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The Social media proves to be one of the biggest advantages for reaching out to the potential market and staying updated with latest trends. In fact, companies actively using a variety of social media as the standard form of communications are rising in number.

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Generally, a few social media channels are more popular amongst the masses than the rest. It has become necessary for any organization to have a policy to regulate the use of social media and to stay compliant with codes of business. As per the Smarsh annual compliance survey for 2016, compliance professionals and financial services firms using Twitter and LinkedIn have grown considerably as compared to Facebook

BYOP vs. BYOD.

Bring Your Own Persona (BYOP) entails the use of personal social media for business purpose. To successfully adopt BYOP strategy, one needs the entire organization to work together and form right plans and policies. This should be followed by proper implementation and continuous monitoring. All the functions of the organization, namely, IT, legal, and marketing will have to cooperate and work together

BYOP

An organization has to balance its risk versus reward on a daily basis to stay competitive while using social media to promote the business ethically. The employees use personal media networks to promote and support the business growth. Pre-planned social media policies for any kind of communications helps the company to mitigate risk. Yet, it profoundly impacts the freedom of communication along with the ability of the employee to cash in a quick social media opportunity because of the procedural requirements.

One should supervise social media communication channels on a real-time basis which ensures sufficient governance and internal controls backed by agility.

Social media compliance

Social media compliance has to guarantee safe archival and management of inbound and outbound content. This can be achieved by active supervision, flagging keywords or phrases, and guidelines that address questionable content. When such communication happens on a personal device of the employee, it poses an additional risk to the company.

The compliance team must be able to respond appropriately and on time when they discover such unwanted events. The IT department should be responsible enough to make sure that systems are in place to execute the automated compliance-driven processes that must go in tangent with social media profiles and personas.

When all the functions collaborate, it allows everyone to easily communicate needs and problems with each other. This helps in creation of a robust social media policy. It shall decrease the chances of any system to act in silos and thus, eliminates instances of a separate, narrow plan. This may inadvertently increase the potential for risk of non-compliance.

Social Media

Four steps for establishing a strategy for BYOP.

  1. One should establish a comprehensive social media strategy to keep themselves competitive and compliant.
    The company should determine which entities have an existing business need for use of social media in office. Generally, the marketing team leverages the customer reach using social media. Also, customer facing employees keep in touch with existing customers via social media to promote the company.
  2. They should understand which social media channels to start with, based on the first step. Majority of the organizations use LinkedIn, Twitter, and Facebook to a large extent. LinkedIn is the most popular in a business environment due to its “networking” features and business audience. Twitter quick and effective means of communicating messages in a brief manner to a defined audience. Facebook can have a business page. But, is generally avoided due to its personal nature and lack of content controls.
  3. Next, the company should frame policies and procedures determining usage and extent. One can accomplish this by coordination approach between the management and employees at large Along with policies, one should determine the individuals who shall manage and monitor the effectiveness of such policies.
  4. Last but not the least, the policies should be reviewed periodically by the appointed personnel. Here, GRC tools like VComply help an organization to set its own internal control policies and monitor their effectiveness on a single integrated platform. Advanced technology can play a major role in automating the management of BYOP. It ensures the completeness of the supervision to mitigate risk while maintaining compliance according the organization’s policies. Putting the right technology in place is as important as framing a robust organizational policy.

VComply

Communication Channels

Social media tools and communication channels are necessary to reach the necessary audience. But they bring various risks and challenges along with it. When an employee uses personal social media accounts at work to communicate with the customers, it becomes essential for an organization to establish automation to mitigate the continuous risk.

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