Manage Compliance Risks Associated With Social Media
From Tips and Steps
The rapid increase in use of social media in marketing and communication has created the need to understand the compliance and risk issues. It is important for organizations to have a proper framework to address the compliance issues. A proper risk management framework coupled with a proper understanding of how to use Social Media networks can prove to be a tremendous opportunity. In the coming year, social media compliance will be one of the major issues and a primary area of review for compliance officers.
Understand that unlike traditional media, social media marketing and advertising involves "two-way" communication, with the users having control over the material.
Evaluate the different social media resources available and what best suits your organization's needs. Common resources that are being used include: Twitter, LinkedIn, MySpace, Facebook, blog sites (WordPress, Blogger, TypePad, etc.)
Analyze the way the different social media sites can be used and the pros and cons of each. Important to keep in mind the compliance issues at each step.
Identify the compliance and risk issues with each social media resource that you plan to implement.
Identify Information Security issues that could arise and incorporate guidelines in your organization's info-sec policy. Consider adding disclosures to the policy and advertising material regarding the use of social media websites.
Identify Advertising compliance issues when using social media for marketing efforts. Understand that the organization will only be able to control information that it posts itself, and will not be able to manage or control information posted by consumers, general public, etc.
Consider having a mechanism to track and respond to complaints received via social media networks. Implement processes and trained personnel to monitor the sites for responding and documenting these complaints.
Implement technology or processes to capture and archive information posted on social media sites, since document retention guidelines will be applicable.
Establish a "Social Media" policy for all employees that establishes guidelines regarding the use of social media. This should be very detailed and cover all aspects like copyright, intellectual property, privacy/security, corporate communication, etc.