If you work in social media for the financial industry, heads up — there could be some intensive guidelines headed your way. Here’s the scoop.
The FFIEC regulations in short:
Create a social media strategy that outlines clear roles and responsibilities. The strategy will clearly state how social media use contributes to a company’s strategic goals, as well as how risks will be handled and what controls will be put in place.Regular ROI reports must be given to a financial institution’s board of directors or senior management. Financial institutions must create a social media monitoring process that can either be implemented by the institution itself or by a contracted third party. Employee training programs will be established to educate employees on work-related social media use, as well as what constitutes impermissible activities.
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