Social Media in Regulated Industries

Knowledge is Power: Overcome Social Media Fears Today

Presented to: PACB

By Rachel Strella

www.strellasocialmedia.com

Today, We’ll Discuss: Fear & Social Media

Internal/External Monitoring Creating a Presence, Despite

Compliance Issues Social Media in Regulated

Industries Social Media Best Practices

Making the Case for Social Media

Introductions

Introductions

Strella Social Media Attendees: Name Role or Title One Social Media

Challenge You Face

Fear

Fear

Universal fear of social media Fear of what to say Worry about negative

feedback Privacy concerns

Fear

Regulated industry fears Legal and privacy concerns Management ill-advised Excuse to avoid risk?

Fear

To ease fear Don’t try to transform

organization all at once Focus on areas where

there are obvious opportunities for social communications

Fear

To ease fear Start small This will help you begin to

understand where your opportunities are

Monitoring

Monitoring

Internal monitoring Develop a social media

policy Be sure to include

guidance on employees’ personal use

Revisit policy regularly

Monitoring

Internal monitoring Clearly define roles Create methods for

tracking and archiving social media content

Develop procedures for responding to customers

Monitoring

Internal monitoring Determine channels Build your audience Plan your strategy Execute your strategy Evaluate results

Monitoring

External monitoring Manage your online

reputation Sign-up for Google alerts:

google.com/alerts Sign-up for social mentions:

socialmention.com

Monitoring

External monitoring Have systems in place for

responding to all feedback Respond publicly and take

conversation offline Management should be ‘on-

call’ for immediate concerns

Creating a Presence Despite Compliance

Creating a Presence

The benefits Market your

products/services Communicate with

customers Get a pulse on brand image

and manage it proactively

Creating a Presence

Know the regulations Research industry

regulations Address them Learn to safely navigate the

social media landscape

Creating a Presence

Example: Citibank The case of Stacy Small The Challenges A Case for Taking it Offline Solutions that Work

Regulated Industries Using Social Media

Regulated Industries Using Social Media

Medical Medical providers are

prohibited from using or disclosing protected health information without written authorization from the patient

Regulated Industries Using Social Media

Medical Existing content is not lost;

rather providing it to the audience in the appropriate place

Regulated Industries Using Social Media

Medical – Example

Regulated Industries Using Social Media

Pharmaceutical Regulated by the FDA who

had an eerie silence on the topic of social media until the end of 2011

Regulated Industries Using Social Media

Pharmaceutical Policy states that

companies respond to social commentary by providing a private and direct communications channel with customers

Regulated Industries Using Social Media

Pharmaceutical - Example

Regulated Industries Using Social Media

Financial FINRA: Must maintain

regulatory compliance in all communications

RIA: Must comply with antifraud and record keeping requirements

Regulated Industries Using Social Media

Financial Must periodically evaluate

the effectiveness of compliance program as it relates to social media especially recordkeeping

Regulated Industries Using Social Media

Financial: Example

Regulated Industries Using Social Media

Notice a common theme?... GRAY AREA!

First National Bank of Omaha

Cambridge Savings Bank (MA)

Riverview Community Bank (WA)

Popular Community Bank (FL)

Avidia Bank(MA)

Social Media Best Practices

Social Media Best Practices

Decide if/how social media would benefit your audience

Social Media Best Practices Define goals for social media

Social Media Best Practices

Put procedures/policies in place

Social Media Best Practices

Execute, but be flexible

Social Media Best Practices Evaluate the efforts

Social Media Best Practices

General guidelines Do not mention specific

cases or reveal customer data

Do not offer financial or banking advice publicly to specific parties

Social Media Best Practices

General guidelines Educate and inform about

universal policies or financial/banking info

Share something of value – other sites, articles, links, tools, tips

Social Media Best Practices

And… Plan ahead and try to think

of all possible outcomes Use critical thinking

skills/best judgment Be flexible as you work

through kinks

Making the Case for Social Media

Making the Case for Social Media

Do your homework Poll customers to find out if it’s something they need/want Check out your company’s online reputation Compile data to support its use

Making the Case for Social Media

Plan for management resistance

Share findings Explain regulations and ways around them Offer to help draft policies and procedures

Making the Case for Social Media

Plan for management resistance

Share ways it could save $$ and/or be integrated with current efforts Suggest a trial period Acknowledge and document customer feedback

Questions

Website and Blog: StrellaSocialMedia.com

Facebook: Facebook.com/StrellaSocialMedia

Twitter: Twitter.com/RachelStrella

LinkedIn: LinkedIn.com/in/RachelStrella

Connections and Resources