This article originally appeared in our August 14 edition of the Diligent Minute Newsletter. For more insights like these, delivered straight to your inbox, subscribe

Transaction activity (acquisitions, funding rounds, and IPOs) may be lower on many corporate priority lists right now, as market slowdowns, policy uncertainty, and trade whiplash continue. M&A announcements recently 

That’s why Diligent is currently collecting insights from boards and executives about what’s working (and what’s not) when it comes to transaction readiness. If your organization has recently completed or is planning for a transaction, we encourage you to participate in our ongoing 

in collaboration with Wilson Sonsini, NetSuite, the CFO Leadership Council, and the CFO Alliance.

Despite recent turbulence, however, research from our 

 conducted with Corporate Board Member shows 76% of public company directors still see growth as the year’s top priority, and nearly 40% specifically cite M&A as a key agenda item for their boards, with smaller companies most likely to lean in as deals return.

Deals aren’t off the table; they may just be harder to attract. And that makes them even more valuable.That means getting your governance house in order should be a top priority, so you won't miss out when opportunity knocks.

 published by Diligent, dives into transaction preparedness and emphasized a key point worth repeating:Investors, regulators and the leadership teams putting a deal together today demand governance that’s fast, transparent and ready for anything.

Here are a few things to keep in mind for achieving this goal:

“We’ll tackle it when it happens” is no longer a viable strategy for transaction preparation.

When reporting is rushed, or due diligence not given its due, errors happen. Outdated information finds its way into documents, and important details fall through the cracks, impeding decisions, impacting valuations and even stalling deals entirely.

This last-minute scramble goes away when companies integrate transaction-ready governance into everyday operations. Compliance processes and audit reporting are robust. Board composition is strong. And the business itself is positioned to strike — successfully — when opportunity arises.

Getting your house in order requires the right tools

Transaction readiness also demands the right technology and processes. For example, think about all of the activities a merger or acquisition entails. Effective execution requires clean entity records, organized due diligence documentation and accurate, transparent audit trails that track progress as it happens.

Kristy Grant-Hart, Head of Advisory Services at Diligent, spoke from recent experience navigating Spark Compliance’s acquisition: “The pace and complexity of today’s deals is incredible. There is so much data and information to obtain in such a short time. Having connected, secure systems, and being ready for due diligence was absolutely critical in getting through the process smoothly. Unified collaboration across systems, data, and people is the key to success.”

Now is the time to bring such capabilities on board. Integrated reporting, AI-driven workflows, secure document management — they are all essential to minimizing risk and building investor trust.

Transaction readiness signals credibility and gives your company the edge when it counts.

PE and VC firms are understandably selective right now. They want to see clean financial reporting and clear governance structures, proactive risk management and agile, scalable systems. They want to invest in nimble, resilient companies who demonstrate progress against their objectives and deliver long-term value.

Disciplined transaction readiness gives them confidence.

What does this mean for your ongoing operations? For starters, benchmarking, due diligence reviews and scenario planning are more than rote compliance exercises. They’re strategies that sharpen your competitive edge.

Moreover, disciplined governance not only attracts more opportunities but also increases the likelihood of faster, smoother transactions and successful integration post-close.

As we have highlighted, while the IPO market remains cautious, it is far from closed. Meanwhile, the M&A pipeline is poised to accelerate as private equity firms seek exits and strategic buyers pursue growth.

The companies that embed transaction readiness into their culture today will be best positioned to act decisively and gain a competitive edge when the market shifts.

Want regular access to original research in the field of GRC? Bookmark our 

 for the latest surveys, podcasts and reports.

Preparing your team, tech and tactics for deals on the horizon 

Risk management is central to the mission of public boards and councils. Charged with upholding the public trust, these bodies must continuously anticipate, respond to, and mitigate threats. From cybersecurity threats to economic shifts, public entities must be ready not only for the risks they expect, but also for those they haven’t imagined.


As Chad Bledsoe, President of Montgomery Community College, puts it: “Ultimately, the board has the responsibility of ensuring that the institution is meeting its mission. And that can't be done if there's not adequate oversight of financial resources of the risk that we all take on whenever we talk about providing services, equipment, training, employing teachers, all of that area.”

Why risk management matters for public entities

Local and regional governments in the US had collective expenditures of $2.5 trillion in 2022. That scale of responsibility creates a tempting target for both cybercriminals and opportunists. Boards and councils must not only protect vital resources but earn — and maintain — the trust of their communities.

One of the fastest-evolving threats is cybercrime. Cities and school districts, for example, have emerged as prime targets. In 2024, a ransomware attack in Columbus, Ohio, compromised the data of 500,000 people. And as “Ransomware as a Service” models proliferate, attackers are becoming more specialized and sophisticated.

Eight key risk areas for public boards and councils

Clear, proactive governance requires an understanding of the wide array of risks facing public entities today. The most common risk categories include:

Federal policy changes impacting funding and regulations

Financial challenges: rising costs and fraud

Margaret Corbett, Deputy City Clerk, City of Niagara Falls, Ontario, suggests linking risk and harm, “From a financial standpoint, it's linking those concepts: How are we mitigating the potential harm if we're not acting in a responsible manner? We must ensure that we're working together to support each other appropriately for the overall benefit of the citizens here in the city.”

