Trish Cremers
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Trish Cremers Posted on : Insider Community

Practical Social Media Compliance Checklist Helps Community Banks & Credit Unions


Earlier this week we discussed the Member Identification Program, a fundamental part of Bank Secrecy Act compliance. Today we'll talk about a more modern risk - social media. Even if you're not in marketing, it's pretty hard to miss the coverage given to the benefits of social media from financial services media outlets and organizations like the ICBA and NAFCU. However, they hardly point out the risks within twitter, facebook, and its counterparts. 

A few examples:

The social media compliance guidelines offered by the FDIC late last year covered several crucial aspects, but it made for quite a dense reading. With that in mind, we decided to provide something a bit more practical to help your internal auditors/compliance officers capture the short attention span of marketers.

Social Media Compliance Checklist

In this comprehensive, 63-point checklist, the LexisNexis® Sheshunoff™ team covers the key factors and regulations you need to know to identify and mitigate risk in social media programs—from payment systems to privacy, community reinvestment to consumer complaints—all in a streamlined, easy-to-follow format with a wealth of examples.

With this checklist, you’ll be able to:

  1. Identify the various types of consumer compliance risks and threats that apply to social media.
  2. Provide internal auditors, marketers and compliance officers with a valuable monitoring tool.
  3. Ensure your financial institution has a defined social media framework for managing compliance and legal risk.
  4. Identify and avoid the myriad reputation and operation risks associated with social media.
  5. Apply real-world examples to your institution’s program.

Here are a few questions you'll find in the checklist (click for higher resolution):

The checklist is readily available HERE - we hope this will help the compliance and marketing team work together more efficiently. If you have any questions or suggestions to improve the checklist, let us know. 

If you're looking for a more in-depth analysis of social media risk, you might want to register for our upcoming webinar. Your entire branch can attend (as long as you fit within a conference room) with just one seat.