Goodbye Briefing Books: The Paperless Boardroom. Thad Hutcheson Chief Technology Officer T Bank, NA – Dallas, TX. Dallas, TX 3 Years Old $150 Million in Assets $1 Billion in Trust Assets 2 Branch Locations 30 Employees. Quick Introduction To The Paperless Concept.
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Chief Technology Officer
T Bank, NA – Dallas, TX
"This is the age of silicon chips. So why is most of your company's information stored in a cardboard box?"
Some facts to consider:
Sources: American Records
Management Association (ARMA), IDC
The Board portal provides the means to electronically support and streamline corporate governance administration and compliance processes.
It allows the support of internal as well as third party compliance and electronic reporting processes.
The Board portal enables an organization to take control of its portfolio of interests and activities from the boardroom down.
It is the platform for guiding and directing the organization, with time it represents an entire strategic knowledge repository.
The portal provides the means for a board to participate in iterative strategic planning and decision-making processes reflecting contemporary governance practices and obligations.
Board Portals:No Assembly Required(maybe a little)
The Passageways Portal and Board Portal Module are taking directors of financial institutions online and into the virtual boardroom
Standard procedure for most companies is to send advance copies of briefing books out to directors ahead of meetings. But advance books aren't sent until all of the information is compiled; with a portal, information can be posted as it becomes available, giving directors more time to study it.
Corrections often have to be sent out to the directors after the advance books are shipped and sometimes whole new advance books are sent out if there are enough revisions to be made. With a portal, corrections can be posted immediately on the site, again getting the information out faster and saving the hassle and expense of production and shipping.
Private portals provide greater security than other methods of staying in touch. E-mail is the most common means of electronic communication, but about 53% of companies use unencrypted e-mail to communicate with the board, according to a 2005 survey.
Those e-mails,which may contain sensitive information, can potentially be intercepted.
"If you don't give directors a secure way to communicate internally, it's going through their system and it's all over the place."
- Nicole Silsby Sandford, partner in corporate governance services at Deloitte & Touche.
Ease-of-delivery is one of the most obvious advantages. No printing, copying, no FedEx, and electronic delivery is totally secure. By far, the most precious commodity for directors is their time. Electronic delivery allows all the relevant information needed for routine decision-making to be delivered quickly, timely, and economically, in many cases freeing up time that can be used for having a dialogue on strategy and policy.