diflucan good for sinus infection

Compliance Officers – Don’t Get Social Without These 5 Tools

complianceofficers_blog

The life of a compliance officer can be stressful, particularly when regulated industries make the foray into  social media. Not only are there are mine fields of regulations to maneuver – your company runs the risk of employees going rogue or accidentally mixing personal and business accounts. One wrong move, and it’s Fine City, population YOUR BANK. What’s a compliance officer to do?

Reduce the risk by having a few tools in place before taking the Twittersphere by storm.

 

Social Media Policy

Define your company’s policy on social media for business and personal use. There is no such thing as too much detail when it comes to your policy. Are employees allowed to use social media at work? If they do, will that activity be monitored? Are there certain things they can or cannot say in regard to the company? What about digital devices? Are employees allowed to use social media for business on personal devices like smart phones, laptops, and tablets? What are the consequences if there is a policy violation? When it comes to social media policies, definitely sweat the small stuff.

After the social media policy is complete, distribute it to the company with a signature page. By signing, employees are agreeing to the policy, and acknowledging that they have read and understood the terms. It may be helpful to offer employee training to discuss the policy so that employees are clear on the processes.


 

Secure Social Media Management Tool

smtool
Part of any risk management program should include the ability to monitor and archive electronic communications, including social media, for brand mentions and negative feedback. There should also be an approval process for compliance officers to review posts before they go live to social networks. GREMLN Social Guardian combines secure social media management with a compliance safety net that allows compliance officers oversight of social media activities.


 

Response Guidelines

Nobody wants to be the topic of those cringe-worthy headlines showcasing social media fails. But, if the unthinkable happens, have a process in place to deal with it quickly and efficiently. This can be part of your social media policy, but it is important enough to be a separate document. Define the chain of command – who will deal with the crisis, and at what stage? What will the response be? If the problem escalates, who is next in line to handle it? Will the response be public? Like any other emergency, the key to effectively handling a social media crisis is preparation.


 

Social Media Team

teamC-level executives, this one’s for you. Before you dismiss the business value of hiring a social media team, you should first consider the business value of NOT hiring a social media team. One rogue tweet could potentially cost your company hundreds of thousands of dollars in fines – maybe even your job. So, let’s put this to rest once and for all – yes, you need to hire a social media team! This is not a job for an intern, or your nephew who is looking for work on summer break. Social media management is a delicate balance of content, strategy, data analysis, and a healthy dose of common sense. These folks will not only need to understand marketing, but also compliance, lead generation, and sales. Include compliance officers as part of the hiring process, as the two departments will need to work closely together.


 

Employee Training

One of the most effective tools a compliance officer can use is education. Part of your risk management process should include employee training on the social networks your company has approved for business use; the social media management tool of your choice; and a review of your social media policy and response guidelines. Offer regular refresher courses to stay up to date on social network changes and best practices.


 

Social media doesn’t have to be a headache for compliance officers if approached strategically. Define your company policy on social media use, employ a tool for archiving and oversight, hire the right people – and train them. Customers are using social to research brands more than ever, including financial services. Put these tools in place to manage the risk, and do social media with confidence!

 

Ready to see GREMLN Social Guardian Compliance Tools in action? Schedule a Demo!

 

Read More Articles Like This

 

Hiring Your Social Media Dream Team, Part 1 – Getting Organized

Hiring Your Social Media Dream Team – Part 2: Define Team Positions

Hiring Your Social Media Dream Team, Part 3: Team Workflow

 

IIROC Guidance On Social Media Communications

iiroc_blog What a difference a decade makes when finance meets technology. Notice MR0281, originally issued by the Investment Industry Regulatory Organization of Canada (IIROC) in 2004, provided guidance for securities dealers on the nature of communications materials, including advertising and correspondence with clients. But that’s not all – IIROC Rule 29.7 (supplemented by IIROC Notice 11-0349) requires firms to produce proof of these materials during regulatory audits. (more…)

OSFI Cyber Security Self-Assessment Guidance – Is Your Bank At Risk?

osfi_blog

In February 2011, the Canadian government was attacked by foreign hackers using IP addresses from China. The hackers infiltrated Defense Research and Development Canada, a move that forced the Finance Department and Treasury Board to shut down internet access – but not before the hackers accessed highly classified federal information. While we may cheer the lovable anti-hero hackers in the movies, cyber attacks on the financial industry pose real-world threats. With that in mind, the OSFI (Office of the Superintendent of Financial institutions) released the Cyber Security Self-Assessment Guidance for federally regulated financial institutions (FRFI’s) in November, 2013. (more…)

FFIEC FAQ: What Social Media Guidance Means for Financial Services

ffiec_blog
By now it’s no secret that financial services companies need to adhere to FFIEC guidance regarding social media use. GREMLN customers are not only looking for social media compliance tools, but also guidance on how the tools specifically address their compliance needs. Here we’ve broken down the FFIEC rules into frequently asked questions, and shed some light how the rules apply to your social media and risk management programs.

