The pain from the current economic crisis may last a while, but the regulations deployed to help prevent a recurrence will long outlive this panicky moment. As today’s Financial Post notes with a glowing review, Toronto-based BoardSuite is banking on it.
BoardSuite is described on its website as “a board level governance and compliance solution that was created to enable today’s board to confidently manage to outperform against the challenges of good governance and regulatory compliance.” Long story short, the online app helps businesses and organizations follow the sometimes Byzantine rules of business governance that could otherwise cause some serious legal and financial hurt.
BoardSuite was developed in the wake of the economic downturn brought on by terrorism and corporate malfeasance like the Enron scandal. This latest economic downturn, again seeming to be caused by poor regulator compliance of major banks and other financial institutions, will no doubt spur on even heavier rules. Since BoardSuite services are free to users (though not BoardSuite’s partners, service providers like insurance companies, it seems like an easy sell for a responsible board of any-sized business.
Seems like more higher-ups ought to have been using something like BoardSuite before the economy tanked. Ah, well We seem to be making progress, at least.