Dallas, TX, Jun 1, 2011
In following these tips for the implementation of an online board portal solution, public, private and non-profit organizations efficiently streamline their board of director communications.
V-Rooms™ Virtual Board Portal, a product of Due Diligence Online, LLC, has identified a number of tips to assure the successful implementation of board portals which, apart from their efficiency and convenience, can also play an important role in ensuring document security and regulatory compliance. As Directors are becoming more tech savvy, they are welcoming the transition from bulky hard copy board books and the required prepatory administration to this cloud-based information platform.
Here are Six Tips:
1. The Corporate Secretary champions the plan for adopting a cloud-based board portal with the Board Chairman and Key Directors citing cost savings, increased security and geographic convenience as key decision factors, especially for those Directors who travel frequently.
2. Select a dedicated Administrative support person who will be able to work with individual Directors regarding their initial training and any issues related to the board portal set up and access.
3. Use the board portal to inform Directors of news articles, press releases and even weekly corporate updates so that the board portal becomes a focal point for company information and the Directors become comfortable with its use.
4. Instead of using unsecure emails to send sensitive documents, use the board portal’s email alert and security features, so that Directors are alerted via email when documents have been securely uploaded to the board’s virtual boardroom, some of which may be hidden from management’s view.
5. Use the board portal voting function for electronic voting in lieu of email or phone conferences so that an auditable tracking report may be generated for compliance purposes.
6. Since the board portal is a dynamic environment, publish information for each committee when it is ready, while completing other materials, to allow involved Directors time for review prior to board or committee meetings.
As Boards continue toward conducting paperless meetings, the Directors who are not initially comfortable with this technology welcome the hands-on assistance from the board portal Administrator to facilitate this transition.
“Once Directors are shown the increased flexibility and remote access that board portals allow, we foresee a rapid adoption of this platform,” said Dan Bradbary, CEO of V-Rooms. “Tech savvy Directors are now used to turning to their BlackBerrys, iPhones and related tablets, and they expect to have information available to them anywhere, anytime. Our V-Rooms Board Portal provides this capability and reach to these critical personnel.”
Due Diligence Online, LLC (800-731-6379). V-Rooms provides a privately-branded online virtual data room solution, designed to streamline document management, collaboration, exchange and archiving for Financial, Legal and Corporate professionals. Our document repository facilitates the compliant and auditable exchange of sensitive information to accelerate complex, information-intensive processes, while reducing the time and expenses associated with data distribution, courier, printing and travel.
Karen Perkins KPerkins@V-Rooms.com Phone: 800-731-6379