Many conversations between financial institutions and their clients now occur in the public domain. Social media has shifted communication techniques—along with compliance concerns—dramatically. What’s being said on social media sites matters, and many financial institutions are hesitant to join the conversation due to fear of saying the wrong thing.
You must be aware of the regulatory, legal and ethical risks associated with social media. And you need tools to help manage the compliance process as well. Consumer communication on lending or credit terms, promotions for deposit accounts, loan application information, or public comments about your institution’s performance must be preserved, typically for two years. Also, your compliance staff should have review procedures established to ensure all posts adhere to requirements set forth by the Truth in Lending Act, GLBA and other regulatory guidelines.
CSI's WatchDOG Social Compliance provides institutions with a solution to help manage the process outlined within your risk assessment strategy, ensuring you are prepared to handle any issues that arise. Financial institutions no longer need to be afraid to participate in social media conversations while ensuring proper compliance.
WatchDOG Social Compliance gives your institution the following tools for social media compliance:
- Archive all Facebook, Twitter, YouTube and LinkedIn posts for required time frames
- Set up an approval process within the institution to ensure posts meet regulatory guidelines
- Provide targeted search capabilities
- Conduct reputation and sentiment analysis
- Evaluate the institution’s competitive landscape
CSI's WatchDOG Social Compliance is the social media compliance solution not only for financial institutions just starting their social networking activities, but also for those more experienced users who want an easy-to-use solution to manage their current process.
Contact CSI to learn more about this new compliance solution.
Brochure - WatchDOG Social Compliance