The FFIEC released guidance on social media risk management compliance on December 11, 2013. This guidance was intended in part to help financial institutions understand and successfully manage the potential risks with social media. Why? Primarily due to the increased use by financial institutions and individual personal use. In addition, social media use is subject to virtually all the laws and regulations of other forms of media.
Why do you need to train your employees? For their protection, as well as your institution's protection. A 2009 Electronic Business Communication Policies and Procedures Survey from the American Management Association and the ePolicy Institution noted that 14% of employees admitted to emailing confidential company information to third parties; 6% sent customers' credit card and Social Security Numbers. All these acts represent violations of federal regulation. With the increased use in social media since 2009, I would bet these percentages are much higher today and probably increasing every year. You also may have well-meaning employees promoting institution products and services without proper disclosures and logos - also a violation of federal regulation.
You may have a social media use policy; however, if you don't train your employees on the potential risks of social media and why there is a policy your employees may not get the big picture. Become familiar with this important guidance.
- Why training is important
- The risks associated with social media both for employees and financial institutions
- The added benefit of regulatory compliance
- And much more!
Who Should Attend?
Compliance Officers, Risk Managers, Marketing, Senior Management, and Auditors
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