Today’s investment environment requires companies to place ample focus on corporate governance. Part of that requires transparent disclosures and insight into board activities and performance. Board management software, or board portals, can help in that regard. Fund service providers are turning to the solution to efficiently manage the board workflows of clients and implement good governance best practices.
What is a board portal?
A board portal is a centralised, highly secure, online hub designed for board secretaries and directors to manage end-to-end board meeting workflows. Board members can easily access documents, communicate, and collaborate with each other. With features such as digital board packs, e-signatures and voting functionalities, board members can execute their governance obligations efficiently and securely, at any time, from any device and location.
The Benefits of Board Portals for Fund Service Providers
1. INCREASE EFFECTIVENESS
Board portals enable fund service providers (including those who offer company secretarial services) to serve different sets of clients and multiple boards with a single platform. But our solution, Boardlogic, is able to take it a step further: fund service providers can access their suite of client-boards with one single log-in. With our platform, providers do not need to manage and maintain various log-in credentials to serve their roster of clients. Providers have access to the information of various cliient-boards in seconds.
Couple that feature with anytime-anywhere accessibility, and fund service providers can address client queries quickly to easily close data gaps — all from within the solution. Board portals efficiently manage and organise company secretarial administration, allowing for seamless client-board correspondence.
2. STAKEHOLDER ALIGNMENT
Board portals serve as a “single source of truth.” By using the platform, stakeholders from different workstreams can access information that is up-to-date, consistent for everyone, while ensuring that it serves the same purpose for all. Liaising with different organisation stakeholders from one centralised platform becomes convenient and ultimately, reliable.
With task-tracking, reporting, and messaging features embedded in the solution, board portals ensure alignment, transparency and accountability. The board has insight into each board members’ areas of responsibility. Providers and members of the board can monitor the status of individual tasks and see them through to completion.
In effect, board portals place all stakeholders on the same page.
3. SUSTAIN RELATIONSHIPS
Board members are busy people. One definitive way to obtain client confidence is to improve the way boards make use of their time. By introducing board portal technology, boards do away with administrative friction that gets in the way of informed, strategic decision making. Fund service providers can help boards and executives work faster and smarter, without resorting to any risky shortcuts.
On top of this, board portal solutions are usually scalable. As the needs of fund service providers and client-boards grow, the solution is not outgrown. Fund service providers can better sustain and manage relationships in the long-run.
4. ENHANCE GOVERNANCE
Board portals standardise providers’ clients’ board meeting workflows so they remain aligned with best practices for regulatory compliance. Board management software can mitigate compliance risks via standardised audit trails and through the implementation of strong internal board controls for document retention, data integrity and board reporting.
Transparency and accountability — critical aspects of good governance — are inherently embedded in the board’s workflows. Board portal technology ensures processes remain repeatable, information is retrievable, and that board members drive the meeting agenda forward without governance principles falling through the cracks.
5. BOLSTER SECURITY
Security is of paramount importance. Given today’s landscape of cyber-risk and threats, securing mission-critical client-board information is of primary concern. The use of a board portal can be of immense value in this aspect.
Boardlogic, for instance, adheres to rigorous security measures and employs advanced encryption frameworks to ensure data remains safe and secure. It is also ISO 27001 certified, EU-hosted, and GDPR compliant.
Security should be the foundation upon which the board portal is built. In the event of a cyberattack or data breach, the organisation’s most important assets remain secure, and the board can continue to lead.
The features and workflows embedded in board portal platforms support real-world needs of fund service providers. They essentially provide a two-pronged advantage: board portals ensure fund service providers execute their day-to-day board administration activities efficiently — without losing sight of modern corporate governance procedures and controls. Both of which are integral to today’s strategic, involved, fast-paced era of board leadership.
Learn more about the benefits of board management software. Schedule a customised, commitment-free demo to see Boardlogic in action.