In parts 1, 2, and 3 of this series on social media risk management programs for banks, we have discussed the elements of what a bank risk management program should have, including:
- Governance Structure - outlines roles and responsibilities, as well as establishes controls over social media accounts
- Processes – plans for monitoring and responding to consumer comments, as well as moderation and approval of internal posts.
- Training – providing regular training for your team on social media best practices, as well as updating them on your bank’s social media policy.
In this final installment, we’ll discuss the last piece of the puzzle that ties it all together: systems.
The FFIEC guidance on social media states that your risk management program should include some method of monitoring what is posted on the bank’s social media pages; a way to capture and archive social media activity for audit and compliance purposes; and a process for reporting performance data to the bank’s board or senior management.
Of course, you can manage any of these processes manually by posting from the native social media sites, keeping a word document of social media content, and using analytics provided by the social networks you use. In terms of risk and efficiency, however, this is probably the least effective method, and unsustainable for banks using social media across multiple departments or branches. For a truly streamlined social media program, technology is your best bet. Here are 3 options, plus the pros and cons associated with them:
Good: Use an archive only tool, manually handle social media management
Pros: Checks the box for capturing and saving data for audit and compliance purposes. Good for organizations with minimal social media presence with no plans to expand.
Cons: Posting to individual sites, collecting data, approval processes, and creating reports must be handled manually. No monitoring capabilities beyond social media feeds. Not sustainable for managing team posting, or banks intending to grow social media audiences.
Better: Use an archive only tool + basic social media management tool
Pros: Provides efficiency for posting to multiple networks and managing teams. Checks the box for archiving. Low monthly cost for a basic tool. Includes some analytics and automated approval workflows.
Cons: Social media management tool must integrate with the archiving tool. Access to reporting and compliance features limited on basic subscriptions. Combined with the cost of the archiving tool, this could be the priciest option.
Best: Use cloud-based social media management and compliance software
Pros: Fully integrated. Social media management plus keyword/phrase filtering, monitoring of the web and social media, archiving, approval workflow, team management, and reporting are all in one place. Creates efficiencies through automation for both small and large teams.
Cons: Requires budget and vendor due diligence
The goal is to reduce friction for the compliance department, while providing the agility that marketing needs to execute a successful social media strategy. Technology, while it requires an investment on the front end, will increase savings on process efficiencies, staffing, and risk on the back end. Software is a long-term relationship, and you want to make sure your vendor of choice will be able to implement, train, scale, and provide support for your growing business. Check out our blog post with five suggestions for how to choose your ideal software partner.
Remember, that before you get to this point, it is important to set up your governance structure, create processes, and set up a social media training program for your team. Make sure to include stakeholders from all departments involved in social media, including marketing, compliance, IT, legal, and possibly customer service. Do your homework on social media management and compliance software that allows your bank to work smarter, not harder.
Pro Tip: Start researching now, and include costs in your 2018 budget - Q3 and Q4 are excellent times to find budget-friendly software deals!
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