Board members are responsible for financial oversight, and legal and ethical conduct for the organizations they serve. So how can boards assure they adequately fulfill these crucial obligations?
Uncover how centralized board communications and a commitment to transparency can drive good governance, and mitigate personal and organizational risk.
Have Better Ease of Information
As new federal financial reporting regulations roll out, nonprofit boards must increase their funding and performance oversight and transparency, making centralized communication even more essential. Board portals put information at board members’ fingertips so they can better perform their fiduciary due diligence.
Key financial statements and performance reports can be easily uploaded and accessed via PC, tablet or smartphone. Cross-device connectivity and anytime, anywhere access increases the likelihood that stakeholders will assess, as they can review on their own terms. Members can monitor organizational spend, impact and data, and ensure processes are in place to pinpoint fraud or abuse early.
In addition to financials, board members can safely access important information, such as board books and bylaws, compliance documentation, meeting agendas, minutes and more, keeping them more informed and better equipped to make organizational decisions. The more information available, the better board members can govern.
Limit Authorized Access
Your organization’s information is valuable and often confidential, which means you must assure it doesn’t fall into the wrong hands.
Board portals not only allow boards to centralize and digitalize important information, but they also let them limit access to necessary individuals. Built-in securities prevent unauthorized members from gaining access to data, documents and other valuable information. The more secure information is, the better you can mitigate risk.
Is your organization looking for a way to assess your board technology needs? If so, download our free guide, “Board Portal Purchasing Guide.”
What techniques does your organization utilize to ensure good governance and mitigate risk? Share in the comments below.