How technology will shape the future of governance

The technology, processes and skills that today’s companies need are evolving as quickly as the business landscape. Organisations must be all at once more informed, more secure, more collaborative and more purpose-driven. Modern governance equips organisations with the tools and insights that enable business resilience – not only in times of vitality but also in times of volatility.

At Diligent’s recent Modern Governance Summit 2020, executives and legal and governance professionals from across the globe came together to share insights and best practices. Their discussions around the topics below create the blueprint for how to navigate governance beyond the pandemic.

1. Embracing the digitisation of governance

As businesses continue adapting to the changes necessitated by the pandemic, the digital transformation already in progress in many organisations has accelerated. To ensure resilience and continuity at the board level, governance processes and tools need to be part of that digital evolution.  

At the onset of COVID-19, the immediate priority for boards was to switch to virtual meetings. However, as time passes, more cyclical governance processes – including board evaluations, new director onboarding and strategic planning – must follow suit.

The transition to remote working was initially disruptive. Still, many organisations have since found that the adoption of digital governance tools brings considerable benefits, including streamlined administrative processes, increased director productivity and engagement, and reduced overall costs.

2. Communicating sensitive information more securely

Directors and senior management teams have never been busier, and the need for distributed teams to collaborate and share information has never been more urgent. The pandemic has revealed the limitations of legacy tools such as email, particularly when it comes to confidential information.

A well-documented increase in cybercrime, together with the unavoidable errors made by people working remotely in unfamiliar circumstances and over unsecure networks, has raised the risk of confidential information being compromised when it is shared through these conventional channels.

Consequently, boards and senior leadership teams are seeking more secure alternatives to email and file-sharing platforms. These solutions enable the sharing of confidential documents and conversations while ensuring sensitive information remains in a closed loop.

3. Preparing for the next crisis

The pandemic has tested company leadership, operations and processes as never before. At Modern Governance Summit 2020, attendees shared best practices and lessons learned as they adapted to meet this unprecedented moment.

For many organisations, the pandemic revealed governance and collaboration gaps that must be addressed before the next crisis strikes. Yet for companies with the right tools in place – such as Diligent Boards, Diligent Messenger and Secure File Sharing, Diligent Entities, and Diligent Governance Intel – boards, C-suites and governance teams remained connected, informed and secure even at the height of the crisis.

Managing challenges during and beyond the pandemic requires companies to be proactive, agile and informed. Organisations must build and/or maintain systems and processes that enable them to sustain governance continuity while thinking strategically about the future.

John Habib, Diligent

Diligent are our Headline sponsor for the Governance beyond the pandemic virtual summit.

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