While most businesses have begun the transition to a digital corporate governance framework, the transformation has only just begun. Moving forward, corporate governance software will make the leap from being a tool that’s nice to have to a mission-critical resource.
The World of Corporate Governance
Corporate governance strategies are meant to bring order to the business environment. However, the governance maze gets denser as businesses grow and expand to new markets. And the truth is that organizational leaders like yourself are already pressed for time, leaving you little bandwidth to keep up with the latest regulatory changes.
The Corporate Transparency Act has added new layers of complexity to corporate governance. Among other stipulations, the CTA requires that your organization disclose beneficial ownership information (BOI) and identify the ultimate beneficial owner (UBO). Keeping up with the provisions of the CTA is essential for avoiding fines and other regulatory penalties.
The right software can bridge the gap by providing always-updated governance tools. With the right software in place, you can stay apprised of the latest changes, implement custom software rules to avoid oversights, and protect the integrity of your organization.
5 Ways Corporate Governance Tech Helps You Navigate the Changing Governance Landscape
Corporate governance software helps you adapt to emerging governance hurdles. Modern governance technology also provides a slew of benefits, including:
1. Instant Insights
When you are guiding your business to new opportunities, you need a clear view of what’s ahead. Things like real-time data, financial reports, shareholder information, and other other projections are all crucial. However, when you are relying on a mosaic of disjointed applications, all of this critical business data becomes siloed and difficult to access.
An integrated governance platform that communicates and exchanges data with your other business tools can provide a glimpse into the future. It allows you to access timely, relevant insights based on the latest data. These platforms translate massive amounts of data into actionable information you can actually use.
2. Better Transparency
Over the last several decades, regulators have been pushing to increase corporate transparency. The Corporate Transparency Act represents one of the most significant steps toward better corporate transparency, but it creates a whole new set of challenges for your business.
While being open and transparent is vital, you also need to keep your data organized so you can protect sensitive information. Software tools provide structure to all of your entity data so that you can present relevant information to auditors upon request. Leading corporate governance solutions also provide a holistic view of your organization and its entities so that you can proactively identify and address potential compliance headaches.
3. Seamless Communication
As your business evolves, it becomes increasingly difficult to disseminate information. This is particularly true if you are managing multiple entities. While most messages will get through on time, some will get lost in translation.
With the right platform at your disposal, you can eliminate communication barriers and ensure that every key piece of information is delivered on time. Tearing down communication barriers keeps everyone on the same page and eliminates friction between teams, departments, and entities.
4. Enhanced Security
Simplifying corporate governance requires you to consolidate your data, implement software integrations, and make the move to cloud-based tech. However, moving all of your data to one location makes it an easier target for bad actors.
Fortunately, modern corporate governance tech is equipped with the latest in cybersecurity tools. From firewalls to threat monitoring and end-to-end data encryption, leading governance platforms are designed to protect your data while also making it easier to manage.
5. Exceptional Scalability
The corporate governance landscape is in a state of constant change. You need a software platform that can keep pace. Old-school on-premise solutions are rigid and difficult to scale. As such, they often undermine your compliance and governance initiatives instead of supporting them.
Conversely, modern, cloud-based corporate governance platforms like Athennian offer virtually limitless scalability. Athennian is constantly evolving to keep pace with shifting corporate governance protocols. It can grow with your business, accommodate an unlimited number of entities, and empower you to seize new opportunities as they arise.
Ready to Simplify Governance? Start With the Right Software
Business entity and subsidiary governance technology is the foundation of effective corporate governance. Athennian’s modern, cloud-based platform provides:
- A single source of truth
- Collaboration and visibility
- Governance and compliance
- Process automation capabilities
Don’t let evolving regulatory frameworks like the Corporate Transparency Act put you in a compliance bind. Leverage the expertise, resources, and technology of Athennian to simplify governance and stay audit-ready. Book a demo with Athennian to learn more.
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