We rely upon history to learn from our mistakes and not repeat them. There are Not-for Profit scandals including fraud and mismanagement that has taught us many things. Many Boards have learned that they need to stay on their toes. Boards also learned that fraud and corruption can happen to any organization where boards fail to practice good governance. The added pressure from members and other stakeholders reminds board directors and senior staff about how accountable they really are.
Perhaps, technology has advanced in just the right time to help keep Not-for-Profits honest and accountable. Automation and digital software solutions continue to advance, which only makes corporate governance better.
In simple terms, corporate governance refers to how boards of directors work together to direct and manage corporations. Good corporate governance encompasses the manner in which boards carry out their business so that it ends up being profitable for shareholders and stakeholders.
Good corporate governance manifests in a balanced landscape. When boards are successful in their duties and responsibilities, they’re also successful in balancing individual and societal goals, as well as balancing economic and social goals…
Board portal technology provides unlimited cloud storage for financial records, policies, agendas and meeting minutes. Portals keep confidential, sensitive paper documents safe from the elements and natural disasters. Electronic document storage also needs to be safe. Board documents that are accurate and safely maintained prove that the board is giving due diligence to strategic planning and other board matters. Board agendas and meeting minutes prove that boards are doing their best to oversee the organization’s operations and departments. Safe document storage is a strong indication of accountability for shareholders, stakeholders, employees and the general public.
Efficiency is an important part of governance because organizations manage the money and assets of others. Board portals are the fastest and most efficient way to create board books, board agendas and board minutes. A board portal is one secure platform that incorporates and fully integrates multiple processes. Board directors can access board materials, reports and documents remotely at any time of day or night and using any electronic device. Most importantly, they can get updates and other information in real time. Board portals reduce human error and support financial accuracy. In addition, board portals save organizations enormous costs in materials and time..
Technology is no longer a new thing and people around the world are getting more comfortable with using it. Even so, most boards are aware of the need to have some level of technical expertise on their boards. The combination of technology and human skills is the best way to keep up with the demands for competitiveness and good board governance.