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.