The Key to Aligning Your Board: Secure Document Management

For credit unions, having a unified board of directors is critical for upholding their cooperative principles and fulfilling their commitment to members. But facilitating clear communication and document sharing between executives and the board is often easier said than done.

Too many credit unions still rely on unsecured methods like email to distribute board materials and facilitate approvals. This poses major risks like data breaches, version control issues, and lack of visibility into who accessed what information and when.

At the same time, board members themselves increasingly expect the same modern, user-friendly technology experiences in their roles that they enjoy as consumers. They want secure anytime cloud access, easy document collaboration capabilities, and seamless electronic signatures.

The consequences of not evolving can be severe – strategic misalignment, poor governance, missed opportunities, and erosion of member trust. So how can credit union leadership get everyone on the same page?

The Modern Solution: A Secure Document Management System

By implementing a secure document management system (DMS) built for today’s cybersecurity landscape and mobile workforce expectations, credit unions can finally have a “single source of truth” for facilitating board communications and keeping everyone aligned.

A cloud-based DMS acts as a centralized, access-controlled repository for storing and sharing all board materials, from meeting notes and strategy documents to financial statements and policies. No more endless email chains, lugging around thumb drives, or calling around to see who has the latest file version.

Advanced security capabilities like granular access permissions, data encryption, secure cloud storage, and detailed audit trails ensure information governance and protect against data breaches. Intuitive user experiences make it easy for board members and executives to access, edit, and sign documents seamlessly across devices.

This level of secure transparency, combined with automated version control and real-time updates, means everyone operates from the same information and can efficiently collaborate without compromising security or a clear chain of custody over files.

A DMS Delivers Strategic Advantages

By implementing a modern DMS tailored for the needs of boards and leadership teams, proactive credit unions can realize valuable strategic advantages, including:

• Tighter executive-board alignment on organizational priorities, strategic initiatives, and vision for serving members
• Stronger corporate governance, ethical oversight, and regulatory compliance practices
• Improved speed and efficiency of decision-making processes backed by seamless access to the latest information
• Enhanced data security, information governance, and protection against cybersecurity risks

Ultimately, having this secure, transparent, and collaborative environment allows credit union boards to uphold their vital responsibility – providing active governance and clear strategic direction for management to execute on.

SmartVault is a secure document management system that helps credit unions embrace productive modern collaboration and maintain robust security and control over information. To see it in action, schedule a demo with us today.