CrowdControlHQ
usernames and passwords to social media accounts? If they are the only person with knowledge of this vital information the accounts can end up dormant and the organisation has to start from scratch to build its fan base all over again. This is a simple error which can be easily corrected given thought and preparation. Many organisations have to conduct audits to establish exactly how many accounts represent the company and who controls them? This can be a time consuming and costly exercise without the necessary enterprise control software in place to manage social media activity.
Sharing Usernames and Passwords Employees are often required to share password and login details in order to access social media accounts. With this increasingly popular channel being used across many departments, there may be a requirement for hundreds of users to access a single Twitter account. However, few companies have robust audit trails, therefore, if a rogue Tweet or post goes out the chances of identifying the source is typically impossible. The consequences can be embarrassing and costly to resolve. All too often confidential username and password information is on full display on whiteboards or in shared folders. It is only after an incident that the folly of this approach is truly understood. The risk of social media misuse is not helpful in any company but can be particularly devastating in a financial services organisation regulated by the FCA.
Compliance and Risk Management The forthcoming guidelines from the FCA on social media policies and practices will need to reflect emerging reliance on social media channels by financial institutions to attract and acquire new customers. Consideration should also be given to the risk management procedures needed to maintain compliance and for the protection of organisations and customers alike. This will not be an easy task and regulators will do well to include rules that all organisations would be advised to follow. For example to have: • A social media policy that is consistent with an organisation’s contracts of employment
About CrowdControlHQ CrowdControlHQ is a social media risk management and monitoring platform, which enables companies to control their social media profiles. It provides users with a platform that helps them protect passwords, moderate interactions, monitor usage and communicate across multiple accounts. For example, rogue employees posting damaging messages can be identified, posts automatically deleted and accounts suspended. Disgruntled customers who are potentially threatening an organisation’s reputation via social media can be monitored, answered and defused by the correct person and according to company policy.
CrowdControlHQ customers are in multiple industries including: finance, public sector, leisure, health, advertising, transport and travel, utilities, entertainment and 25% of police forces across the UK.
• A record of every social media post to ensure both corporate and FCA policies have been adhered to
• A review of all outbound content either carried out internally or by a suitable nominated third party provider
• A proven ability to manage third party posts from consumers on both social media channels and corporate websites
• A policy which clearly states that advisers’ and employees’ personal social media accounts are treated in the same way as professional accounts. On the premise that whether posting for friends and family or clients, advisers are always advisers
• Central control of social media accounts with full audit trails to minimise risk
With an eye on the USA, the final version of the Federal Financial Institutions Examination Council’s (FFIEC) Guidance on social media policies and practices was produced in early January 2014. The guidance which is mandatory for all organisations that deal with finance and banking in the US states that banking institutions should have risk management programmes in place that identify, measure, monitor and control risks associated with social media. This latest US directive is likely to pave the way for similar regulation in the UK.
For many reasons social media compliance can be seen as a challenge – but it is a manageable one. Simply saying what you want to do, doing what you say and keeping
a track of it all, should keep the regulators happy and without any issue with either financial organisations or the individuals involved. However, a wise organisation of any description should still seek advice from the experts. The best social media practitioners cement their relationships with clients and attract new ones through valuable content that entertains and informs and does not try to sell or push products.
As Simon Ryan, director of start-up company Social Advisors Ltd, which specialises in helping financial services firms overcome constraints in using online marketing, especially social media, said, “Social media is the way forward for all organisations. Their clients are using it and if they are going to interact with them they must be too, with the right content and technology to minimise risk and maximise gain.”
In summary the new digital media guidelines from the FCA are eagerly anticipated and hopefully will make it easier for organisations to take advantage of social media as a communication channel now and into the future.
Website:
www.crowdcontrolhq.com 19
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