronically and take surveys using Aprio board portal software, one example of a board portal designed with board meeting efficiency in mind.
  • Easy expense and training tracking – good board portal software also makes it easy for directors to submit expense receipts such as travel, and for administrators to track the completion of director training.

Cybercrime threats

Be aware of potential security threats

Security threats are constantly changing and directors need to be careful of malware, ransom ware, and spearphishing attacks that could put their organization’s documents in jeopardy. Today, about 4% of mobile devices in North America are infected with malware, and it’s an increasingly large target for hackers.

An infected smartphone or tablet could compromise any document downloaded from email or free file sharing services. Spear phishing attacks are a major threat as well, especially for financial institutions like banks and credit unions that review member information and discuss major borrowers at board meetings, and they’re largely conducted over email by posing as a trusted client, supplier, or colleague.

By moving all document distribution to board portal software, organizations can rest easy knowing that those documents are not vulnerable to spear phishing. Board portal software like Aprio keeps documents on the portal and available offline, so directors won’t download them to their own devices.

Conclusion

Boards of directors in 2018 demand better tools and technology to face the challenges of the future. With board portal software, they can have more efficient board meetings and safeguard sensitive documents against cyber threats.

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