It’s unprecedented, yet Boardroom’s need not despair – board portals were made to withstand this. The coronavirus pandemic has thrust the world of technology into the spotlight more than ever before, with the need for virtual risk management, remote board room meetings and online project planning tools to evolve with the ever-changing landscape of work in the COVID-19 era.
As we get into the new decade and with Boardrooms holding a great amount of importance in directing the course of an organisation’s growth and longevity in the marketplace – it may be helpful to take a look at some crucial areas that should be included in your board planning for the new financial year 2020-1 (taking into consideration the change of governance that may impact organisations amidst the current environment).
According to the EY Report for Boards in 2020, “Boards will continue to face demands for more diverse competencies, innovative thinking, complex problem-solving and stronger governance”. Furthermore, as we traverse through a transformational business climate, it has become apparent that issues such as diversity and sustainability will become even more of a responsibility for those present in the boardroom.
One of the major areas that boards need to plan for is compliance and risk management. From the top line down, it is imperative that organisations develop and implement systems that enable it to comply with its legal and policy obligations. Furthermore, adequate compliance training acts as an insurance against any potential business risks that affect the workplace at a cultural, legal and regulatory level. The media has shown that ignorance to laws and regulations will result in serious consequences for businesses and their long-term share market value and existence. We need only look as far as the Royal Commission and the underpayment wage scandal to consider the importance of compliance.
- Data Privacy and Cyber-Security. The recent statistics suggest that data privacy and cyber-security will become more prevalent in 2020 and should be a board room focus. If your organisation needs compliance training or advice, have a look at courses offered by our sister company Safetrac.
- Intelligent Technology. As technology advances, it is imperative for Boards to consider the right technology for their specific needs. For instance, board portals need to have the right mix of corporate governance knowledge, functionality and technology in order to cater to the administrative needs of a board. The Boardtrac portal has been created by corporate governance experts, with all the features that you need (and none that you do not). The focus is simple: security, organisation and knowledge.
- Diversity and Inclusion. How diverse is your board? As we progress into a new decade of greater awareness and need for gender diversity, cultural inclusion and corporate social responsibility it is imperative that your board planning entails talent strategies that take into account a diverse work culture. This aspect of building brand integrity is a strategic asset that if effectively discussed in the Boardroom can make a great impact to the health of an organisation.
- Costing and Finance. This is an aspect of running a business or corporation that no one can run away from. Particularly if you are a not-for-profit boardroom who faces unique challenges such as funding restrictions or variances. At Boardtrac, we work with several NFP’s who successfully use the Boardtrac Portal to fulfil their governance and administrative needs in a cost-effective way. In fact, use our cost calculator to help discover what your board needs.
Boardtrac has been created to meet the demands of both technology trends and the new work changes that have been introduced as a result of the physical distancing measures. Boardrooms need to adapt and evolve to tools that enhance their ability to implement virtual risk and compliance strategies, as well as corporate governance, in order to allow organisations to effortlessly keep up with the evolving workflow.
Find out more on how Boardtrac can assist with your virtual risk management and governance needs.
Contact us below or call 1800 170 830.