COVID-19 has deeply disrupted almost every aspect of corporate life. Boards and committees charged with governance, risk and compliance oversight have not been spared these dramatic shifts and are needing GRC Solutions. Much as the pandemic has changed how we work and live, it must also change how we think about and plan for a future decidedly more online. As global leader McKinsey & Company sees it, 2021 will be a distinctly digital year.
Now, more than ever, the important work of boards and special committees requires agile processes and cloud-based tools that can facilitate the work of these teams under any circumstances.
On the precipice of 2021, leaders must demand a cloud-based hub that delivers global access to all information, communications and activities, manages processes automatically, and simplifies outcome tracking. All with certified security that is prepared to meet the exacting needs of this new era of governance.
Here are the new table stakes for needed GRC Solutions.
How Smarter GRC Software Will Address the Emerging Digital Future of Boards and Committees
A Single Secure Information Hub
In the absence of dedicated software for their work together, committees and boards have been forced to rely on cobbled together tools for document sharing, communication, reporting and activity management. The time, effort and expense to do this is massive. While necessary in a crisis, such solutions introduce significant risk over the long run. Cloud software is unique because all updates populate for all users in real-time. That means radically streamlined productivity for administrators, and allows all members to feel confident that they have 24/7 access to the emerging data, no matter where they are in the world or what time it is when they log in. Whenever any member reviews information, they are reviewing the most up-to-date data available. Having a single source of truth in terms of all information, communications and activities contributes to overall data integrity and supports reporting readiness from end-to-end.
Simplified Scheduling
One of the biggest challenges for administrators, especially in an era of more frequent and unscheduled activities, is managing participant scheduling. Smarter software eliminates countless emails and time-consuming delays by centralizing the scheduling process and automating many of the schedule alignment challenges that otherwise drag down efficiency. In the end, it makes scheduling feel effortless for everyone.
Data Security
Cyber risk is real. Using a collection of tools increases that risk. A robust single platform with clear role-based permissions and confidential data protocols minimizes confidential information leakage. Built-in security and data protection protocols replace the time-consuming, manual management of data sharing through unsecured connections. This dramatically reduces the chances of a data breach and minimizes the anxiety of sharing the wrong information.
Streamlined Decision Making
When all information is updated across the platform in real time, members always see the most up to date information and understand next steps in real time, meaning everyone can keep pace with projects as they evolve and change. This means communication, data review, and decision-making all stay in step, and nothing is lost or out of sync.
Automated Notifications
Today’s governance, risk and compliance GRC Solutions call for the smartest technology available. Process management, if not AI, should be embedded in these solutions. Features like automated scheduling of emails, automated meeting reminders, automated task notifications, and automated compliance documentation automate the routine so boards and committees can focus on the urgent and strategic. With so much automation moving productivity and communication along, committees will find momentum in the mundane, and the ongoing interactions mean that when meetings happen, everyone is already up to date, making everything move that much faster.
At Concinnity, we are motivated by making sure that boards and special committees have the smart software they need to power that future of adaptive and proactive governance.
When COVID-19 hit, we were ready. Our platform, Cloud Concinnity®, has been configured specifically for specialty governance needs, and we saw our users take advantage of those features in powerful ways.
In today’s uncertain governance environment, boards and committees need smart software. Contact us now to learn more about how Cloud Concinnity® can change things for you.