Meghan Day

Principal Solution Designer

What is a document repository? Key benefits and best practices

In a 2023 survey, three out of four employees said poor digital organization interferes with their ability to work effectively. The stakes are even higher for boards of directors, administrators and executives, for whom an organized, centralized document repository can make the difference between strategic decision-making and overlooking critical insights entirely.

A document repository is a digital system for storing, managing and retrieving documents. It ensures documents entity-wide are organized, secure and easily accessible. To create a document repository that powers board and organizational effectiveness, we’ll explain:

• The benefits of a document repository
• Who needs a document repository, and why
• Key features of the best document repositories
• Document repository examples and best practices
• Tools for leveraging your document repository to make better decisions

5 document repository benefits

A document repository is essential for entities that need secure, efficient and organized access to critical documents. Document repositories:

1. Centralize storage for all board materials: Store everything from agendas and meeting minutes to financial reports and legal entity documents in a single, secure location, reducing your reliance on email and paper-based files.
2. Enhance searchability for faster decision-making: Locate key documents instantly using advanced search tools, metadata and filters. These tools ensure executives and board members can access key information quickly.
3. Provide up-to-date information: Board members and executives can securely access critical documents from any device, anytime, anywhere, empowering remote meetings, hybrid work environments and global collaboration.
4. Improve security and efficiency: With a document repository, you can place sensitive board materials and strategic documents behind layers of encryption, multi-factor authentication and role-based access controls to prevent unauthorized access.
5. Boost regulatory compliance and audit readiness: Maintain a clear record of document updates, track changes and keep the most up-to-date documents in directors' hands before, during and after meetings. Having documents at the ready not only ensures you’re always audit-ready but also helps you comply with governance best practices and legal requirements.

Who needs a document repository?

Employees at all levels need a document repository. While the CEO may seek documents or reports different from those of the audit committee, both require instant access to essential records to perform their best.

How might different stakeholders use a document repository?

• Corporate Secretary: The corporate secretary and other board administrators use document repositories to manage board materials, promote compliance with regulatory requirements and securely distribute documents to board members. Repositories can also simplify record-keeping and governance-related documentation.
• Board chair: To lead the board in effective discussions and decisions, board chairs need quick access to meeting minutes, agendas and strategic reports — all of which a document repository provides.
• Board members: A document repository supports board members in preparing for meetings by making it easier for them to navigate board documents, governance policies and financial reports, whether they meet in person or virtually.
• CEOs and executives: Decisions improve with up-to-date financial, strategic and operational data. A document repository keeps this information at executives’ fingertips while promoting secure and seamless communication with the board.

Key features of the best document repositories

The best document repositories are efficient and strategic, making it easier to access documents and data and bolstering essential governance processes. Here are the key features to look for to maximize the utility of your document storage:

1. Advanced searchability: Look for robust search functions that allow users to locate documents quickly using keywords and filters, saving valuable time for more strategic tasks.
2. Role-based access control: Granular permission settings allow only authorized individuals to access specific documents. These controls protect sensitive information from unauthorized and potentially harmful parties.
3. Version control: Tracking document updates over email can quickly become unwieldy. Best-in-class document repositories include a clear history of document edits, which maintains audit trails for transparency and keeps the proper documents in board members’ hands.
4. Collaboration and annotations: Document repositories can reduce email back-and-forth and improve communication through real-time commenting, digital signatures and shared annotations. These tools enable board members to discuss material within documents and make decisions effectively.
5. Built-in compliance tools: Regulatory requirements for document retention can vary, which is particularly challenging when managing entities across jurisdictions. Premium document repositories include document retention schedules that simplify document management.
6. Integration with governance tools: Document repositories are convenient on their own, but they are truly powerful when used in conjunction with a governance platform. Look for tools that integrate entity management software and communication tools to streamline workflows and improve productivity.

