Incorporating Technology in Corporate Secretarial Roles Will Benefit Your Company
Company secretaries are usually associated with ensuring regulatory compliance and maintaining corporate records. But the traditional way accomplishing these tasks have evolved throughout the years after incorporating technology in corporate secretarial works.
Reports have claimed that corporate secretaries are now maximizing technology to implement changes seen bringing efficiency to the company.
As a matter of fact, corporate secretaries are now being sought as advisers to the board of directors as they oversee corporate governance, especially in the area of information technology.
Implementing technology in corporate secretarial roles means that corporate secretaries are key officials in making the board of directors and the company understand the new systems in place. This, as they discuss the primary technology risks, strategies, protocols, and operating procedures.
Further discussion may be required for topics like data privacy, cybersecurity, and regulatory compliance.
What Are the Kinds of New Technology in Corporate Secretarial Work?
It is not a secret that emerging technologies can significantly impact the job of corporate secretaries. The impact of technology in corporate secretarial roles is this: company secretaries should now have the ability to gauge the firm strategies when using this innovation. Some of the examples are the following.
Board portals
This technology allows the company to adopt a paperless operation, effectively reducing the burden of corporate secretaries in taking minutes and filing documents. These tasks, including remote collaboration, can now be done more efficiently and safeguard.
With the corporate secretaries having less burden from doing these routine works, they can focus on other bigger responsibilities. These include risk management, corporate governance advisory, and regulatory compliance.
Artificial intelligence
Artificial intelligence has been a trend for quite some time now. So, it is not surprising if companies are using this technology to make their operations more efficient. Artificial intelligence can develop and program decision-making tools to help businesses come up with its next strategies.
Now, the question is: how does this affect the role of a corporate secretary? They are tasked with implementing company laws and practices to make sure that the artificial intelligence-powered tools are having proper oversight and operating according to ethics.
Blockchain
This technology allows the storage of digital information in a database. The “blocks” can store information about transactions like date, time, and amount; and the participants of the said undertaking.
The use of blockchain technology effectively minimizes the workload of the company secretaries in keeping the corporate records. It can be utilized as a database—accessible to all shareholders—of corporate documents.
Apart from this, this technology can also be used to manage shareholder information to ease the payment of dividend payments when the time comes.
Knowing the Risks
It is important to know the risks you are taking when you are incorporating technology in corporate secretarial roles. This is to help you prepare from potential setbacks and even prevent you from facing them in the first place.
Using new technology, while has its numerous benefits, can make your business vulnerable to cybersecurity threats. So, it is only imperative for companies to place safeguard measures to protect sensitive information such as customer, client, and even employee data.
The kinds and level of cybersecurity risks rest on the type of storage management system that your company has chosen. Databases could be uploaded in a public cloud, private cloud, and servers of the clients, among others. Cybersecurity risks will also be dependent on the level of the security system’s sophistication.
Remember, however, that there is no blanket strategy in dealing with cybersecurity risks and threats. You should be able to fully assess both the information technology and legal aspects of the matter. This means that you should also be well-versed in pertinent laws surrounding data protection and security, among others.
Achieving Success After Technological Change
What do you need to do to achieve success after incorporating technology in a corporate secretarial role? The answer, while obvious, is needed to be said anyways. As corporate secretary, you should be able to do all related jobs repetitively, making it a routine. Make sure that you are consistent because this can have a trickle-down effect on the whole company. You just have to be patient.
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