(more…)

Social Listening – How to Learn from Your Customers with Social Media

sociallistening_blog
Social media is a great place for businesses to learn what customers want, what competitors are up to, and keep a pulse on current industry climate. Companies big and small are turning to social listening to garner important information previously left to customer surveys and focus groups. But with Twitter, Facebook, and LinkedIn (just to name a few of the many social networks you might be using), it can be hard to keep track of what’s being said where, let alone keep up.
(more…)

Twitter Updates: What You Need to Know

blog_twitterupdates

Over the past few months, Twitter has added some new features to help stay current with the ever-changing social media landscape.  While you can still count on a fast-paced sharing environment (and yes, you’re still limited to 140 characters per Tweet), the changes are showing that Twitter is willing to adapt to keep its users engaged.


Instant Timeline

In an effort to help new users find people to follow, Twitter released “Instant Timeline.” This feature shows newer users popular and news-worthy Tweets from celebrities and power users. These Tweets are not necessarily from people you follow, but are presented to you to help familiarize newbies with Twitter users they may not yet know how to find on their own. With more than 288 million monthly active users, it can be quite difficult to sift through the 500 million Tweets posted per day without some knowledge or assistance. For newer users, this can be overwhelming – and Instant Timeline is Twitter’s attempt to help find your way through the noise.


Group Direct Messages

Twitter recently allowed for the ability to expand Direct Messages to multiple people. You can now add up to 20 Twitter users in a Direct Message, allowing for private Twitter conversations. You can include images, emoji, links, and text in Direct Messages. Users will get a notification that they have been included in the conversation.


Twitter Video

You can now capture, edit, and share video directly from Twitter’s mobile app – making it possible for users to share video content from their phones, without having to leave the Twitter app! You can add video to your conversations, show in real-time what’s happening where you are, and don’t have to rely on other apps and links to share the video you want with your audience.


Algorithm Changes Bring “While You Were Away” to News Feed

Twitter’s feed algorithm has been pretty static since the inception of the microblogging platform 8 years ago. Previously when you logged in Twitter displayed the reverse-chronological posts from every person followed.  Recently, the social network has opted to filter the content so that users will be met with some of the most “popular” Tweets that have posted since they last logged in.


Twitter & Google Partnership

In February, Twitter confirmed that it would be partnering up with Google, though the particulars of the arrangement are not yet known. Bloomberg reported that Twitter would be sharing its “firehose” stream of tweets with Google, meaning that the 500 million messages that are sent each day could become instantly searchable.


 

What do you think of these changes? Will they change the way you use Twitter? We would love to hear from our audience about how YOU use Twitter! Send us a tweet @GREMLN, and let us know what you think!

Facebook Changes You Need to Know

fbupdates_blog

It seems like Facebook is constantly changing, whether it’s making tiny updates to the privacy settings, or dramatic algorithm adjustments affecting how Pages reach their audiences. Little or big, these changes all add up – and they’ve made Facebook a very different place for companies to promote their businesses. Creative content and savvy customer service that used to help companies connect with their audience members now takes a backseat to paid advertisements. (more…)

The Loan Officer’s Guide to Social Media Strategy, Part 3: Tips for Twitter

LO_twitter_blog

In the first two installments of this series, we guided you through using LinkedIn and Facebook to grow and nurture your network as a loan originator (LO). Next we’ll talk about Twitter, and how you might tweet your way to closed deals in 140 characters or less. (more…)

The Loan Officer’s Guide to Social Media Strategy, Part 2: Turn Likes Into Loans

LO_fb_blog

Last week, we discussed the importance of social media use for loan officers to grow and nurture their networks. We also introduced you to LinkedIn, taught you how to set up your account, introduced features to help grow your network, and advised on the do’s and don’ts of LinkedIn etiquette. Today, we are turning to Facebook. (more…)

The Loan Officer’s Guide to Social Media Strategy, Part 1: Start with LinkedIn

LO_linkedin_blog

Two of the most important keys to a loan officer’s (LO) success are trust and relationships. And while that aspect of the business hasn’t changed, the strategy to build trusting relationships has evolved. The old “grow and nurture” method included in person meetings, cold calling, and advertising – and then nurturing those leads with emails, calls, or letters. Growing and nurturing your network is still important, but now in addition to using a call sheet or email list, you have social media platforms. It’s no longer just about a sales pitch, but staying in touch and adding value to your network in as many ways as possible. (more…)