Choosing a Board Portal: Why Compliance and Security Matter
Compliance and security are components of good governance. In today’s society, the issues of governance, risk and compliance are becoming increasingly complex.
Researchers Nicolas Racz, Edgar Weippl and Andreas Seufert define governance, risk and compliance as “an integrated, holistic approach to organization-wide governance, risk and compliance ensuring that an organization acts ethically correct and in accordance with its risk appetite, internal policies and external regulations through the alignment of strategy, processes, technology and people, thereby improving efficiency and effectiveness.”
Simply stated, the definition means that the main purpose of board portal software is to use automation to assist boards in documenting their activities related to corporate governance, risk management and regulatory compliance.
Board Portals Automate Compliance and Governance Processes
Board portals are helpful tools for managing meetings and managing records. Board portal software can do so much more than that. Digital tools far surpass the capability of human beings to keep track of important dates and other processes quickly, efficiently and with less cost.
Local governments can implement board portals to assist them with such processes as auditing, policy management, compliance management and risk management. Manual processes fail to meet the pace and complexity of government board needs.
Fully integrated digital tools are of great assistance to municipal governments. The benefit of integrated digital tools is that all software programs contain the same built-in strong security features. The portal and all of the integrated solutions alleviate concerns that connected programs and platforms are less secure than the main portal.
Board portal software adapts more quickly to rapid changes in government and other factors that government boards have little control over, like cyber threats, fluctuations in the economy, operational factors, environmental issues and political factors.
Disconnected systems yield disconnected security and disconnected results. Local governments that continue to use antiquated and siloed processes and workflows merely increase the workload burden on their staff.
Boards of every type are facing strong scrutiny by regulatory bodies and others. Board portals provide them with access to information and supporting documents on compliance and other issues in real time.
Board portal systems provide software solutions that report department by department, using automation to combine the results to adequately address compliance. Assessing documentation and workflows across departments helps boards to allocate resources and budget with increased accuracy, which supports good governance.
iCompass is more than a board portal. It incorporates a faction of software products that fully integrate to promote stronger and more transparent government.
Improved Compliance Using Board Portal Software
It’s vital for local government boards to abide by all federal, state and local laws and regulations. It’s important to work with a board portal provider that can assure you that your portal system will ensure your government’s legal compliance.
Auditors play a vital role in overseeing financial matters and disclosures for government boards. Citizens expect their government boards, commissions, elected officials and staff to be honest and ethical in all aspects of their government work. The annual audit is a double-check to make sure that financial statements don’t contain material misstatements, whether they’re caused by mistakes or fraud.
Records Manager by iCompass electronically files and organizes financial reports, so they’re easy to locate and retrieve as needed. Having access to well-organized and clearly labeled electronic documents assists auditors greatly in performing tasks and reporting.
iCompass’ board portal automates compliance management functions such as workflow, controls and reporting. Automation streamlines the processes for regulatory reporting and compliance.
The Importance of Security in a Board Portal System
Hackers are becoming increasingly sophisticated in their methods in gaining unauthorized access to personal information. Cyberattacks on local governments are on the rise. Cyber threats are intensifying in scope and size. Regulators have taken notice and are responding with new requirements. New York’s state government now requires all of its financial firms to have comprehensive cybersecurity plans in place. Other state and local governments are sure to follow this precedent.
As cybercriminals enhance their technology skills, it creates a challenging environment for board portal providers to maintain a secure board portal and board software. Today’s climate requires government boards to review their processes for agendas, minutes, reports and supporting documents in order to ensure that they’re safe from unscrupulous attacks.
A secure board portal like that provided by iCompass allows access to information to the right people at the right time and disallows access to unauthorized people without exception. iCompass gives board administrators the ability to fine-tune system controls to a user level and a document level. High levels of security prevent unauthorized sharing of documents and other information. Documents are stored safely in the cloud, which prevents paper documents from getting misplaced or destroyed due to floods, fires or other natural disasters.
Most local governments don’t have the staff or budgeting to have a stand-alone IT department at their beck and call. With iCompass’ board portal technology and other software solutions, it’s not necessary to hire technical staff. All of the security measures are built into the programs. iCompass keeps the system updated with the latest in security measures to protect against unauthorized access to your system.
Criminals that try to tap into iCompass’ system will be stopped in their tracks as end-to-end encryption successfully blocks their attempts. iCompass has the IT staff to stay ahead of trends and threats to make sure their board portal system has the highest level of security now and in the future.
The Final Wrap-Up on Board Portal Compliance and Security
In choosing the best board portal software program, governments should be looking for software solutions that serve them well for today and will continue to serve them well for the near and distant future. Compliance and security factors cannot be overlooked in choosing the best system. In fact, compliance and security are major factors.
Board portals streamline local government operations, creating efficiency, which is also an important element of good governance.
iCompass’ board portal offers a high level of built-in security. All related software solutions are fully integrated with the board portal system and contain the same levels of high security to protect your citizens, board, vendors and suppliers. As technology evolves and security needs change, iCompass’ IT team will strengthen the security of the system accordingly, so governments won’t have to hire IT staff to manage the board portal.
A board portal takes care of compliance and security matters so government staff can focus on serving the citizens of their communities.