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Company Secretaries need to make the move to Digital and Automation

AI, cloud computing and machine learning is available to organisations  – but it still takes an enormous amount of organisational change, motivation, authority and desire to make it happen.

Who does an organisation go to to help with this digital transformation. 

I believe this is the hottest space in consulting over the next 10-15 years – and if you can nail this….. you as a consultant will be set! 

Below is an article by Andrew Bursill of the  Automic Group on how they are helping Company Secratries “digitally transform”

Cloud computing, e-signatures, block chain, advanced artificial intelligence … there’s no denying technology has changed the way many of us work. Yet, despite the rise and rise of technology and automation solutions, company secretaries are still feeling the burden of manual tasks, many of which are being carried out the same way they were 20 years ago.

According to market research carried out by Automic Group, 72 per cent of company secretaries in Australia feel overwhelmed by the administrative tasks attached to their role. And given today’s strict guidelines and growing emphasis on governance and compliance, the role of the company secretary is now busier and more complex than ever before.

Preparation of ASX forms, manual calculations for share placement capacity, and Board approvals for circular resolutions are among the tasks that cause company secretaries most frustration, according to the research. They are not only stressed by the time it takes to complete these manual processes, but also the inaccuracies that commonly occur due to the manual data entry, and the additional work involved in correcting issues.

Despite these being long-standing pain points for company secretaries, the industry seems to have missed out on the automation technology so many other sectors have been enjoying for years. While broader business software and tools like e-signatures have helped, there has never been a solution purpose-built for company secretaries of ASX-listed entities. And it was this gap that Automic Group set out to fill. 

‘We made it our mission to revolutionise the way company secretaries work,’ explained Paul Williams, Managing Director of Automic Group explained. ‘As a business we are committed to delivering technology-focused, customer-centric software and it just made sense to open up the benefits of technology to company secretaries.’

‘We set out to alleviate the manual workload and improve efficiency and compliance. Drawing on the knowledge and expertise of experienced company secretaries and an innovative technology team, we developed the CoSecPRO platform.’

CoSecPRO has been specifically designed to address the pain points Company Secretaries face and automate the way tasks are carried out.

Key functionalities include:

  • automation of Securities placement calculation (7.1 and 7.1A) utilising existing registry data
  • automation of Appendix 3B (and future replacements) in a form that can be uploaded to the ASX market announcements platform
  • director Management which includes onboarding, trading, resignation workflow automation and production of Appendix 3X, 3Y, 3Z and Form 484
  • end to end circular resolutions management, including e-sign functionality for Directors integrates with existing Board Management software solutions
  • standalone solution offering board management capabilities such as board meeting workflows, agenda management, prioritising action items and minute taking.

The introduction of the platform is an exciting step in the right direction for the governance industry. Company secretaries are currently overwhelmed with responsibilities and the pace of business is not slowing down. As it continues to evolve and grow, automation technologies such as CoSecPRO need to be embraced to ensure greater accuracy, compliance and efficiency into the future.

To find out more about CoSecPRO, visit cosecpro.com.au to register your details.
Posted on March 8, 2019

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