You can also download the infographic in pdf format

How can public-facing boards mitigate these risks? Consider implementing practical, repeatable steps such as:

Offering risk education for board and council members

Reviewing key areas of risk and their potential impact

Including risk updates in every meeting agenda

Securing digital resources with managed access

Bolstering transparency with their communities

As Scott Bridgen, General Manager, Audit and Risk Division at Diligent, explains:

“If we can demonstrate as organizations that we are allocating funds in the correct way, that we are gaining that trust and, more importantly, delivering and executing on the objectives and outcomes, it's easier to justify additional spend and conversations. At the end of the period... it makes having those conversations much easier going into the next financial year.”

No council or board needs to tackle risk alone. Trusted resources include:

How governance technology supports risk oversight

Secure, modern governance technology plays a growing role in helping public bodies manage risk and drive transparency. With solutions like Diligent Community, entities benefit from:

256-bit AES encryption — meeting FIPS 140-2 standards for data protection

Permission-based access to critical information

Integrated video conferencing and public website for true transparency

A secure, central document library for important reports and records

Access (for Diligent Community users on the Diligent One Platform) to tools like Diligent AI Risk Essentials, powering AI benchmarking and education resources

A well-trained board can be the difference your district needs. Here are more resources to support and upskill your board:

Staying on top of finances and risk: Practical tips for

 is full of expert advice and practical tips from seasoned professionals.

The 5 essentials of financial oversight: A cheat sheet for public sector leaders

 is packed with actionable tips and strategies to guide you in streamlining board operations and fostering strong alignment.

 Smart oversight: Proactive budget risk defense for school districts & local government

 for an informative panel discussion about financial and risk oversight.

, part of the Diligent One Platform, is a robust digital solution that ensures that board members have access to the information they need, anytime, anywhere. It also helps boards remain compliant with laws and regulations, while improving engagement and alignment. 

Talk to one of our governance specialists

 today to find out how we can help your public board with risk management.

Managing risk: An infographic and guide for public leaders

Leadership in the boardroom is a multifaceted journey that requires a blend of diverse experiences, proactive engagement, and strategic preparation. At the Next Gen Board Leaders Summit, seasoned board chairs including Alicia Syrett, Founder of Madam Chair, provide valuable insights on what it takes to lead a board effectively and create a strong boardroom culture.

The ​​p​​ath to ​​b​​oard ​​l​​eadership

​​Board​ chairs typically reach their positions through a combination of executive experience, committee work, and active involvement in board matters.​There​’s no set formula, but d​​iverse backgrounds and a ​​bias for action​​​ a​re essential. Continuous learning, such as seeking out mentors and familiarizing oneself with board and committee responsibilities, can help build the necessary skills and credibility. ​That said, ​​i​t's also crucial ​for aspiring chairs ​to be realistic about the time commitment required for the role.

Resources and ​​p​​ractices for ​​e​​ffective board chairs

To excel in the chair role, familiarity with key resources like 'Robert’s Rules of Order' and practical articles like 'How to be a Good Chair' can provide a solid foundation. ​Bu​t it’s the consistent habits that matter most. ​​Strategic use of the agenda, starting meetings with ​​planning​ and forward-looking topics​, and conducting pre-meeting calls with directors can ​clarify priorities and ​foster alignment. Engaging directly with shareholders and proxy advisors is vital for anticipating issues and building trust. Regular communication with the CEO and fellow directors, as well as ​​creating​​ an environment where directors feel comfortable raising ​​tough questions and dissenting views​​ is also crucial.

: ​​A good​​ board chair ​​acts as​​ the 'conductor of the orchestra,' responsible for ensuring the board operates cohesively.

: Effective chairs take their responsibilities seriously, benchmark against other boards, and ​​seek​​ regular ​​feedback from​​ the CEO and fellow directors.

​​​Making the most of​​ meeting time

: By prioritizing strategic planning​, sharp agendas, and candid discussion,​ the chair can ​drive more meaningful outcomes ​​​​​​​in​​ limited meeting time.

​​M​aintaining a ​​s​​trong ​​b​​oardroom ​​c​​ulture

​​​Culture starts with the chair – and a​​ robust boardroom culture is essential for the board's effectiveness. Regular assessments, ideally conducted by third parties to gather unfiltered feedback, are critical. The chair should act on this feedback and​​ actively reinforce high expectations for board conduct and performance​​. By identifying and ​​actively drawing out​​​​​​ the strengths of each board member, the chair can ensure that the board remains a dynamic and effective decision-making body.

In summary, effective board leadership ​requires more than experience ​– it calls for ​​​​preparation, ​​intentionality, ​​and a commitment to fostering a strong, cohesive boardroom culture. By following the insights shared by experienced chairs, aspiring leaders can better navigate the complexities of board leadership and contribute to the success of their organizations.

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Preparing your team, tech and tactics for deals on the horizon

Managing risk: An infographic and guide for public leaders

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