Within the next three years it is predicted that 33% of all new customers in the Financial Services industry will come via social media. Governing bodies are taking notice so it is extremely important that all financial services companies have a social media compliance solution in place to protect their company from regulatory fines, sanctions, and other security issues.
Key Regulations:
- FINRA
- SEC
- FFIEC
- NFA
- IIROC
- FCA
Key Risk Areas:
- Recommendations
- Static Content
- Dynamic Content
- Customer Complaints
- Disclosures
- Personal Information
- Security Concerns
Three Keys to Compliance as defined by FINRA:
1. Record Keeping: Ensure that you have an appropriate and accessible archive of social content (typically 7 years). Social SafeGuard provides complete archiving of all monitored content as well as a robust eDiscovery platform. Our solution can be tailored to support the retention requirements of various regulatory bodies.
2. Suitability: Ensure that content posted on social media is suitable for its visible audience. Social SafeGuard’s platform provides all the necessary capabilities to automatically monitor, identify, and notify you of any potential suitability risks via its patented policy engine. And through Social SafeGuard’s quarantine feature, financial services companies can ensure all social media posts that have violated a policy will be immediately removed from the network for further review.
3. Supervision: Ensure that content oversight and approval measures are in place. Social SafeGuard adapts to the static and dynamic regulations put in place by FINRA, including pre-approval of static content as well as a complete audit trail of identified risks and the actions taken to remediate.
Security Concerns in Financial Services
Ensuring the security of your social presence should always be a top priority for your company. Avoiding data breaches, IP theft, malware attacks, and spam on your social sites is critical. If a threat is detected, a corrective action must be taken in an effective and timely manner. Actively monitoring and providing a response to global vulnerability is essential in order to maintain a positive reputation, stay compliant, and ensure customer success.
Key Areas that Social SafeGuard protects:
- External Social Presence: Social SafeGuard protects corporate-level social media properties as well as individual business accounts of financial professionals such as financial advisors, agents, and loan officers.
- Internal Collaboration: Leveraging or interested in an internal collaboration platform such as Salesforce Chatter, Yammer, or IBM Connections? Social SafeGuard has you covered by empowering Financial Services organizations to enable the use of these platforms while ensuring the necessary level of compliance and security.
Social SafeGuard protects companies against key risk areas as well as other potential risks by implementing pre-defined and customized policies that will monitor, remediate, and archive all social media communications. Social SafeGuard will help protect your company’s brand reputation, customer information and data, and prevent regulatory fines and sanctions. Request a demo today!
