The other day I read an article about a Harvard Business School professor that advised his alumni to work hard and stay out of jail. At first one laughs about it, but it certainly became reality over recent years that the CxO level manager ended up in prison. In my personal career, as a certified software asset manager I have witnessed many companies paying a fortune to software vendors as the companies were not compliant to the software vendors terms and condition.
Now I run my own company and its hard to create an excellent product, its hard to market it, its hard to have companies compensate fairly for it. It doesn’t make sense to work hard and have other companies run away with the profits because of non-compliance, or accumulate fines from regulators. That is definitely not effective. Work hard and get fined, not! It is therefore that more and more companies are hiring Chief Compliance Officers, primarily responsible for overseeing and managing regulatory (mostly financial) compliance issues within an organization. Moreover a Wall Street Journal poll revealed that two thirds of investors express doubts in the ability of corporate boards of directors to provide effective oversight of compliance information.
Combining bits and pieces I started searching for a solution. The moove app that I am working on does not cover this area, I found BoardMaps. A straightforward, secure information solution for corporate board of directors to regulate and conform the information flow within the board meetings. By applying the rules of engagement of a board in the workflow of the BoardMaps solution a board meeting can only be held according to the predefined legalized rules of engagement.
A real super effective solution, to be able to work hard within the confines of the governing rules. Its like having a map of the meeting. If you do not go off-road you are compliant and can always proof you handled according to rules and regulations.