Technology for boards can bring tremendous benefits to the governance process, by reducing the amount of time required and enabling real-time collaboration and decision-making. However, it requires careful planning and thoughtful preparation to ensure a smooth, smooth transition.
Stakeholder buy-in
Include important stakeholders, such as directors or IT staff, during the initial phase of implementation to be aware of their concerns and needs and to assist them to realize the potential of a portal. Making them feel included will drive adoption and increase the probability of success.
Agendas and minutes of management
A good website will simplify the process of creating and disseminating agendas of board meetings and other supporting documents. This can save lots of time and enable more targeted meetings and strategic sessions. It also provides a more organized approach to document review as well as boards to vote in real time and eliminate manual processes.
Audits of compliance with regulations
A well-designed and implemented web portal can be a valuable instrument to show compliance to regulators during audits of regulatory compliance. A detailed audit trail on the portal can show that the relevant information is readily accessible and the process for creating and disseminating meeting materials is in line with best practice.