Ep 71 - Essential Social Media Compliance Guidelines with Jill Williams

Yeah.

Well, Jill, what do you think are, maybe give some specific tips here, or what do you think are some of the really crucial tips and points here that the bankers should be attentive to, kind of understanding this is the kind of thing that regulators are going to be looking for? And I know we started to touch on those, but maybe go a little deeper with that.

So at the very, you know, basic is, It's not negotiable to be in compliance with what the FFIEC guidance has out there.

So what that looks like is, if you hadn't read the guidance, it's delightful 13 pages of information.

That's awesome bedtime reading.

Yes.

I'll break it down.

There's really seven components that really build the program.

You've got to have a risk management program.

And in that, it's going to outline who's responsible for what.

What is that governance structure? What are your policies for your employees? So acceptable use for your employees.

And not only acceptable use for your employees, but for those employees who are involved in in your social media program.

So maybe you've got people who are posting for you or responding to posts.

You've gotta have policies for that and procedures for that.

You've gotta train your employees when they're hired and every year after that.

So you've gotta have a training program in place.

You've got to understand what your risks are.

You know, there's operationals, there's reputational.

You've got to understand what those are and you've got to define those and say, this is how we're going to handle those things.

How are we going to mitigate a reputational crisis? How are we going to mitigate a UDAP violation? Mm-hmm.

So you've got to understand what those risks are and determine how you're going to address those.

And then you've got third party relationships.

Back when I first started doing social media for my bank, there was no way I was going to be able to talk my CFO into letting me hire a marketing agency to help me with that.

That just was not a budget line item.

Now I see that has changed, thank goodness.