Why the need for Social Media Compliance?
71% don’t always obey social media policies at work
59% of respondents reported that they had no social media risk assessment plan in place, and only 36% reported official social media training
Accenture, ‘A Comprehensive Approach to Managing Social Media Risk
40% of Millennials think that blogging about workplace issues is acceptable
Less than 10% of companies currently offer training on social media compliance to employees
Kitty Parry, Founder & CEO, Social Media Compliance (SMC)
Turnkey Solution to Mitigate Employee Risk of Social Media
Social Media Compliance Ltd (SMC) is a FinTech company offering integrated end-to-end solutions to mitigate the employee risk of personal and professional social media misuse (e.g. Facebook, Twitter, WhatsApp, LinkedIn, Blackberry Messenger etc.)
SMC is the first and only turnkey solution provider within the industry. The business offers tailored reviews, health checks and training programs to regulated companies and regulators in the financial services industry. On completion, firms receive the SMC Certification of Compliance.
The company’s proprietary software provides training and ongoing learning tools, making SMC the market leader in benchmarking insights and analytics as it continues to gather industry data. SMC has created the Social Media Charter, which is becoming the industry recognised benchmark allowing SMC to develop its service and product offering as regulators evolve.
The Social Media Charter outlines a set of best practice principals designed by the Social Media Charter Association (SMCA) in collabroation with SEC (US), NY Fed (US), FCA (UK) and MAS (SG)
Words from the Industry
Spotting the niche in the market is a recipe for survival for any business: the need for SMC is glaring.Forbes August 2014
The financial services industry needs to focus relentlessly on what’s best for the customer… The Social Media Charter aims to achieve just that.Antonio Simoes CEO UK, HSBC
As social media matures into a business tool it is vital that consumers feel protected in the same way as they do in other media. These guidelines from the FCA provide a valuable means of doing this. The Social Media Charter Certificate gives financial companies the opportunity to give consumers the confidence they need when looking for financial products. It proves to customers that these banks, insurance and investment providers are working hard to drive ethical behaviour, trust and social media best practice at the heart of their firm.The Rt Hon The Lord Tom Strathclyde
Social media provides huge benefits but it brings it’s challenges. It is obvious that the financial services industry has to ensure that social media is only used in a responsible manner to avoid further mishaps and to demonstrate to all that its business is well managed. The Social Media Charter offers the ability to have the benefits together with the confidence that communications are well controlled.Stuart Popham Vice Chairman EMEA Banking at Citi
I believe this initiative is a necessary way forward for all asset managers needing to comply with the FCA social media consultation.Paul Sedgwick Head of Frank Investments
One group taking advantage of this opportunity is the Social Media Charter, which offers training and accreditation to financial services companies in using social media.FTfm August 2014