Board of Directors Software Video – Directorpoint Explainer

We’re happy to announce the release of Directorpoint’s new board of directors software video! This short video will give you a sneak peek at some of our features, and show how your board information can be available at the touch of a button.

For a more in-depth look at our features, be sure to request a free demo.

Video Transcript: Board Information at the Touch of a Button

The decision: it’s the output that ultimately determines boardroom success. And Directorpoint can help your organization reach the best decisions possible.

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external auditor

What Is an External Auditor? (And Do Boards Need One?)

When it comes to reviewing a company’s financial status, every organization needs a good external auditor. Auditors look through in-depth accounting information in order to ensure that the reporting is a true representation of an organization’s financial position.

Auditors also assess things such as risk in order to help guide organizations to a healthier and more prosperous financial future.

Internal audits happen frequently within an organization. Companies utilize their own hired talent to review the work of others or the overall validity of the company’s financial reporting. As the Association of Certified Fraud Examiners explains it, “The internal audit function helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

The scope of internal auditing is broad and may involve the efficiency of operations, IT controls, the reliability of financial reporting, deterring and detecting fraud, and compliance with laws and regulations.”
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corporate governance

What Does Good Corporate Governance Look Like?

It’s easy to talk about strengthening your board of directors, but how do you know when you’ve reached a high-functioning level of corporate governance?

In this day and age, building and maintaining a successful board means checking off many different boxes. As the role of the corporate director continues to expand and technology keeps leaping forward, board members should take the time to reflect on their impact as individuals and as a group.

Here are some signs that your board is thriving:

Directors have a firm understanding of their responsibilities

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board software communication

Board Software Communication Vs. Emailing Board Documents

These days, most boards are making the choice to go paperless. While some opt for centralized communication through the use of board software, others have simply stuck to email for their needs.

In fact, according to a 2014 Thomson-Reuters study, approximately 43% of boards were still emailing their sensitive board documents.

While email prevents added costs to board operations, it also poses many potential downfalls and risks.

Email isn’t secure.

You’ve seen the headlines. Email hacks are a dime a dozen these days. Not long ago, we wrote a blog about the infamous Salesforce leak, which originated with an email from Colin Powell.

Because they sent their board documents via email, their hypothetical plans for 14 different company acquisitions became public knowledge.

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board management strategies

5 Best Practices for Effective Board Management

Modern boards of directors must constantly adapt to changing times, changing technology, and changing expectations for companies and organizations. The most successful boards are able to combine strategic vision with effective group dynamics in order to make the best decisions possible. We’ve compiled a list of 5 effective board management strategies to help your board succeed.

1. Clearly separate the role of the board from the CEO’s ability to run the organization.

The CEO and the board of directors are a team. Starting from the time when a board finds and hires a CEO, the board and CEO must be on the same page about expectations, communication, and, most importantly,
roles.

The board of directors provides oversight and input into an organization’s progress. Meanwhile, it is the CEO who is busy moving the company forward with day-to-day affairs.
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what is a board portal

What Exactly is a Board Portal?

As corporate needs and recent cybersecurity issues evolve, new industries and technologies are rising to address those needs. Board portals, board meeting software, board management software: they all refer to a similar group of services. So, what is a board portal?

A board portal is software used by boards of directors, advisory boards, and other leadership teams to securely collaborate and share information.

Board portal features

Board portals are useful for companies and groups in all industries, including financial, government, healthcare, and non-profit organizations. Fundamentally, board portals help your organization’s leaders to communicate securely, access information easily, and make better decisions sooner.
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fintech risk management

FinTech Risk Management: Directorpoint CEO Shares Insights on Risk at FinXTech 2018

Directorpoint’s CEO, John Peinhardt, shared professional insights during a fintech risk management panel discussion at BankDirector’s 2018 FinXTech conference in Phoenix, Arizona. The panel was moderated by BankDirector CEO Al Dominick.

What should businesses do if they start growing too quickly?

The first question dealt with the risk that a business may be growing too quickly. Mr. Peinhardt quipped: “If your business is growing too fast, rule number one is raise your prices.”
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board member

5 Characteristics That Make a Great Board Member

There’s no better place to learn about developing a board of directors than from chairmen and board members themselves. There are certain expectations for board members, as well as the expectation that each board will prepare its members to handle their respective responsibilities.

We recently interviewed the longtime CEO of an energy company. He began by saying that he appreciates all of his directors. To him, the best ones have a firm understanding of the industry, and an understanding of the issues being discussed. They support ethical decisions, and give their time and talent selflessly.

Thanks to that interview, we’ve put together a list of 5 characteristics that separate good directors from great directors.

1) Committed to the organization, through consistent engagement and involvement

An individual who commits to joining a board of directors is pledging to actively pursue ideas and solutions that can benefit the organization. While board activities typically happen after work hours, it’s important for directors to set aside enough time to give board matters their full attention.
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board member training

What Do Boards Do for Board Member Training?

Serving on a board of directors means a lot of learning on the go, but that doesn’t mean there aren’t resources for boards that want to improve.

Whether they’re sought out individually or as a team, board member training options can provide directors with even more specialization and confidence in their leadership abilities.

If you’re a first time board member, look for guidance

Being a first time board member can be an intimidating experience. You’re learning the ins and outs of corporate governance as well as the basics of parliamentary procedure all while guiding an organization.

Walking into a director’s role without any formal training isn’t impossible, but it’s not an easy task either. Whether you’re joining a local nonprofit board or the board for a large corporation, there are tools that can help you become better prepared.

For nonprofit members, you can easily find free online training courses like the ones at nonprofitready.org. For-profit board members can attend in-person training events with outstanding organizations like the National Association for Corporate Directors, which offers a 3-day course specifically for new directors.
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