Credit unions face unique sets of challenges when it comes to secure and effective communication; they have a duty to ensure a high level of security, they are closely scrutinized and reviewed as financial institutions, they have to be able to access information even in a crisis, and directors need convenient and equitable access to information. Organizations like financial institutions, crown corporations, publicly-traded companies, and non-profits are all turning to technologies like board portal software to make their directors’ work both more convenient and more secure. In today’s uncertain world, financial institutions need to be responsive, adaptive, equitable, and their information needs to be confidential.
Efficiency has pushed the move from paper books to electronic distribution as directors look for better ways to prepare for meetings, and board portals have proven to be superior methods of distribution. Better board meeting software will be designed with the unique needs of directors in mind and improve upon some of the shortcomings of email and free file sharing, such as real time updates to documents, group-based access that reflects executive committees, and unique annotation tools that allow directors to write private or collaborative notes on materials. Directors with less experience are often those who feel left “out of the loop” when special information is requested by one member and not given to all. A portal such as the one designed by technology company Aprio makes information equally accessible to all members, whatever their work and travel schedules are beyond the boardroom.
Security is equally important, especially for financial institutions like credit unions where boards often have the last say in approving significant investments and loans, which means accessing confidential information like net worth and credit scores. Paper and email are too insecure to be trusted with such sensitive information, but board portals such as Aprio Boardroom are designed with security features to maximize confidentiality when these details are shared. In addition to permission-based access, the portal also comes with a remote purge function that makes it easy to wipe any device that has been lost or stolen of sensitive information.
Email and free file sharing services are too prone to cyber security threats to be trusted with the sensitive information that a credit union handles, but they are also not designed to account for different layers of access that directors require when committees and In Camera meetings are introduced to the platform. This is where board software from Aprio becomes an invaluable asset for financial institutions, as it was designed with multi-layered access privileges in mind. In the case of materials for In Camera meetings, the administrator can designate the chair as a sub-admin for that group and exclude herself from accessing those sensitive materials. Multi-layered access is also particularly useful for CEO and executive reviews, and CEOs should not be able to access materials related to their review.
Credit unions today face challenges of unprecedented complexity, including investment choices, new financial technology, and evolving regulations of their industry. Their boards need to have secure and efficient technology to help them stay informed and improve their decision-making process to meet those challenges head on.
