Using a board portal in the work of the board of directors is an important step and tool aimed at improving the quality of fund services` operations. This article will consider the ways the software improves these operations.
The functionality of the board of the fund service
In their most clear form, the board of directors is described as “a group of persons who manage or manage a business or organization.” For commercial and nonprofit organizations, such a structure helps ensure the success of all aspects of the brand. It includes everything, from financial and legal knowledge to the collection of funds and skills related to the industry. In addition, if there is a strong board of directors, the general director can access experts personally interested in their vision.
The functions of the board of the fund include:
- development of proposals to increase the competitiveness and effectiveness of the fund;
- approval of the development strategy and consideration of the annual report on the progress of its implementation;
- consideration of proposals for the participation of the fund in state programs of diversification and modernization of the economy;
- coordination of candidates for the election by independent directors of the fund, as well as the amount and conditions for the payment of remuneration to independent directors of the fund.
Why do funds choose the board software solution?
Nowadays, members of the board of directors use a modern business management system, fully built on web technologies according to the latest corporate governance principles. The board portal allows independent directors to use electronic digital signatures in voting, approval, and coordination of official documents in real-time from anywhere in the globe, which largely increases productivity, simplifies work and saves funds intended for the costs of the collegial body.
The board software helps fully digitalize the meetings of the boards of fund services to simplify the access to the materials and results of the company’s work for familiarization and operational decision-making. In addition, it is important to configure the possibility of remote participation in meetings with the help of media broadcasting and online chat, digitize data flow, and speed up information exchange.
How does the board software work?
So, board management software significantly supports the operation of the board of the fund service by ensuring the following functions:
- Mobile access in full-time and correspondence meetings allows board members to quickly study the agenda and other materials of the supervisory board to conduct electronic voting.
- There is the possibility of remote work from anywhere in the world with convenient communication and safe chat to discuss strategic issues. In addition, quick access to the archive of meetings is configured.
- The introduction of an automated process system allows monitoring of all intercorporate processes, measuring the quality of work and providing information, as well as achieving organizational flexibility of the organization.
- It ensures complex data security, not limited exclusively by encryption, delimitation of access, multifactorial authentication, digital watermarks, etc.
- In addition to the wide possibilities, safety, and operation of automation of the work of the boards and its committees, the system allows its users to save money of funds significantly.
So, automation with the help of the board software allows its members and independent directors to have constant access to documents, contacts, events, decisions, and monitoring of the execution of instructions – the entire history of interaction and statistics of the implementation of the tasks are not lost and are available at any time.