Businesses in the mortgage and financial industries that commit social media compliance infractions face a number of issues including legal and regulatory concerns, loss of consumer trust, and deterioration of brand reputation. These businesses simply cannot afford to make mistakes in regard to regulatory compliance. In the ever-changing landscape of the web, avoiding social media compliance mistakes can be difficult; employees may unintentionally break from corporate and regulatory policy, and companies may not have the resources or tools to manage their digital presence effectively. Here, we’ll outline four major digital compliance mistakes that are common in mortgage companies and explain what your organization can do to prevent them.
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Business mergers and acquisitions are complex and delicate transactions with many moving parts to the process. With so many business assets and liabilities in review it’s easy to forget about the details of the digital branded portfolio of the acquisition target. However, it is a critical part of a company’s asset offering and often is a significant representation of a company’s intellectual property (IP). And if the acquiring company is not careful, it can quickly uncover that the digital assets are actually liabilities.
The bottom line: is the digital footprint of your target acquisition healthy and does it present a strong brand reputation to its customer base? And when these assets are transferred, can you secure, transfer and (hopefully) improve that brand reputation?
This post is intended to highlight the areas to watch for so you can say “YES” to each of those questions above!
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We are excited to announce that the Brandle Presence Manager has added native support for the global social networks VK and Weibo.
This is great news for our global brand companies who need to discover, monitor and manage the digital presence of brands that are sold around the world!
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Online compliance monitoring is the process of ensuring that all online properties relating to corporate brands are following policies, procedures, and regulations. For companies in a regulated industry, it is a critical risk management practice governed by national and state laws and regulations.
When it comes to online compliance monitoring, most businesses focus on their corporate-owned active social media properties on major networks (such as Facebook, LinkedIn, Instagram, and Twitter). But if you are a regulated business and only monitoring your corporate-owned social properties, you are placing your company at risk. And the risks can range from a simple statement of correction, to a fine, or even a major hit to brand reputation. Once a brand has experienced a reputation hit, regaining the trust of the customer is a difficult task that can take years.
So how do you ensure you are covering all of the pieces of the online compliance monitoring puzzle?
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There are many digital threat avenues for bad-actors to infiltrate a corporation and social media has become a favorite. Even though there are technology solutions (such as Brandle) that help corporations with these risks, it still takes constant oversight, monitoring, and forward thinking. One area that is often overlooked is employee social media training specifically around the topic of risk to the corporation. This falls into the category of corporate social media security and risk management.
Creating a strong training program to educate employees on the risks and pathways that hackers and phishers use is critical. Delivering the requirements employees must follow to assist with corporate social media security should be mandatory. There are six key requirements that should be part of your social media security training program.
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The General Data Protection Regulation (GDPR) is a comprehensive European privacy law that took effect on May 25, 2018. Brandle views this law as an important step forward in streamlining personally identifiable information (PII) data protection requirements across the European Union.
What is GDPR?
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One of the most important things that organizations must understand about their social media governance plan is that it is not a static, unchanging document. Social media governance is a dynamic process that must be constantly monitored and optimized to ensure that it is steering the organization in the right direction. And the "right direction" is away from risks to corporate brand reputation and threats to data security.
To be truly proficient at social media governance, you need to know how to work your plan!
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Before we lay out steps to simplify social media compliance, let's first define it! If you are part of a risk management team in a regulated industry, such as the financial sector, the term "social media compliance" centers around regulatory requirements. But that is only one aspect of compliance. There are other aspects of compliance for both regulated and non-regulated companies.
Social media compliance is a discipline within a broader social media governance program. It is the practice of ensuring that all corporate policies, regulatory requirements, brand standards, and social media standards are implemented and adhered to on all social accounts across all networks. This practice is broader than just regulatory compliance. Sure, regulatory compliance is critical, but brand damage often occurs when other corporate compliance standards are not met. And a regulatory audit might produce a warning for compliance correction (or fine), where brand damage can cost you customers and sales.
Executives must understand that in today’s business landscape, strong social media compliance is not just a best practice, it is an essential part of corporate risk management.
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January is always an excellent time to conduct the annual corporate social media and web presence audit. Accomplishing this key governance task early in the year allows the global digital team members to re-set goals on the most active corporate channels, as well as clean-up stale and rogue accounts that have popped up during the previous year (especially over the holiday period).
If you have never conducted a corporate social media audit, then now is the time to start! There are many reasons that social media presents significant risks to a company: brand reputation, sales, and risks highlighted in our post 7 Social Media Security Issues Your Business Faces. Proactively conducting a social media audit is not just a best practice, but an essential risk management priority.
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Web presence management is the process of creating and maintaining a digital inventory of all web points-of-presence (POPs) including: social media accounts and pages, websites, blogs, and domains. At first glance, web presence management may seem primarily like an administrative task. However, it is actually a strategic process critical to managing risk events as well as keeping your brand standards and voice monitored accurately. Your digital footprint is often the main entry point for your customers to experience your brand, and if your customer has a negative experience with an online point-of-presence, then your brand reputation is in jeopardy.
To date, most companies' web presence management has been conducted by manual audits and tracked on static spreadsheets. This not only takes a lot of human resources, but it is also fraught with human error. Stepping up to a comprehensive SaaS solution that provides an automated process does require investment, but the cost trade-off vs the risk is well worth it. So how do you get the resources and support needed from your senior management?
The first step is to become aware of the technology risks that concern your C-suite most. To that end, here are three keys to convince senior management of the importance of web presence management: