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In fast-moving global corporations, technology is an enabler. With the increase in board duties and growing regulatory scrutiny, organizations have to maintain a fast pace to stay on track with their business objectives. The technology available today offers countless ways to control nearly everything virtually.
Typically, the average boardroom member is not a technology expert, so it is essential to offer an intuitive experience. An intuitive technology partner can allow meetings to be more productive and provide greater connection. Without easy-to-use technology that’s specifically designed for a board of directors, you may be throwing away 10 minutes of productivity for each person in every meeting. What is their time worth? It can be thousands of dollars wasted or millions of dollars, depending on the company’s size.
Pitfalls of Tech Not Focused on Boards
There are endless options for technologies and solutions to connect your board and share documents, but not all of these options are geared specifically for boards of directors. Boards of directors face substantial obstacles when they opt to use a technology that wasn’t specifically geared for the boardroom. These pitfalls range in severity from user experience to significant cybersecurity threats.
Board portals are designed with the sensitive information directors are continually dealing with as a primary focus. The security infrastructure, protocols, and procedures are uniquely developed to fit the board of director’s niche needs.
Tools that are used by the general public, like Microsoft Teams and other collaborative tools like it, carry a larger risk of a cybersecurity attack. These organizations are often targets of cyber attacks like Teams’ recent breach. In March 2020, Microsoft’s collaboration platform Teams was alerted to a vulnerability that allowed hackers to send out a GIF that only had to be seen, in order for it to send a valuable access token back to a compromised server. The access token could then be used to escalate an attack until a hacker was able to take over an organization’s entire roster of Teams accounts.
Another compelling example of cyber threats of general use tools was discovered in May of 2020. Blackbaud, a cloud computing vendor for nonprofits, foundations, corporations, education institutions, healthcare entities, and change agents, notified their clients that it had fallen victim to a ransomware attack that lasted three months. These attacks can lead to a host of issues, including identity theft and fraud, as well as later attacks on these individual victims.
That kind of breach would spell major disaster for a board of directors. Board portal software will never be as large of a hacking target as other public use tools. Board portals are securely built with your governance needs in mind. Their security protects all of the sensitive information boards deal with daily. Govenda was built with security at the forefront.
Check out our Security Overview for more detailed information on how our board portal protects your information.
Most software tools offer some sort of support. That support is often very broad and generalized rather than focused on a board’s particular use case. When utilizing a board specific technology, you can trust that the support personnel you encounter will understand the needs of a board of directors and be more accessible to solve your problems.
Govenda Support is unlike any other board portal in that it is available 24x7x365 days a year, and you are always connected with a knowledgeable, internal employee. Govenda Support is never outsourced and never unavailable, so you’ll always be able to connect with someone about your issue. The customer support team at Govenda is solely focused on providing the best possible board experience to organizations just like yours.
Multiple Disparate Tools or Accounts
When leveraging a general use software or technology, you are often forced to have several different accounts that all manage different things. You may have a separate tool or account for secure file sharing, another for safe discussions, and yet another for video conferencing. This leads to juggling and connecting multiple accounts. It isn’t only the hassle you’re up against in these scenarios; security gaps between these technologies can leave your corporation vulnerable to cybersecurity risks.
With Govenda you have one central hub for all of your governance needs. All document sharing, communication, and collaboration are handled behind the security of the board management software. Govenda is a single, secure technology to manage your board.
Why Board Portals?
While not the most globally used boardroom technology, board portals are a technology that has grown to be the most versatile tool that a board of directors can use to prepare for board meetings, collaborate, communicate and execute on action items after the meeting. Board portals are relied upon today because they digitize a board’s meeting materials as well as their governance and compliance processes.
Excellence in Governance Demands Board Management Software Systems for Boards
Only a fully integrated board management software system provides the technical tools and resources for the full range of governance needed to govern at the highest level to deliver long-term success and sustainability.
Govenda is a governance software solution with a suite of tools specifically designed to help board directors fulfill their responsibilities accurately and efficiently. Govenda has developed its solution to be the modern technology partner for better governance.
Minutes, Agendas, Documents
Benefit from the Govenda experience with secure paperless access to board materials and management on any device, anywhere, at any time – even when an internet connection is unavailable. No more binders, paper, pdfs, or emails to search! Govenda makes it easy to move to a paperless board room.
Govenda Communication and Collaboration
Discussions, Messaging, and Video Conferencing
Govenda users can collaborate with private messages and live discussions on agenda items and documents during and in between board meetings. Eliminate the hassle of multiple apps and methods of communication. Govenda Messaging consolidates the boards’ communication needs into a single platform.
Govenda secure messaging software facilitates directors’ meeting preparation and allows them to provide more valuable guidance to the organizations they serve. Secure communication and collaboration is the must-have requirement to power good governance in your organization.
Board members need to securely annotate and share documents in real-time no matter where in the world they are trying to conduct the work. All notes and communication can safely happen in this virtual meeting space to ensure that the board of directors has all the right technology and information at their fingertips.
Compliance Focused Features
To streamline matters of compliance for boards of directors, Govenda includes a survey tool for building and customizing board surveys, D&O questionnaires, complex board assessments, and more for improved governance. Fully integrated tools allow for easy survey creation and deployment, saving organizations time and money during the survey process.
Combining this feature with the other benefits of a board management platform can be a game-changer for the board’s compliance levels.
Switching to a Board-Centered Solution
We are likely at the tipping point of what boardroom technology may offer in the near future. At a minimum, it’s time for corporate boards to invest in a fully integrated board management software like Govenda — a company that is fully dedicated to excellence and innovation.
It is important to remember that not all board portals are created equally. Finding the right solution for your board of directors is essential to ensure that every aspect of their job is supported in this key technology. Start a conversation today to see if Govenda is the right fit for your board of directors.
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