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Goodbye Briefing Books: The Paperless Boardroom

Goodbye Briefing Books: The Paperless Boardroom. Thad Hutcheson Chief Technology Officer T Bank, NA – Dallas, TX. Dallas, TX 3 Years Old $150 Million in Assets $1 Billion in Trust Assets 2 Branch Locations 30 Employees. Quick Introduction To The Paperless Concept.

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Goodbye Briefing Books: The Paperless Boardroom

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  1. Goodbye Briefing Books:The Paperless Boardroom Thad Hutcheson Chief Technology Officer T Bank, NA – Dallas, TX

  2. Dallas, TX • 3 Years Old • $150 Million in Assets • $1 Billion in Trust Assets • 2 Branch Locations • 30 Employees

  3. Quick Introduction To ThePaperless Concept

  4. Paperless Banking Concept • No Filing Cabinets or Credenzas • No Filing Rooms • Paperless Files & Reporting • Electronic Signatures

  5. Paper "This is the age of silicon chips. So why is most of your company's information stored in a cardboard box?" -Laserfiche

  6. Paper • The average financial services organization: • Spends $25,000 to fill a 4-drawer file cabinet and $2,000 annually to maintain it • Loses 1 out of 20 office documents • Spends $250 recreating each lost document • Spends $20 on labor for filing each document • Spends $120 searching for every misfiled document • Source: Coopers & Lybrand study

  7. How much do your hardcopy files really cost? Some facts to consider: • The average company spends between 7-14% of its total costs on document processing in a paper environment • An estimated 7.4% of staff time is spent searching for documents • Average storage cost per page = $.014 per year • Storage requirements for hard copy documents DOUBLE every 3 years • The average company spends 280 hours annually per employee looking for lost documents • Due to a lack of solid disaster recovery planning, 70% of companies NEVER fully recover from a disaster Sources: American Records Management Association (ARMA), IDC

  8. What Is A Board Portal?

  9. Board Portals The Board portal provides the means to electronically support and streamline corporate governance administration and compliance processes. It allows the support of internal as well as third party compliance and electronic reporting processes.

  10. Board Portals The Board portal enables an organization to take control of its portfolio of interests and activities from the boardroom down. It is the platform for guiding and directing the organization, with time it represents an entire strategic knowledge repository. The portal provides the means for a board to participate in iterative strategic planning and decision-making processes reflecting contemporary governance practices and obligations.

  11. Passageways Board Portal Module Solution

  12. Board Portals:No Assembly Required(maybe a little) The Passageways Portal and Board Portal Module are taking directors of financial institutions online and into the virtual boardroom

  13. Board Portal Module Features • Scaled Down GUI and Interface • Paperless Report Viewing • Document Searching • Online Polling and Voting • Email Alerts • Printing/Saving Available • Surveys and Evaluations • Discussion Board • Upload Articles & Training Documents • Access Anywhere (No Speed Issues) • Secure & Encrypted Sessions • More Coming In PORTAL 4.0

  14. Director Benefits • Easy to use - simply requires the use a web-browser. • Secure and central “one stop shop” for all information and systems required to execute the duties and responsibilities of a company director. • A real time “bird’s eye view” of the organization. • Provides the platform to drive governance and corporate initiatives. • Provides the means for directors to accurately search for all board documents, decisions and data repositories. • Provides a secure and efficient means of receiving and reviewing confidential board materials.

  15. Director Benefits • Easy context relevant searching and locating of all board documents and decisions. • Outside Directors can specifically tailor the board and governance portal to gain access to market/industry and other sources of information to ensure independence of thought and information. • Includes resources, knowledge bases, skills and check lists for professional support and development. • Enables the self administration of personal details and communication preferences. 

  16. More Secure Standard procedure for most companies is to send advance copies of briefing books out to directors ahead of meetings. But advance books aren't sent until all of the information is compiled; with a portal, information can be posted as it becomes available, giving directors more time to study it. Corrections often have to be sent out to the directors after the advance books are shipped and sometimes whole new advance books are sent out if there are enough revisions to be made. With a portal, corrections can be posted immediately on the site, again getting the information out faster and saving the hassle and expense of production and shipping.

  17. More Secure Private portals provide greater security than other methods of staying in touch. E-mail is the most common means of electronic communication, but about 53% of companies use unencrypted e-mail to communicate with the board, according to a 2005 survey. Those e-mails,which may contain sensitive information, can potentially be intercepted. "If you don't give directors a secure way to communicate internally, it's going through their system and it's all over the place." - Nicole Silsby Sandford, partner in corporate governance services at Deloitte & Touche.

  18. Easy Time Saver Ease-of-delivery is one of the most obvious advantages. No printing, copying, no FedEx, and electronic delivery is totally secure. By far, the most precious commodity for directors is their time. Electronic delivery allows all the relevant information needed for routine decision-making to be delivered quickly, timely, and economically, in many cases freeing up time that can be used for having a dialogue on strategy and policy.

  19. Extranet Portal Examples • Director’s Portal • Paperless Loan Committee • Paperless Board Meetings • Training & Education • Auditors Review Portal • External Loan Reviews • External Compliance Reviews • External Financial Reviews • Participation Portal • Securely Post Packages For Other Banks • Minimize Duplication & Shipping Costs • Regulator’s Portal • Exam Review Externally • Customer Portal • Conveniently Post Material For Customers

  20. Our Results So Far… • 18 Directors • 50 Board Meetings • 50 Sub-Committee Meetings • 4000 Board Package Documents • 250 Loan Committee Meetings • 2800 Loan Packages • Dozens of Remote TPV Audits

  21. Live Demo https://portal.tbank.com

  22. Questions & Answers Thad Hutcheson T Bank, NA Chief Technology Officer thutcheson@tbank.com 972-720-9005

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