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FFIEC Guidance on Employees’ Use of Social Media, Webinar
September 30, 2019 @ 1:30 pm - 3:30 pm CDT
The FFIEC released guidance on social media risk management compliance on December 11, 2013. This guidance was intended in part to help financial institutions understand and successfully manage the potential risks with social media. Why? Primarily due to the increased use by financial institutions and individual personal use. In addition, social media use is subject to virtually all the laws and regulations of other forms of media. According to an article released April 8, 2019 by the American Management Association, more than one fourth of employers have fired workers for misusing email and nearly one third have fired employees for misusing the Internet. Termination were related primarily to violation of company policy, inappropriate or offensive language, excessive personal use, breach of confidentiality rules, and viewing, downloading or uploading inappropriate/offensive content. Concerns over litigation and regulatory investigations have heightened many organizations increase in monitoring social media, email, and Internet use. This pretty much justifies why you need to train your employees. For their protection, as well as your institution's protection. You also may have well-meaning employees promoting institution products and services without proper disclosures and logos – also a violation of federal regulation. You may have a social media use policy; however, if you don't train your employees on the potential risks of social media and why there is a policy your employees may not get the big picture. The use of social media continues to increase as do the risks associated with its use, everyone should become familiar with this important guidance.
- Why training is important
- The risks associated with social media both for employees and financial institutions
- The added benefit of regulatory compliance
- And much more!