Social Media, Part I – FFIEC Social Media Consumer Compliance Risk Management Guidance: What Will It Mean For You?
This information packed, presentation will cover regulatory expectations regarding social media and provide you with the information you need to develop your risk management program. It will be updated to reflect the final guidance if it is issued prior to the webinar date.
In the proposed guidance, issued January 23, 2013, by the FFIEC, the agencies address consumer compliance, operational, legal, and reputational risks posed by social media activities. The guidance defines social media as a form of interactive online communications in which users generate and share content through text, images, audio, and or video. While the guidance is primarily focused on the institution’s use of social media and understanding the risks associated, it also addresses employee use of social media sites. If you think that your institution isn’t engaged in social media, your employees and customers are. You still need to ensure you have a risk management program that addresses social media.
- Compliance Risk Management Expectations – Financial Institutions should have a risk management program that allows it to identify, measure, monitor, and control risks related to social media.
- Risk Areas – The use of social media to attract and interact with customers can impact a financial institution’s risk profile, including risk of harm to consumers, compliance and legal risks, operational risks, and reputation risks.
- Employee Use of Social Media Sites – Employee use can also subject the institution to compliance and reputation risks
Senior management, compliance officers, risk management officers, internal auditors, marketing, and HR.
Susan Orr, Susan Orr Consulting.
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