Document repository example

Alltech, Inc. develops agricultural and agro-industrial products and services for livestock and crop farming and products for the food industry. With 125 entities in 80 countries, its global team of 6,000+ people shared a vision for sustaining and nourishing the world’s plants, animals and peoples — but too many lacked visibility across the entity.

Compiling critical entity documents and data without a document repository was inefficient and insecure.

“I would often have to call somebody to help look for it. For example, calling our corporate counsel in South Africa and asking for something they prepared 10 years ago and then having them look for it,” says Pamela Sargent, Corporate Compliance Manager at Alltech.

With the Diligent Entities digital repository in place, Alltech can now:

• Have a single source of truth for all entity documents
• Access information quickly and seamlessly
• Compile reports with just a few clicks
• Authorize specific users to access the information themselves
• Follow change management policies and procedures

How to create a document repository

Creating a document repository is a critical step toward good governance. Though you will need to select a governance platform to host your repository, there are several other steps you’ll need to take to make the most of the tool you choose:

1. Identify your needs: What does your organization hope to gain from a document repository? Is it centralized entity information and access controls, like Alltech, or something specific to your industry, like HIPAA-compliant document storage? Considering what you’ll store, who needs access and associated compliance implications can help you narrow down appropriate solutions.
2. Choose a platform: Select a platform that meets your needs. Google Drive and Dropbox may meet essential storage and file-sharing needs, but more advanced enterprises will need a tool like Diligent Entities.
3. Establish folder structure and naming conventions: Your platform’s feature set should allow you to customize your folders and document names. Create an intuitive structure that mirrors how your organizations work. For example, folder names like “Board Documents” and “Financial Reports” can clarify what each folder contains and who needs access to it.
4. Set up security and access controls: Determine who will access which documents. Using a document repository allows you to give people permission based on their roles; board members, corporate secretaries and legal teams need access to different files. Likewise, some people only need to view files, while others need to edit them directly.
5. Upload and organize documents: Begin uploading documents to your repository, starting with the most recent and most important. Follow the folder structure you created, and use this as an opportunity to remove irrelevant or outdated documents.
6. Monitor and maintain: Regularly review the structure, permissions and documents to keep your repository accurate and efficient; just because you can store countless documents doesn’t mean you should. Continuously update and back up the system to reduce the risk of losing essential information.

Document repository best practices

Google Workspace can technically be a document repository, as can a folder on the corporate secretary’s desktop. But neither option is secure, efficient or easy for dispersed teams to access. Follow these best practices to store documents securely and effectively:

1. Choose the right technology: Select a platform that aligns with your organization’s team. The wrong technology can cause headaches and inefficiencies as quickly as the right technology can streamline entire document management workflows.
2. Commit to consistency: A document repository is only as good as your policies and protocols for managing it. Establish guidelines for naming, storing and updating documents, and ensure board directors, administrators and team members follow them. Consistency prevents confusion and keeps critical files easy to find.
3. Emphasize accountability: Anyone with access to the repository is responsible for using it correctly. Whether a CFO reviews financial reports or a corporate secretary uploads board documents, each must understand their role in document management and execute it accurately and efficiently.
4. Balance organization with flexibility: Clear workflows and folder hierarchies keep your repository organized. But your organization will likely evolve over time. Regularly assess the structure of your document repository and update it as needed to ensure it meets your organization’s needs.
5. Be proactive about maintenance: Effective document repositories require ongoing care. Review and archive outdated files, remove redundancies and audit permissions to keep the system efficient and relevant.

Turn your document repository into a strategic advantage

Anyone spearheading entity management knows that knowledge is power. Your ability to navigate risks and opportunities strategically and proactively is directly tied to whether you have the correct information at the right time. A well-designed and managed document repository is often the unsung hero; digging through old documents or even losing critical reports can take valuable time you can’t afford to lose.

Selecting the ideal solution can be daunting, but it’s essential for your organization to thrive. Download our entity management buyer’s guide for specific criteria to assess different repository solutions.