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)
Social Media Compliance Ltd. Summary (SMC)
Social Media Compliance Ltd is a FinTech company providing Regtech solutions that help global firms mitigate reputational and regulatory financial risk of employees on their personal social media.
SMC leads the field in standardising regulated employee use of social media through our work with global regulators, Central Banks and global financial service providers. SMC’s innovation lab provides Regulation Technology which influences policies, produces education modules including eLearning nuggets, as well as industry-specific monitoring and record-keeping surveillance tools. This lab is comprised of experienced barristers & attorneys, financial services professionals, social media experts, as well as AI software and cyber-security specialists who work rigorously to understand evolving global regulation standards, adapt to new technology developments and the risks they may pose.
We deliver a turnkey solution that satisfies regulatory requirements and sets a benchmark across all industry in social media compliance.
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
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 Chairman of Chatham House
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