Over the last 6 months we've seen several large enterprises make commitments to incorporate social media into their governance, risk and compliance (GRC) practices. As a result, digital teams are coming to us with mandates and deadlines to inventory, review and remediate their enterprise's global web and social footprint. This appears to be a harbinger of a sea change in how the C-suite addresses the risks and rewards of social media – in other words, social media governance.
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Your boss has just asked you to inventory all the social media accounts used across the enterprise. On the surface, enterprise social media account management may sound simple to your boss but you know it's nothing but.... That's because social media points-of-presence (POPs) can be created by anyone at any time without any form of control or oversight by you or your team.
7 min read
When used properly, web and social media sites are powerful marketing tools which can bring customers to your door; however, they can also bring the regulators knocking. The FFIEC has finalized its guidance on the use of social media by financial institutions and the CFPB has started the door-knocking. Factor in the use of social media by mortgage loan originators (MLOs), which you are also required to monitor, and the compliance challenge is escalated. Now state regulators (for example WA, TX, CA and AZ) are getting more aggressive in overseeing the use of social media and are sending out "intent to audit" letters. Are you prepared to meet the challenge of an audit?
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Every industry has adopted social media at different levels and each industry analysis shows a particular pattern of performance with social media. Regulated industries, such as the Mortgage Industry, have the additional burden of keeping their employees’ and agents’ points of presence (POPs) compliant as well as their own branded POPs. Today, we see every industry, regulated or not, jumping heavily into social media.
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If you have been following my Social Media Governance series, you know that I have introduced new terms and laid out several processes to help you strengthen your Social Media Governance plan. The last post was all about conducting an effective audit and creating a solid inventory. In this post, Part 3 of the series, I will highlight how you maintain brand equity and reduce corporate risk as a social enterprise. It's all about monitoring what you know, looking for what you don't know, and implementing the governance needed at any given time.
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Last week I began a series on Social Media Governance with the first post titled 3 Keys to Managing Your Social Footprint. In that post I stressed the distinction between social presence governance and social content governance. For a decade people have focused their governance concerns on what can and cannot be said within the content stream of social networks, placing guidelines in a corporate social media policy. This is social content governance.
5 min read
Every New Year you naturally begin setting goals and making plans to achieve new heights in your career and personal life. You know that the best way to reach (and exceed) goals is to make a plan, follow it, and adjust when necessary. This is true whether you want to get a handle on those holiday pounds or get a handle on your brand presence in social media.
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As we've explored before, a business of any size is going to be challenged to stay on top of its social footprint. When we've run social presence audits for hospital networks, we usually find a multitude of social media "points of presence" including those for the corporate brand, individual hospitals, specialty centers, departments, programs, campaigns, doctors, nurses and even the gift shop!
5 min read
Quickly! Think about how you manage your social media.
I bet what came to mind was some collection of content publishing, listening, or analysis systems. If you're in a regulated industry then perhaps a content compliance or archiving system might have come to mind.
What's the common denominator? Content. That's not a bad thing since sharing content is why we're on social media. However, we're overlooking a fundamental component – Presence!
2 min read
In social media, what is a "point of presence" (aka a POP)?
Simply put, it's a general way of trying to reference the various sites, blogs, accounts, pages, boards, channels, streams, etc. that can represent someone or something online. In trying to reference all these various places where a brand – personal or corporate – may be be represented, it was challenging to find one word that can stand in for all those thingumajigs.