10 Reasons Why Social Media Compliance Matters
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10 Reasons Why Social Media Compliance Matters
Social media can help build a business, enhance a brand and attract customers, but it's vital to have a policy that manages use and meets compliance standards. -
Prevent Noncompliant Messaging
With proper compliance tools and policies in place, messages can be monitored for potentially misleading or inaccurate content about rates, products and services. -
Protect Your Company's Credibility
Compliance—which involves proper messaging, following defined rules of engagement and considering the consequences of violating social media guidelines—can minimize the potential for employee or corporate missteps that could damage your brand. -
Identify Internal Risks
Having the right checks and balances in place can help you quickly determine risks posed by employees who may be violating your social media policies—whether purposely or unintentionally. -
Facilitate Timely Responses to Records Requests
Quickly and easily respond to information requests filed by regulators or the general public with information retained in its original format and context, including any content posted to social media platforms during a specific time period or conversation. -
Explore New Avenues of Communication
Including social media usage in your compliance strategy and programs to manage risk makes it a viable component of your communications strategy and enables safe participation in social media opportunities that can establish your company as an industry thought leader. -
Stay Off Regulatory Radar
Operating a compliant social media program will reduce the likelihood of creating content that might bring unwanted attention from regulators. -
View the Breadth of the Conversation
Discussions often cross communications platforms: A social media post can turn into a discussion in an IM, then to email, then on a different social media site. Archiving for compliance purposes makes it easier to track and reproduce the conversation in its entirety across all platforms. -
Close Gaps in Oversight
Gain greater confidence in your compliance program and its effectiveness by knowing how employees are using social media and by your ability to prove to regulators that employees follow proper procedures. -
Put Your Company Ahead of the Curve
Rather than waiting to see whether regulators will enforce social media guidelines, be proactive. Put the right system in place so you can be properly prepared and can begin enjoying the benefits of using social media effectively. -
Let Employees Leverage Their Social Reach
Allow employees to use their personal networks to promote and grow your business—and to keep in touch with existing and potential clients—where and how they prefer to communicate, with tools they know how to use.
Companies are challenged every day to figure out how to balance the risks versus rewards in allowing social media communications and permitting the use of personal networks to promote the business. Preapproval of social communications can mitigate risk, but that impacts the timeliness of the communications. Social networks fight continual battles to keep their own sites secure, and the problem extends to other companies that allow their usage. Using social media for business purposes involves more than simply setting up a page on a particular platform and responding to posts. When managed carefully, social media can help build a business, enhance a brand and attract new customers. An effective policy involves all stakeholder groups working together to safely manage use. But in regulated industries, the use of social media must also adhere to the standards of compliance, which can include proper archiving and retention, message supervision and other responsibilities. Mike Pagani, senior director of product marketing and chief evangelist for Smarsh, offers 10 reasons why it's important to have the right systems and procedures in place to ensure social media compliance.