3 Tips to Avoid Social Media Compliance Crises

Posted by Mikki Ware on May 6, 2015

In 2012 Gene Morphis, the former CFO of Francesca’s Collections, revealed sensitive company information on his Twitter account in advance of the company’s annual report to the SEC. It was later revealed that the CFO had often communicated inappropriate company information on social media, which led to his termination from the company.

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Topics: compliance, Compliance, FFIEC, Reputation Management, social media, Social Media, social media compliance, twitter

Compliance Officers – Don’t Get Social Without These 5 Tools

Posted by Mikki Ware on April 23, 2015

The life of a compliance officer can be stressful, particularly when regulated industries make the foray into social media. Not only are there mine fields of regulations to maneuver – your company runs the risk of employees going rogue or accidentally mixing personal and business accounts. One wrong move, and it’s Fine City, population YOUR BANK. What’s a compliance officer to do?

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Topics: compliance, Compliance, social media, social media compliance, social media for banking, social media policy

IIROC Guidance On Social Media Communications

Posted by Mikki Ware on April 16, 2015

What a difference a decade makes when finance meets technology. Notice MR0281, originally issued by the Investment Industry Regulatory Organization of Canada (IIROC) in 2004, provided guidance for securities dealers on the nature of communications materials, including advertising and correspondence with clients. But that’s not all - IIROC Rule 29.7 (supplemented by IIROC Notice 11-0349) requires firms to produce proof of these materials during regulatory audits.

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Topics: compliance, Compliance, financial services, FINRA, IIROC, social media, social media compliance

FFIEC FAQ: What Social Media Guidance Means for Financial Services

Posted by Paul Rauner on March 25, 2015


By now it’s no secret that financial services companies need to adhere to the Federal Financial Institutions Examination Council (FFIEC) guidance regarding social media use. Gremlin Social customers are not only looking for social media compliance tools, but also guidance on how the tools specifically address their compliance needs. Here we’ve broken down the FFIEC rules into frequently asked questions, and shed some light how the rules apply to your social media and risk management programs.

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Topics: compliance, Compliance, facebook, FFIEC, financial services, linkedin, regulation, social media, social media compliance, twitter

Engage & Convert: How Financial Services Can Build Relationships on Social Media

Posted by Mikki Ware on October 23, 2014

We’ve all heard the terms B2B and B2C – but when it comes to social media, isn’t it all about P2P? In other words, people communicating with other people. Of course, as a business, the end goal is sales, but you can’t lose sight of thought leadership and consumer needs to get there. In fact, studies show that 71% of consumers who experience a quick and effective brand response on social media are likely to recommend that brand to others, compared to just 19% of customers who do not receive a response. The net net – social media isn't just about broadcasting your brands message, but responding and relating to people online.

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Topics: compliance, Compliance, facebook, financial services, gremlin, linkedin, social media, Social Media, social media compliance, Social Media Education, twitter, Uncategorized

Digital ER – How to Triage, Treat, and Discharge Social Media Crises

Posted by Mikki Ware on October 14, 2014

If you break your leg, you know what to do – call 911 or head to the nearest Emergency Room. In the digital world, social media emergencies are more difficult to diagnose. What even constitutes a social media emergency? Who deals with it? What should response time be? Here are the most critical social media crises, and the 911 on how to handle them.

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Topics: compliance, Compliance, social media, Social Media, social media compliance, social media for banking, Social Media for Banking, social media for business, tips

Gremln Get Started Guide For Banks: 3 Key Steps For Social Media Strategy

Posted by Emily Lange Rodecker on May 28, 2014


So you have decided your bank needs a social media presence – great – now what? Before creating your social media accounts, the Gremln Get Started Guide outlines 3 key steps for a successful social media strategy:

1)     Determine Your Purpose & Voice – Decide how you plan to use social media to further your organization. Is it for brand awareness? Building relationships within your community, customer service, or all of the above? The goals you set for your brand on social media will determine the direction of your strategy. Additionally, you will need to define the “voice” of your social media to ensure your messages have the same tone across the board. Are you casual and fun, friendly, or more professional? Know your audience and choose the voice most representative of your brand.

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Topics: compliance, Compliance, facebook, FFIEC, gremlin, linkedin, social media, Social Media, Social Media Education, social media for banking, Social Media for Banking, strategy, twitter, twitter business, twitter marketing

FINRA: 5 Guidelines and Hacks For Compliant Social Media

Posted by Mikki Ware on May 6, 2014


In 2011, FINRA (Financial Industry Regulatory Authority) issued two notices and a new rule geared specifically to electronic communications with social media. Generally speaking, financial services organizations can assume that social media falls under the rules of any other business-related electronic communications in terms of recordkeeping, suitability, supervision, and content. However, certain aspects of social media, such as third-party posts and data feeds, require further oversight.

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Topics: compliance, Compliance, FINRA, social media, Social Media, social media compliance, Social Media Education, social media for banking, Social Media for Banking

SEC Update: 6 Ways For FinServ To Safely Use Social Media

Posted by Emily Lange Rodecker on April 17, 2014

 

The Securities Exchange Commission (SEC) updated its regulatory guidelines for social media last week, providing clarification on its policies regarding testimonials and advertisements.

In an effort to keep advisers from promoting any material that could be seen as manipulative, fraudulent, or deceptive, the SEC previously prohibited advisers and investment advisory representatives (IARs) from the following:

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Topics: Compliance, compliant social media, financial social compliance, financial social media, social banking, social media compliance, Social Media for Banking, social media regulations

Banks, Don't Bore Your Customers: 3 Ways To Succeed At Social

Posted by Mikki Ware on April 8, 2014

Banks and financial institutions face a number of challenges when it comes to digital marketing, particularly with social media. Compliance and privacy issues pose unique challenges for financial marketers who recognize the benefits of having an online presence, but are beholden to guidance from the FFIEC, FINRA and SEC. Still, some banks and credit unions are successfully leveraging social media to further their brands. Susquehanna Bank is a Lancaster, Pennsylvania-based bank operating over 260 branches in four states including Pennsylvania, Maryland, New Jersey and West Virginia. The bank engages its more than 15,000 Facebook followers with weekly features such as “Where is it Wednesday?” and “Trivia Tuesday” — as well as social responsibility campaigns dedicated to helping those in need.

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Topics: compliance, Compliance, facebook, FFIEC, social, social media, Social Media, social media compliance, Social Media Education, social media for banking, Social Media for Banking, social media marketing

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