PETALING JAYA, SELANGOR, 10 September 2019 – KPMG in Malaysia has developed a Digital Board Effectiveness Evaluation (BEE) Tool, featuring configured questionnaires, automated reporting and built-in checks customized to each company.
It is an effort by KPMG to revitalize the board evaluation process and elevate good corporate governance. The development of the Digital BEE Tool stems from KPMG’s explorations in leveraging technology to improve efficiency in conventional practices.
“KPMG recognizes that the proliferation of technology still offers plenty of opportunities to streamline and inject novelty to the board evaluation process. It is with that reasoning that we have taken the initiative to provide companies with a methodical and user-friendly platform to enrich the board evaluation exercise.”
said Kasturi Nathan, KPMG’s Head of Governance and Sustainability in Malaysia.
KPMG noted that over 80 percent of Large Companies in Malaysia has conducted externally facilitated board evaluations or have put in place crystallized plans to undertake one in the forthcoming years.
Companies that have optimized the board evaluation process are often well-placed to bring about systemic changes, leading to tangible governance and organizational outcomes. It’s to this end that KPMG’s Digital BEE Tool aims to bring.
To empower boards to govern effectively, this tool incorporates the following value-added features:
- Data analytics – Score dashboard, trend analysis and repository benchmarking
- Built-in checks – Detection of anomalies, mandatory fields and minimum response time
- Customized questionnaires – Tailored questions based on first-hand boardroom and industry insights
- Automated reporting – Thematic write-ups based on responses gathered
- User-friendly interface – Personalized features, status progress indicator and export functionalities
Eventually, the tool aims to tackle the problem that may be present in conventional board evaluation exercise such as laborious manual tasks and elongated completion time, the propensity of human errors as well as lack of insights generated.
It can also serve to seamlessly tabulate results, surface insights from the responses gathered as well as generate visual aids and customized reports to help boards analyze and interpret the findings.
Therefore, the tool can be deployed for an in-house board evaluation or augmented with advisory services by KPMG practices to facilitate an external evaluation.