Following the updated SEBI (Prohibition of Insider Trading)Regulation, 2015, all registered companies must maintain a centralized and secure digital database of all the insider meetings and the UPSI shared among the members. Consequently, several paperless board meeting tools have been developed to help streamline this process of data privacy, sharing, and storage.
However, your requirements from this software can vary based on your industry domain, size, and services. So choosing the right paperless board meeting software is more crucial for the flawless and compliant functioning of your organization.
Here are some essential questions your board team can seek answers for when hunting for the best paperless board meeting software for your company.
The whole point of enforcing a paperless board meeting software is maintaining a record of the UPSI being shared. Hence, ensuring the security of all the data shared during every meeting is of paramount importance. Apart from the standard credential-based access and encryptions, know what additional security measures are integrated into the software.
No digital security is flawless, but having multi-layered security options reassures your dedication towards ethical governance. You can check if the software utilizes the top 10 OWASP recommendations, or is there a provision to remotely delete all UPSI from a lost device. Also, ensure that all security features are practical, logical, and functional w.r.t. your industry workflow.
Since your entire board team and some downward officials will have to create, edit, and manage common documents among the board, you must make sure the paperless board meeting software you choose allows seamless handling of critical documents.
The most basic document management features you should look for are real-time collaboration during meetings, privileged access to specific documents, approval task notifications, page bookmarking, document summaries, commenting or voting on specific sections of a document, etc.
Unless your paperless board meeting software offers effective governance and compliance support, it is no better than any meeting management tool. Some specific features in this area would include sharing and tracking meeting agendas, generating Actions Taken Reports (ATRs), legal compliance tracking, etc.
Another helpful feature can be eSignatures or digital signatures, which allows a board member to sign documents remotely, thereby reducing the processing time. It is best to opt for a system that generates and shares timely statistical reports for the board to track their work progress.
Sophisticated data management is one thing, but when the size of data is gargantuan, quick access functionalities become a deciding factor. Here are a few features that are necessary for your team to quickly locate and share data as and when required:
Once you have all the essential functions verified, you can narrow down the remaining applications list on the best paperless board meeting software with relevant handy features. You must also test if these added features are practically useful for your team. Some of them can be:
It can be difficult to find all these features and functionalities in a single app, which is why Axar Digital came up with a unique concept. Their ‘BoardEye’ software is fully equipped to track and flag compliance issues w.r.t. SEBI regulations while offering new and improved meeting management features to simplify your routine organizational tasks. These features are best experienced when used directly, and you can do so by requesting a free demo implementation of BoardEye for your company.