Social Media Risk Management for Financial Institutions (FIs)
Why Social Media Risks Matter to Financial Institutions
Balancing risk with profits – that is key to the success of many financial institutions. Besides managing regulatory, financial and business risks, many FIs also need to govern their reputational risks through a clear communications strategy, robust operational processes and regular, unbiased audits.
Why should you care about managing social media risks
Conform to regulatory rules
Stay compliant to personal data protection and customer confidentiality laws, and archive customer conversations as part of regulatory requirements
Avoid unexpected market reactions
Avoid accidentally posting damaging content on social media by developing maker-checker processes to reduce the risk of errors and enforce accountability.
Protect your customers from getting scammed
FIs are prime targets for scam attacks. Fight brand impersonation with proactive monitoring, timely fraud detection and takedowns with social media networks.
How we help on your external risks
Employ social media monitoring to detect negative chatter and trends, allowing FIs to proactively deal with them before they ‘blow up’.
Crisis communications planning and drills to prepare for the worst-case scenario – essential to avoid bad publicity, bank runs – or worse!
Brand impersonation to find fraudulent accounts, and report them to social media networks to convince them to effect a takedown.
How we help on your internal risks
Enforce user access and content publishing controls to mitigate the risks of a disgruntled employee or agency holding your social media accounts hostage.
Manage your customers’ and users’ data on social media to avoid an embarrassing personal data leak or violating customer confidentiality laws.
Develop a clear corporate social media policy to guide employees on how to use social media for work and on a personal basis. This also includes conducting workshops and training guides.
Use our Social Media Risk Calculator to find out your Risk Exposure Score.
Let’s Chat About Your Social Media Risks
Gary, Co-founder and Lead Consultant
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