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Having a corporate compliance program is crucial in today’s highly regulated business environment. An effective compliance program is an important ingredient of an organization’s internal controls, and is an important component to detecting and preventing any type of violation. Compliance programs should be adapted to an organization’s specific industry business, and risks.
Nexgate, a pioneer in social media security and compliance, analyzed 32,000+ social media accounts of Fortune 100 firms.
In their latest whitepaper, State of Social Media Infrastructure Part III, they found a number of very common social media compliance violations happening in real time by major organizations, right now!
Are You One of Them?
The average Fortune 100 firm has over 320 branded social accounts, with over 200,000 followers and 1,500 employee participants. You can just imagine that this can create a complex compliance landscape with messages flooding the organization landscape, coming from various sources right and left. Compliance teams are now having to track this.
The analysis examined social media content posted across a range of social platforms (Facebook, Twitter, LinkedIn, etc.) to determine the extent to which regulated or otherwise sensitive information was exposed to the public Here’s a quick snapshot of what Nexgate found:
- The average firm suffered from a total of 69 unmoderated compliance incidents that went virtually unnoticed by internal compliance staff
- Financial services firms accounted for the largest incident volume with over 5,000 incidents (over 250 per firm)
- Social media compliance violations can come from both employees and commenters. Employees accounted for 12 incidents per firm while public Commenters accounted for 57 incidents
- Best practice social media compliance controls are inconsistently enforced with only 47 percent of brand posts made via marketing and content publishing applications
“The informal culture and pace of social discussion creates an environment where well-meaning employees and customers are far more likely to make mistakes than other channels.”
An important first step in in building a successful social media compliance program is establishing the core team responsible for compliance. Social media compliance requires coordination between groups. Define a policy and train employees Develop a social media security and compliance policy covering approved business use, content, and publishing workflow. And like any policy, it must be monitored and enforced.
Compliance programs are going to differ depending on type of organization and industry. There’s no ‘one program fits all’ social media compliance policy template, as organizations have differing needs. Banks and financial institutions have different risks than manufacturers. Healthcare entities have different risks compared to the education industry. An effective program should take into account these differing business needs.
No matter what type of compliance program you’re about to build out, there’s a few steps you can take to ensure you build out a strong one. Download an eBook now to read about these 10 steps.