Top considerations when selecting board management software for crown corporations
Crown corporation boards can’t afford to get governance and compliance wrong. Pulled between the people they serve and the government that funds them, they are accountable to a plethora of stakeholders and just as many regulatory requirements. Board management software for crown corporations is the best tool boards have to balance it all.
Here, we’ll explain how to find board management software that works, including:
- Key software features crown corporations need
- The role of software in secure and compliant board management
- Considerations for software integration and compatibility
- The importance of vendor reputation and support
- Tips for gauging cost and adjusting budgets
7 Key features of board management software
Not all board management software is alike. Certain features are a make-or-break-it for responsibility-laden crown corporation boards and their unique needs. As such, boards should prioritize capabilities including:
- Automation: Board management software should automate repetitive tasks like meeting scheduling, agendas and minutes, freeing the board to focus on more strategic activities.
- Storage: Cloud-based storage is a nonnegotiable for crown corporation boards with directors in multiple locations who need to share materials seamlessly.
- Collaboration: Sharing materials is essential, but so is being able to annotate them and collaborate about their contents. Look for software that includes encrypted collaboration tools.
- Security: Crown corporations manage sensitive information about their government and constituent relationships. Don’t purchase software without secure access features and user authentication so only approved users can access confidential data.
- Engagement: Manually conducting board votes and polls is time-consuming and prone to error. The best board management software for crown corporations can facilitate real-time voting and polling.
- Multilingual support: Failing to comply with local language requirements can introduce costly penalties. Your software should make meeting minutes and agenda items available in formats easily translated to residents’ primary languages, enhancing accessibility and compliance.
- Document transparency: Accountability is integral to board effectiveness in the public sector; for example, crown corporations must provide quarterly financial reports that Canada will make publicly available. Look for software that provides a transparent, easily accessible and searchable repository for documents, meeting minutes and decision outcomes to create a clear record of which director is responsible for which task.
Security and compliance of board management for crown corporations
Boards in all sectors must adhere to strict security and compliance requirements, but crown corporations are under particular scrutiny due to their government ties. Crown corporations can determine whether software can streamline regulatory compliance by:
- Leveraging software designed for crown corporations: Software specific to crown corporation boards will be equipped to meet the standards and regulations specific to this sector.
- Prioritizing security features: Board management software should be comprehensive, but security is particularly nonnegotiable. Crown corporations need features like role-based access control, data encryption and audit trails to keep sensitive information from being accessed by the wrong hands.
- Choosing a credible provider: A software provider not committed to security could introduce instances of noncompliance. Verify that your chosen provider follows rigorous security protocols and undergo regular security audits.
- Validating compliance: Ensure your chosen software complies with relevant data protection laws and regulations, including GDPR and PIPEDA.
- Ensure your chosen software is designed to comply with relevant data protection laws and regulations, including GDPR and PIPEDA.
The importance of seamless integration and systems compatibility
Even after identifying a secure solution, the next step is verifying how the software interacts with your current system. Crown corporations must operate in alignment with government policies and protocols, and software that disrupts those operations won’t meet the needs of the board or the many stakeholders it serves.
Consider:
- Existing systems: Look for software that seamlessly integrates with the systems you already use for document management, financial management, and HR.
- Integrations: Software that supports open standards and APIs for integrations with third-party applications will likely is likely to pair easily with other software your organization uses.
- Data import and export: Most crown corporations need data in various formats and contexts. Evaluate the software’s ability to import and export data when and how you need it.
- Access: Crises don’t wait for board meetings to arise. Board management software for crown corporations should offer a mobile app version and offline access so board members can collaborate from anywhere on any device.
Evaluating vendor reputation and support
Board management software becomes deeply entwined with your organization. As such, you must trust that the vendor has thoroughly vetted the product and can prove its success. Reputable vendors should demonstrate:
- A proven track record: Verify the vendor’s success in the industry. Look for mentions about them online and ask for strong customer references.
- Stability: A defunct vendor won’t provide the necessary support and updates. Consider the vendor’s financial stability to ensure they can support your corporation in perpetuity.
- Strong support: Even the best board management software can present adoption challenges. Assess the vendor’s customer support options and response times to ensure they meet your organization’s needs.
- Certifications: Strong vendors will have industry certifications that prove they comply with relevant standards. These certifications signal the vendor’s commitment to quality and security.
- Reviews and testimonials: Reading about past customers' experiences is an important step in confirming that the vendor’s products and services perform as advertised.
How to budget for board management software for crown corporations
Because crown corporations are government-funded, boards must find a solution that’s both robust and at a reasonable, defensible price. The software will also cost more than the subscription price, so it’s important to account for all possible expenses before purchasing. Some more hidden costs to look into are:
- Upfront fees versus ongoing costs: Some software has complex fee structures that leverage both an upfront fee, ongoing costs for different solutions, and recurring fees like licensing, maintenance, and implementation.
- Total cost of ownership: Most crown corporations will incur more than the software cost. Consider the expense of additional hardware or software to maintain your board management solution and the price of an adequate level of support.
- Cost-benefit analysis: Board management software for crown corporations does have a return on investment (ROI). To calculate it, evaluate the potential benefits and savings related to the software against the costs.
- Vendor negotiations: Don’t take the website pricing at value value. Consider negotiating with the vendor to get the best possible price, not only on the upfront fee but also on additional services or solutions you could benefit from.
Increase transparency, inclusivity and communication with the right board management software
Board management software for crown corporations is easy to come by. Holding out for the right technology, however, is worth the wait because it’s a single solution for public boards to operate more efficiently, handle sensitive information securely and interact with your community positively.
Diligent Community significantly enhances transparency, inclusivity, and communication in governance. It centralizes essential documents, schedules, and meeting details, making them readily accessible to all community members. Some notable features include live streaming and recording meetings with automated closed captions for the hearing-impaired, ensuring accessibility for individuals with diverse abilities. Additionally, it offers a public transparency website, a Livestreaming Manager for virtual meeting access, and options for community members to receive notifications and submit speaking requests. These functionalities promote open, accessible, and interactive governance, fostering trust and accountability.
Diligent Community is a next-generation board management solution that future-proofs crown corporation governance. With a security program based on rigorous standards, Diligent Community gives crown corporation boards clarity and confidence about their organization’s future without sacrificing security.
