Comments
The Compliance Risk of Social Media
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MrJesseTorres
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MrJesseTorres,
User Rank: Apprentice
1/31/2013 | 7:00:03 AM
re: The Compliance Risk of Social Media
Hope these tools help:

Social Media Risk Assessment:-http://socialmediabanking.blog...

Social Media Policy:-http://socialmediabanking.blog...

Social Media Training Tool:http://www.amazon.com/exec/obi...
Byurcan
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Byurcan,
User Rank: Author
1/30/2013 | 3:32:29 PM
re: The Compliance Risk of Social Media
-Probably not worrying about it too seriously now, but when concrete regulations come up around the use of social media, they will.
Cara Latham
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Cara Latham,
User Rank: Apprentice
1/30/2013 | 1:34:59 PM
re: The Compliance Risk of Social Media
I agree with Bryan -- the social media compliance officer type of position has evolved in other industries. But even elsewhere, say pharmaceuticals, for example, the guidelines released by governing bodies are just as broad as the FFIEC proposed guidelines seem to be, so these new social compliance officers will have to rely on innovation and best practices and a strong understanding of the Truth in Savings Act and other laws to navigate this growing area of concern.
FritzNelson
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FritzNelson,
User Rank: Apprentice
1/30/2013 | 1:01:25 AM
re: The Compliance Risk of Social Media
How serious do you think financial services firms are taking this? The guidelines don't seem to amount to much more than "be careful" and "don't violate existing government regulations." I wonder if, like with most other things, institutions will only be forced to take action after something bad happens, or laws are passed with more than just guidelines (likely BECAUSE something bad happens).
Byurcan
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Byurcan,
User Rank: Author
1/29/2013 | 8:14:11 PM
re: The Compliance Risk of Social Media
-Yes, I do think this will eventually lead to a "social media compliance officer" type of position.
Ivy Schmerken
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Ivy Schmerken,
User Rank: Author
1/29/2013 | 8:05:42 PM
re: The Compliance Risk of Social Media
This is quite interesting. Do you think risk management for social media will become a new field of specialization within financial services? But the notion of banning FS employees from accessing social media on their mobile phones, seems to contradict the point of social media.


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