A board portal is a safe, online platform that grants access to all the information and tools required for efficient board meetings. It allows members to access the portal from any device and from any location. It also facilitates collaboration through an easy and intuitive interface. It also has rigorous security measures, like two-factor authentication and encryption of any sensitive information and communications. Some portals also provide training updates and comprehensive support services to help users get to speed quickly.
In addition to providing access and collaboration, board management software can facilitate meetings by simplifying agenda planning and real-time sharing of documents during meetings. Boardbooks and meeting documents are automatically synchronized across all devices so that everyone has access to the most current version of each document. It facilitates smooth voting, tracking of action items and detailed audit trails to ensure regulatory compliance.
For example, a board of directors for a credit institution could make use online deals of a portal to formulate an the operational strategy and improve control by managing risk and ensuring compliance with the regulations. Additionally, the board is tasked to ensure that the organization’s goals and mission are clear to all stakeholders and that each decision the company makes is in line with those objectives.
A board management portal boosts the effectiveness of a credit union’s board by eliminating the need to distribute paper-based documents. This can save valuable administrative time and resources, while increasing participation and transparency. It also reduces risk by reducing the need for paper records and storage that could be compromised by cyberattacks, or physical theft. Boards can spend more time on strategic plans and looking ahead to future problems.