Social media compliance clarity for financial services

Interestingly, social media compliance concerns can vary by department. For example, compliance staff is concerned about effective supervision of business communications. Marketing wants to know which messages are most used, which have the most feedback, and which have generated the most interest. Corporate Communication is interested in protecting the corporate image. Human Resources is interested in employee usage of social media including what they are saying and how much of corporate time are they using to say it.

With all of these questions in the industry, how should that need for clarity be resolved?

Working with more than 100 firms for more than two years on these challenges, we are well aware of these concerns but also the growing examples of firms that are successfully using social business techniques and practices to grow their business.  In order to help bridge the industry and regulation divide, we recently hosted, with LIMRA,  the Regulator Roundtable on Social Media in Washington, D.C. Joined by attendees from seven regulatory agencies and four industry associations, we had a lively conversation about the unique dynamic for social media in the financial services market.

At the roundtable, we shared the concerns that came directly from industry firms.  We discussed how those concerns mapped to the objectives of the regulators.  We covered specific topics like privacy, security, policy and supervision in order to find that middle ground of effective but also compliant social media usage.  The roundtable discussion was well received by all, and we plan to have an ongoing dialog on the topic.

Are you looking for answers for how to ensure compliant and successful social business programs for your organization?  Contact us directly to learn more about how your firm can respond to the compliance challenges in order to realize the business opportunities in social.