Western Independent Banker - November/December 2008 - (Page 41)

streamline corporate governance, administration and compliance processes. This technology allows us to support internal as well as third-party compliance and electronic reporting processes,” said Hutcheson. T Bank’s Hutcheson likes how easy it is to keep information current. “One of the most precious commodities for directors is their time. Electronic delivery allows all the relevant information needed for routine decision-making to be delivered quickly, timely, and economically, in many cases freeing up time that can be used for having a dialogue on strategy and policy.” Key Features for Successful Implementation Board portals need to have certain key features for successful implementation. The most important aspect is information security. Most board portal solutions provide multiple layers of security and increasingly banks are looking for multifactor authentication for access, although most banks have not implemented this security feature yet. Additionally, most board portal solutions allow you to restrict directors from saving the board packet locally or mandate password protection on the packet itself. This feature especially is required if directors are not using a corporate laptop, and this password protection is usually a good way to ensure that only your directors can open the board packet itself. Another highly valued aspect is a streamlined process for board packet creation. This creation process involves the executive secretary, legal counsel and an often an approval from the CEO. But the process of collecting all the pieces which make up the board packet is where a welldefined process saves many follow-ups. The process usually ends with a notification to the directors about “this month’s board packet is now available.” Every board portal solution should have a way to send notifications to the directors, usually via email or on their cell phones. The need to provide an archive of all historical board packets and minutes is handy from a record-keeping standpoint. This simplifies the on-boarding process for newer board members. These archives are also made available to the internal and external auditors for their review as required. WIB Service Corporation Is Reviewing Proposals for Endorsement of a Board Portal Board portal vendors provide an outsourced approach which replaces the costs of buying, integrating and maintaining specialized software with a single monthly fee. In return the vendor provides a “ready-to-go” service complete with 24/7 expert technical support and a high level of physical and electronic security. WIB Service Corporation is currently reviewing proposals from vendors to determine if a Board Portal Vendor will be added to our list of VIPs—WIB endorsed programs. Western Independent Banker 389254_iStream.indd 1 November/December 2008 41 8/5/08 8:10:17 AM http://www.istreamimaging.com

Table of Contents Feed for the Digital Edition of Western Independent Banker - November/December 2008

Western Independent Banker - November/December 2008 Contents A Message from the President & CEO A Practical Approach to Director Evaluations Director Assessment: New Standards for a High Performing Director The Best of the West: Traits of High Performing Banks Best Practices Checklist for the Audit Committee The Real Performance Metric: It Takes a Balance of Profitability and Growth to Be Successful The Role of the Board in a Credit Crisis A Bank Director's Obligation to Be Aware of Regulatory Change Benefits Tied to Performance Receive Higher Approval Rating by�Board Members Increasing Shareholder Value: Key Profitability Drivers Board Portals Streamline Efficiency for 21st Century WIB Service Corporation Report WIB Calendar Welcome New Members Index to Advertisers advertiser.com

Western Independent Banker - November/December 2008

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