How to advance your credit union’s board governance processes…

...with a cloud-based document management system

Board governance has always been a top-of-mind issue for executives at credit unions. Today, however, it is more critical than ever to make sure that your new board members are formally and effectively onboarded, and your existing board members have access to key information using efficient and secure systems. A cloud-based document management system can help you achieve both objectives by providing the capabilities of giving secure, convenient access to sensitive, critical information to your board; working with them collaboratively in real time; and collecting signatures electronically for governance documents, among many other key functionalities as noted below.

Using a cloud-based document management system to onboard your credit union’s new board members.  Some of the key areas that you will want to cover with your new board members include their fiduciary responsibilities to act in the best interests of your credit union, especially when it comes to the confidentiality of sensitive information related to financial and personnel matters. Introducing your board to these requirements at the beginning of their tenure is key. Sharing these documents securely and efficiently is easy with a cloud-based document management system such as SmartVault, which meets the National Credit Union Association guidelines for data security.  

Using a secure document management system also gives you the ability offer access to financial records and other information at an individual level and monitor user activity and modifications to any files. This allows you to share financial records as well as sensitive governance information with the mutual confidence of your board members and your credit union. 

Keeping current board members abreast of credit union compliance and performance is efficient with the right document management solution. A central responsibility of credit union board members is keeping abreast of the financial performance of the institution as well as compliance requirements. In order to effectively and efficiently share this information remotely with board members, it’s essential to have a cloud-based document management system that can be accessed on-demand by board members remotely. It is key that the document management system you use has password protection and two-factor authentication. This will provide peace of mind when it comes to sharing sensitive information with external parties, including any providers of financial or legal information such as CPA and legal firms that your credit union may work with. 

In addition, the cloud-based document management solution that you use should also provide an easy way to store, secure and share information required during examinations or audits from external auditors or compliance reviews from the National Credit Union Association. 

Sharing loan and risk information also requires a secure and efficient cloud-based document management system. Another key area of credit union management by board members is the oversight of loan decisions and the risk level of your credit union’s total asset portfolio. Being able to provide access to loan documents, asset portfolio details and data related to these critical credit union functions is an important part of each board member’s responsibilities and should be managed with the use of secure, cloud-based document management tools. 

In addition, a comprehensive cloud-based document management system can help you organize, share and secure board documentation and meeting minutes beyond what a standard document system, email or a paper-based system can do—with the required levels of security and remote accessibility.

Creating solid and secure board governance processes promotes confidence in your credit union. A cloud-based document management solution can help you create a proactive process for onboarding your credit union’s new board members and managing essential board governance processes effectively and efficiently. By putting a systematic and secure system in place you can easily make new and current board members feel welcomed and confident in your institution’s abilities to manage compliance, financial information and other sensitive data while providing them with an efficient way to fulfill their board duties. A compliant, comprehensive document management system such as SmartVault provides the ideal foundation from which to create and continue your credit union’s board governance program.

Dania Buchanan

Dania Buchanan

Dania Buchanan is Head of SmartVault and has served in leadership roles since the company was founded in 2008. In her current role, Dania is responsible for the culture, vision ... Web: https://www.smartvault.com Details

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