Deploying an Electronic Meeting Solution in your Bank

Transcription

1 February Webinar presents Deploying an Electronic Meeting Solution in your Bank Mike Griffith Meeting Solutions Consultant Gaye Connell Moderator

2 Deploying an Electronic Meeting Solution in your Bank An overview of the evolving trend of board content and packet dissemination via electronic means. Mike Griffith Meeting Solutions Consultant

3 Agenda Introduction of CalTech The Electronic Board Room Considerations for Board Packets Dissemination Methods Analysis of Common Methods Due Diligence and Risk Analysis What should I be doing?

4 Introduction Technology service provider established in 1988 Based in Texas with offices Certified Engineers throughout Texas Provide support and service for 80 financial institutions: Supplement internal IT departments Full support for banks without internal IT Services such as electronic board packet distribution Deploying Cloud-type service for banks since 2001 Firewall Monitoring Offsite Data Backup Web Hosted and web content filtering Partner with industry leaders to provide a full range of services

5 Importance of Board Packets Directors must keep themselves informed of the activities and condition of their institution and of the environment in which it operates. They should attend board and assigned committee meetings regularly, and should be careful to review closely all meeting materials, auditor s findings and recommendations, and supervisory communications. Reports should be provided far enough in advance of board meetings to allow for meaningful review. Management should be asked to respond to any questions raised by the reports. Pocket Guide for Directors FDIC Website

6 Considerations for Board Packets The three main areas that are considered are: Cost Ease of Use Security By default, most are going to look at these areas in this order but I would Recommend that you go in reverse order. As we will see, Security and Ease of use Will directly effect your cost considerations.

7 Security Security is not the absence of risk. It is the management of risk. As with any new technology you adopt you need to perform your Due Diligence. Policies If you can t enforce it, it is not a policy, it is a suggestion. Considerations: Where is data stored? Who has access to it? How much control does the bank have once it goes to the end user? What happens if the user loses their device?

8 Ease of Use Needs to be easily adaptable to a wide range of users Don t overcomplicate it by trying to have it do to much While it might be tempting to keep adding to the list of things you can use it for, try to maintain simplicity and logical application. Will the director and others accept/adapt it? If it is complicated or unstable they are going to reject it. Can they take it with them? Is it possible to access their information securely without connectivity What is required to access it? PC or Tablet, software/app, internet access

9 Cost When comparing cost, you need to look at more than just initial investment. Production materials Paper, Toner, Printer, Binding materials, PC/Tablet, License and Support fees Labor Man hours required to prepare, assemble, deliver and destroy IT and administrator support for the solution and users Opportunity cost of bank employees supporting this solution vs. 3 rd party solutions Delivery FedEx, Courier service, , encryption, connectivity Do it yourself not necessarily least expensive long term

10 Client Overview Board Packet Dissemination Methods Paper Packs The Traditional Method Requires lots of paper, toner and time PDF Documents via Encrypted Requires PC or Tablet, , PDF creation and reading software and encryption capabilities Web Portals Requires PC or Tablet, internet access, PDF creation and reading software, willing user Tablet Apps Requires Tablet (ipad recommended), initial internet access Others (PowerPoint, SharePoint, PDF s on ipad ) Requires A LOT of time for IT and support staff

11 PDF files via Encrypted Cost Production Licensing for encryption Software to produce PDF files Ease of Use Relatively portable Requires PC or Laptop Retrieval of encrypted s can be a cumbersome process Sorting through a 100+ page PDF can be challenging Security Not nearly as secure as most think Once encrypted file is open it can be saved to hard drive or printed Annotations or notes are made in a Word document or on a paper pad

12 Web Portals Cost Production Setup fee Recurring monthly fee Ease of Use Relatively portable Requires PC or Laptop Requires internet access for connectivity Sorting through a 100+ page PDF can be challenging Security Data located in secure data center Documents can likely be saved to hard drive or printed Notes and annotations

13 Cost Production Setup fee Recurring monthly fee ipad Apps Ease of Use ipad technology is very user friendly Likelihood of accidental file deletion, viruses, malware is very slim Documents can be downloaded securely and accessed offline 3G/4G connectivity allows greater accessibility Security Data located in secure data center App is self contained, information can only be accessed after login Documents and annotations cannot be transferred or printed Notes and Annotations are done within the app specific to the ipad and user A common misconception with these solutions is: my users cannot even use a computer, there is no way I will get them to use a tablet! Reality is the tablet is generally much easier for users, especially older ones, to adopt.

14 Data Centers in a Trusted Cloud The benefits of Cloud Scalability Easy Implementation Elastic Measured Cost Savings Green (more environmentally friendly) Offered through a provider that can: Satisfy compliance concerns Feature a physical environment you can put your hands on

15 Due diligence Customer references List of customers SAS-70 / SSAE-16 Risk Analysis Transparency Can you verify they have the infrastructure they say they do Can you see their financial records Where is your data stored? Limitation of liability How will you be compensated for loss or compromise? Is it substantial enough to impact the provider? Escrow Account in case they have financial issues

16 Risk Analysis Bank Policies It is only a policy if it can be enforced, otherwise it s a suggestion. Who controls the documents? Security of device used for access. PC (laptop or Desktop) vs. Tablet (ipad) Portability Ease of use not just can they use it but WILL they use it? What is the level of risk to your data with the method you select? Current infrastructure and staffing Will the chosen solution impact the performance of the currently installed network? Does your staff have the time and skillset to deploy and support the solution?

17 Technical Analysis Connectivity to location where files are stored Bandwidth Reliability Redundancy High Availability SLA s (Service Level Agreement) How are they measured? Response time and availability Penalties if not met Teeth of an SLA = Compensation paid for failure to meet

18 What should I be doing? 1. Analyze the different options Each solution will have benefits and drawbacks. Determine which of the methods will best fit into the culture or your bank. 2. Educate Yourself It is not necessarily what you know but who you know. You don t have to do it all yourself, take advantage of resources that are already there. Find out what works for others and determine how that fits into your environment. 3. Educate Others If you are the champion for this solution then a successful migration is likely going to be your responsibility. That success will be easier to obtain if everybody from the Chairman down knows what to expect and understands what the chosen solution means specifically to your bank.

19 Parting thoughts There are many benefits to migrating away from paper It is so much more than just cost savings. Analyze the options that are out there Compare the options to your specific needs and wants Determine the best method for YOUR bank There is no one perfect solution unfortunately Treat it like you treat any other technology decision Due Diligence and other Risk Analysis Technical Analysis

20 Questions & Answers If you have questions later please feel free to call or . Thank you for your time!

21 Thank you for attending! For more information: Mike Griffith Gaye Connell