The Cocoon Data solution for Board Communications
In recent decades, high profile corporate scandals involving questionable risk management or fraud have led to significantly more accountability and personal liability for board and committee members. Shareholders, investors and regulators, as well as customers and the general public, are less forgiving of poor diligence than ever before, and are quick to challenge decisions and hold boards to account.
Today’s boards and committees are more complex than ever before. They may consist of larger groups of individuals, geographically dispersed around the globe, and are subject to compliance requirements that dictate the distribution of board papers in-line with regulatory timeframes. The current business landscape sees issues arise that must be swiftly and effectively managed, and deal-making that occurs at breakneck speed. As such, board members must be ready for anything and poised to quickly share information, collaborate and make decisions.
Traditionally, board and committee processes have required significant quantities of paperwork and resource-intensive efforts to manage them. Many board directors still rely on this physical documentation, printing out materials and potentially not disposing of them in a compliant manner. The move towards digitisation of board and committee communications has the potential to eradicate these inefficient, expensive and risky approaches.
Whether it’s circulating agendas, board papers and minutes; recording directors’ annotations or notes in relation to key decision-making; or facilitating resolutions and consent processes, Cocoon Data’s SafeShare solution can help boards and committees conduct their business in a highly secure environment.
Designed with a focus on security, the Cocoon Data Data Security Platform’s core components include encryption, audit and access controls. Files can be accessed, modified and shared with dispersed groups, using software that is intuitive and easy-to-use for all members. Document watermarking and versioning allow the capture of details around decision-making and resolutions. This can be of potential evidential value during legal proceedings or if a director needs to prove they have fulfilled their obligations. Detailed reporting and audit capabilities allow compliance with strict board requirements for board papers and governance documentation. SafeShare is customisable, allowing boards and committees to work with their own rules and processes, as well as legal and regulatory responsibilities.