With every bank board meeting, directors have to prioritize a host of complex issues. A well-planned meeting with an experienced board chair is necessary for the most efficient, productive meeting. Board books can be hundreds of pages long. Weeks before the meeting date, directors need their agenda, board reports and committee reports. They need to gather financial reports from numerous entities and consolidate the information. It’s vitally important that the workflow processes during the planning and pre-meeting stages go smoothly so that board directors have ample time to read and digest the materials in the board book and prepare their discussion questions.
Board Meetings and Other Processes Require Strong Security
In the rush to get everything together for the meeting, it’s easy enough to overlook the process of planning for the meeting, facilitating the meeting and following up after the meeting to ensure that it’s as efficient as possible. In the busyness of preparation, many bank boards aren’t paying adequate attention to the security of data and communications.
As directors share materials and communicate about board business, it’s crucial that the file-sharing and communication processes are secure to protect sensitive information. With so much data and information being shared and transferred, there are unseen risks of one application affecting others. In this way, technology can be a bank board’s foe. At the same time, advancements in technology can also be our friend.
Diligent Secure Meeting Workflow is the most secure way to improve the flow of information from the workplace into the boardroom. When the board has the assurance of knowing that every email communication and electronic file is protected, the board can focus more intently on agenda items, giving each of them the due diligence they require.
Failure to address security for the most basic board communications could open the company up to a data breach. An unexpected data breach will halt important board business so they can deal with the crisis. A data breach would most likely put many of the other important board matters on hold for some time.
How Secure Is Your Bank’s Workflow Process?
If your bank hasn’t moved to a secure board portal and other secure software solutions, you’re putting your bank and all of its entities at risk. Large, cumbersome board books with hundreds of pages and other lengthy reports risk having pages get lost. If bank board directors handwrite notes onto papers and they get lost and into the wrong hands, there could be legal trouble. Sending emails to other board directors and executives using personal email accounts lacks the proper security to protect your confidential board business. Google Drive and Dropbox aren’t secure enough solutions for business use, yet many banks are still using them.
Big banks should be aware that cybercriminals are hard at work looking for an easy way to tap into your workflow processes and extort money. Criminals may confiscate personally identifiable information during a data breach. Data breaches are expensive to manage and the residual costs, such as reputational damage, the loss of confidence of the shareholders and the loss of a competitive edge, can be difficult and time-consuming to overcome.
Board Software Solutions for Secure Workflows and Entity Management Create Efficiency and Security
Bank board directors can improve their workflow, keep their documents secure and better manage all their entities with board management software by Diligent Corporation.
Board management software for secure meeting workflow processes lets bank board directors update their board meeting agendas in real time. Using just a few clicks, they can easily make last-minute changes to the meeting materials without having to reprint reams of documents. With software for a secure meeting workflow process, boards can transfer files and documents — large or small — and keep them protected along the way. Bank board directors have the option of saving, printing and transferring their documents with or without markups on them. The software keeps the documents securely protected through every process.
The financial marketplace is constantly changing, making it difficult for bank board directors to adapt and respond appropriately. With a secure meeting workflow process, bank boards can leave the worry of communicating and collaborating behind them because it gives them the right tools, analytics and insights to keep the company as agile and competitive as possible.
More than ever before, bank board directors are working on board business remotely. Software for secure workflows allows them to use mobile devices to access board documents without sacrificing security. Diligent’s software has a remote-wiping feature, which means that if a board director loses a mobile phone, electronic tablet or laptop, the remote-wiping feature can wipe all board materials from the device clean, making it impossible for cybercriminals to steal confidential information.
Large banking institutions face many challenges because of not having a centralized and robust framework in which to collect legal entity data accurately and consistently. Depending on the legal structure of the bank’s headquarters and the legal structure of the other entities, the company may need several different reporting forms. Diligent’s Entities, the industry’s leading entity management software, brings the bank’s valuable data into a single product suite and protects it with the tightest security available.
Entities provides for a way to take disparate data and integrate it seamlessly so that bank boards can make better decisions faster. The software makes it easier for banks to manage the legal, tax and financial information for all entities using one program to ensure compliance in an ever-changing regulatory environment. Also, banks often have to share sensitive information with multiple third parties, including auditors, regulators and shareholders, so it’s vital that they set a high bar on security.
Entities software provides a single source of truth in one, integrated product suite, giving bank leadership teams the ability to have actionable insight across the entire organization so they can make smart decisions.
The risks of not using secure board management software are tangible. In today’s marketplace, one wrong click can cause an explosion of problems overnight. Diligent Secure Meeting Workflow and Entities are the modern governance solutions for secure file-sharing and streamlining board processes to position banks for success now and in the future.