Social in Banking and Financial Industries: Be Careful

See on Scoop.itEnterprise Social Media

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.

Mike Ellsworth‘s insight:

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. 

Via @Jason__Ramsey

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About NextPhase Selling

Social Media Performance Group is a premier enterprise social media consulting company that offers a unique approach to integrating social media into the enterprise — forget about the tools, it's all about the strategy! Rather than focusing on the tactics (do this or that on LinkedIn, Twitter, YouTube), first we work with you and your senior leadership to comprehend your corporate strategy. Once we understand your strategic objectives and goals, we show you how a comprehensive social media strategy can integrate with and support your corporate strategy. We take an enterprise-wide view based on our unique Enterprise Social Media Framework, which maps social media to all appropriate touchpoints in your enterprise. We go beyond the obvious quick hits — sales and marketing — and help you achieve social-media-driven results in areas such as product development, customer service, and employee engagement and retention. As a result, social media is not just bolted on; it is integrated with, and provides support for, your company's existing strategy and operations, yielding unprecedented results.
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