Four Preventable Organizational Compliance Risks

Ensuring compliance on an organizational level can seem like a monumental undertaking. There are countless regulations, policies, and threats to consider when discussing an organization’s compliance. We have compiled a list of common factors that can lead to non-compliance within organizations and identified ways to prevent them.

1. Unsecure Document Collaboration

Collaborating on documents can be frustrating when managing versions as a team. The back-and-forth emailing of documents increases the risk of storing incorrect versions and compromises the protection of intellectual property or sensitive data. By managing document versions on one secure platform the revision process is faster and safer.

Govenda’s board management software is Microsoft-enabled which provides synchronous, in-browser editing without non-trustworthy plug-ins or risking data protection through email collaboration.  Also, the ability to assign agenda tasks with permissions and instant updating without having to sync ensures everyone’s on the same page.

2. Communication Through Vulnerable Systems

Communication of sensitive information through unsecured communication methods compromises compliance requirements and risks data leaks.  

Govenda has created a centralized and secure place for boards to safely communicate without impeding their productivity or connection. With direct messaging and secure discussions, Govenda promotes communication policy compliance within your organization and breaks down silos.

3. Disorganized Audit Trails

Working in a digital environment and managing paperless processes, is commonplace and applies to audits. Digital audit teams must retain electronic documentation of events such as signatures, votes, meetings, etc. The auditing process verifies the data has been retained, hasn’t been modified, and is accessible within the organization’s system. 

Board management software like Govenda's solution helps audit teams document the audit trail. Using Govenda allows organizations to record necessary document signatures, and votes within the platform and removes the risk of misplacing elements of the paper audit trail.  

4.  Compromised Data Protection

Data protection is an ever-present topic of conversation for organizations of all sizes and can have serious business implications. A Cisco data privacy benchmark survey report reveals that 94% of organizations say their customers won’t buy from them if data is not properly protected.  The report also states that 98% of organizations report their data privacy metrics to their board of directors. The stakes are for companies to provide trustworthy data privacy and any mistakes can hurt their reputations and revenue. 

As threats to data security evolve, boards must ensure their companies have robust data security policies that are up-to-date.  Failure to establish a robust data security policy can result in government regulators’ attention and even lawsuits related to data security.  

Does your organization’s cybersecurity agreement need updating? Check out this guide for the top five things to include! 

In Conclusion

Mitigating compliance risks is easier on a board management software platform. Govenda provides a secure and centralized platform for boards to collaborate, manage document versions, and communicate with ease. Improve board governance to ensure compliance and enhance decision-making.

Start a conversation today to see how Govenda board portal software can help your organization move towards more seamless compliance management.