The BITS organization, the technology policy division of the Financial Services Roundtable, has released its comprehensive study of risk and compliance issues associated the use of social media by U.S. financial services firms.
The 71 page study is a very useful compilation of the factors that financial firms (banks, insurers, and investment companies) must consider.
Tables in the appendices are particularly useful as summaries and checklists, covering not only compliance questions but also legal, operational, and reputational risks.
According to the BITS press release:
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Financial services security, technology and communications executives developed the paper to assist financial services companies with potential social media compliance, information retention, and hiring issues, and with security risks that range from reputation threats to phishing and social engineering exploits.
The link to download the BITS Report is appended below.
Financial firms should consider this a valuable companion to literature on social media strategies and implementations, including Mercator’s February 2011report “Be SMART About Social Media,”
and the April note on “Twitter Among Large Banks: Still At The Learning Stage.”
Mercator Links: http://www.mercatoradvisorygroup.com/index.php?doc=Banking&action=view_item&id=571&catid=17
http://www.mercatoradvisorygroup.com/index.php?doc=Banking&action=view_item&id=590&catid=17
Realted URLS:
http://www.bits.org/downloads/News/BITSSocialMediaPaperRelease071111.pdf
http://www.bits.org/downloads/Publications%20Page/BITSSocialMediaRisksandMitigationPaperJune2011.pdf
