FFIEC Guidance on Employee’s Use of Social Media
The FFIEC released guidance on social media risk management compliance on December 11, 2013 that 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 the laws and regulations as other forms of media.
So why do you need to train your employees? For their own protection as well as the 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 customer’s credit card and Social Security Numbers. All of these acts represent violations of federal regulation. You also may have well meaning employees promoting institution products and services without the proper disclosures and logos, also a violation of federal regulation. Beyond that, many companies use social media to screen potential job applicants.
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.
- Why training is important
- The risks associated with social media both for the employee and the financial institution
- The added benefit of regulatory compliance
- And much more!
Who Should Attend?
- Compliance Officers
- Risk Managers
- Senior Management
Susan Orr is a leading financial services expert with vast regulatory, risk management, and security best practice knowledge and expertise.
As an auditor and consultant, Susan is dedicated to assisting financial institutions in implementing appropriate policies and controls to protect confidential information and comply with regulatory mandates and best practices. Her expertise as an auditor and former examiner provides her the knowledge and expertise to conduct comprehensive IT general control and data security reviews and assist de novo institutions in the vendor selection process, preparing policies and procedures, and instituting controls. She also consults for numerous security providers and vendors helping them align products and services to meet institution regulatory mandates. Susan is a Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in Risk and Information Systems Control (CRISC), and Certified Risk Professional (CRP).
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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