Pros and Cons of Social Media Use by Institutions and Their Employees

Let’s face it, Social Media is here to stay. More and more businesses and institutions are getting on board and while there are benefits there are also risks with its use. It is very important for the organization and all users to understand the risks and the regulations associated with the use.

The FFIEC released guidance on social media risk management compliance on December 11, 2013. This guidance was intended in part to help financial institutions understand and successfully manage the potential risks with social media. Why? Primarily due to the increased use by financial institutions and individual personal use. In addition, social media use is subject to virtually all the laws and regulations of other forms of media. According to an article released on April 8, 2019, by the American Management Association, more than one-fourth of employers have fired workers for misusing email and nearly one third have fired employees for misusing the Internet. Terminations were related primarily to violations of company policy, inappropriate or offensive language, excessive personal use, breach of confidentiality rules, and viewing, downloading or uploading inappropriate/offensive content. Concerns over litigation and regulatory investigations have heightened many organizations increase in monitoring social media, email, and Internet use. This pretty much justifies why you need to train your employees. For their protection, as well as your institution's protection. You also may have well-meaning employees promoting institution products and services without proper disclosures and logos - also a violation of federal regulation. You may have a social media use policy; however, if you don't train your employees on the potential risks of social media and why there is a policy your employees may not get the big picture. More and more institutions are also engaging in the use of social media as a marketing strategy. What are the pros and cons? What does the regulatory guidance say about Institution use? The use of social media continues to increase as do the risks associated with its use, everyone should become familiar with this important guidance.

Join us for this webinar as we navigate the pros and cons.

Highlights

  • Uses by financial institutions
  • Employee use
  • Threat landscape
  • Risks
  • Policy and Risk Mitigation
  • Regulatory guidance

Who Should Attend?

Senior Management, Board, HR, ISO, Risk Manager, Auditors, Compliance Officer, Marketing.