5 Ways to Stay Safe & Compliant with the FFIEC Social Media Guidance

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On January 23, 2013 the FFIEC (Federal Financial Institutions Examination Council) released proposed guidance for social media use by institutions within the regulated banking industry, providing an outline for financial institutions to monitor & manage the risk associated with becoming active with social media. Below we share  tips to help you keep your bank safe and compliant. 

Compliant Social Media

1. Keyword Moderation

  • Gremln’s enterprise solutions provide compliance tools to ensure sensitive information is not leaked through your bank’s social accounts. Need to make sure a certain link is referenced whenever someone types “APY”?  No problem. You can upload a list of keywords or phrases you want to keep regulated, and no post will go live without administrative approval.

2. Team Management & Training

  • Provide varying levels of access to the staff responsible for your company’s social media presence to ensure the proper people are monitoring your brand activity online. From “Guest” to “User” to “Admin” – your management team can decide who has what level of ability within Gremln and your account.
  • In the unfortunate situation that you have to let an employee go – or a member of your social media management leaves the company – change the passwords to your account immediately. Never share the passwords to your social media accounts with employees; only key staff members should have the access and ability to add your social network accounts to Gremln’s system and grant moderated access to employees. Don’t let this happen to you.
  • Meet Bank Secrecy Act (BSA) and FFIEC requirements by offering training sessions as part of your institution’s compliance program – not only for the operational staff but for the Board of Directors as well. Be sure to include internal controls for effective social media risk management and compliance, record keeping, and reporting.

3. Archiving

  • Keep track of everything you’ve said, when you said it, and who posted it. The FFIEC advises keeping documentation for social activity for at least two calendar years; Gremln’s enterprise compliance tools offer data archiving to keep you covered.

4. Reputation Management

  • Socially Devoted reports that 70% of fan questions on Facebook and Twitter are being ignored. Get in on the conversation – interact and engage with your customers. Gremln lets you set up searches for how your brand is being mentioned, shows comments made on your Facebook page and posts, and pulls in replies and mentions from Twitter. Rather than leaving a question about your services unanswered, respond to it quickly and efficiently for social media success.

5. Social Media Policy

  • Put a policy in place so you and your employees are all on the same page with social media use – for personal accounts and business accounts. Employees who have personal Twitter accounts but are well known in the field are often seen as an extension of the brand, so do your best to encourage them to be responsible with their accounts and make it very clear what could be considered unregulated and noncompliant.
  • Name the specific laws and regulations that are particularly sensitive to your organization so everyone can be clear on the rules.
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