20 MAY / JUNE 2017 Social media provides companies the unique opportunity to create meaningful relationships with customers. During its infancy, such social media sites as Mypace and Facebook were regarded by many as passing trends. Now, in 2017, the idea that social media can still be considered a “phase” is laughable, and more than a few naysayers are scrambling to make up for lost time. Because of its popularity, social media has opened a whole new world to companies hoping to capitalize on the exposure. Financial institutions certainly have not been immune to this digital push. However, certain regulations such as the Social Media Risk Guidance of the Federal Financial Institutions Examination Council, the Truth in Lending Act, the Gramm-Leach-Bliley Act and other regulatory guidelines have tacked on additional requirements for social media activity. This comes as no surprise, as the financial institutions industry is one of the most highly regulated in the United States. While producing content around products and services on social platforms offers proven rewards, complying with the industry regulations surrounding them can be tricky. Promotional product information, lending terms and various other posts – if not carefully reviewed on a regular basis – have the potential to trigger violations, with dire consequences ranging from fines to an enduring negative brand image among customers. Regularly engaging in a social media risk assessment is the most proactive approach to mitigating these compliance liabilities. Yet performing routine assessments can be a costly operational burden. That’s why third-party social compliance software like CSI’s WatchDOG Social Compliance has become an industry standard. WatchDOG Social Compliance enables banks to remain compliant with the various social media restrictions imposed by regulators. Catered to the unique needs of the financial industry, WatchDOG security software allows banks to easily manage and maintain these compliance standards, which saves time, money and concerns regarding potential legal and ethical risks. Banks in particular must pay close attention to what is communicated via social media, for both compliance and brand reputation purposes. In addition, archiving all social media interactions (via Facebook, LinkedIn, Twitter, etc.) is one of the most important regulatory requirements with which to comply. Within the WatchDOG solution, social media data is archived, and institutions have the ability to produce instant reports for managers, auditors, board members and regulators. Further, having the ability to track all social media interactions using a single program not only aids in compliance, but also makes sense from a marketing perspective, as it lets institutions view and chart brand reputation on all social media platforms. WatchDOG allows users to search their brands or products on social media to gauge brand reputation among users from any internet-enabled device. Finally, the software provides for an approval process to ensure all posts meet regulatory guidelines. For those less familiar with social media platforms and the strict regulations that surround them, compliance can be a major, costly operational hardship. Learn how CSI’s WatchDOG Social Compliance automated platform can help your financial institution get the most out of the social media conversation. For more information about WatchDOG Social Compliance, contact Bill Evers at 800-545-4274, bill.evers@csiweb.com. HB Bill Evers Senior Business Development Director CSI Regulatory Compliance bill.evers@csiweb.com CSI WatchDOG Social Compliance is a Preferred Service Provider of the Indiana Bankers Association. Article author PRODUCTS & SERVICES PROFILE SOCIAL MEDIA Regulations Take the headache out
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