In recent weeks, the COVID-19 pandemic has changed many aspects of our society and emphasized the gravity of an updated business continuity plan (BCP). A clear BCP empowers your organization to operate smoothly and confidently in the wake of a crisis such as this, from natural disasters like pandemics or tornadoes to a manmade disaster like cyberattacks or sabotage.
Fortunately, you can simplify the process of revising your BCP even at a distance through a comfortable command of a secure board portal. Whether you have already taken the board out of the room and need to conduct business affairs from a distance, or you want to prepare for any eventuality, the following suggestions will help you further utilize your board portal and maintain stability in the event of unforeseen emergencies.
1. Conduct Teleconference Meetings
If you can’t go to the boardroom yourself, use your board portal to make it come to you. Using video and audio, you can conduct conferences as usual, with little to no deviation from your typical routines and standards.
Using features like teleconference and annotations for minutes, you and your fellow board members can conduct meetings and review them at your convenience. As a general rule, it’s a good idea for boards to practice video conferences at least once annually, so if they become a necessity, all board members are already prepared for a seamless transition.
2. Review Your Business Continuity Plan
Thanks to instantaneous document distribution and confidential methods for voting, a board portal empowers you to review or compose your organization’s BCP. Using calendars and the sharing of documents, boards can place their BCPs on the agenda annually to compose, review or modify it with ease.
3. Evaluate Your Emergency Fund
In the event of an unforeseen emergency, boards can also discuss their organization’s financials via teleconference or through a secure comments section. Establishing clear guidelines for an emergency rainy day fund to protect your organization can safeguard it from troubles that might arise in the future. Sharing documents and confidential voting can also provide forums for defining conditions under which the fund should be accessed and how much it should store.
4. Share Your Business Interruption Insurance Policies
To avoid misunderstandings of coverage, coverage amounts and exclusions of business interruption policies, each member of the board should receive a copy of the organization’s current policy or policies. Directors can consult these and discuss during a teleconference meeting.
5. Share and Update Your Remote Work Policy
Finally, you can use your board portal to discuss, update and distribute your organization’s remote work policy. Leveraged alongside a secure employee intranet, you can centralize communication and allow users to distribute resources across your business or financial institution. An effective and clear policy practiced and distributed throughout your organization boosts morale and empowers your board of directors and employees to continue working without missing a beat.
Used to its full potential, a secure board portal accelerates the revision process, ensuring your BCP is current and your organization is prepared in the event of a crisis. It also empowers you to take necessary actions during times like this when traveling to the boardroom isn’t feasible. Life is bound to throw the unexpected your way, but this tool can make planning easier.
Christy Rikel serves as CSI’s web solutions product manager.