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How to Write a Social Media Policy for Your Financial Institution

Written by: Lisa Kanda

The expansion of social media in the workplace and for personal use has made it vital for financial institutions toinclude a specific social media policy within its policies and procedures. In the past it was easier to manage socialmedia use by restricting access to sites on company systems, but smart phones and the acceptance of using socialmedia in marketing communications has changed the landscape. Policies are needed to provide guidance toemployees concerning appropriate use and for financial institution’s to manage risk assessment. In addition, therelease of the Federal Financial Institutions Examination Council (FFIEC) guidelines has brought even more attentionto meeting regulatory requirements.

8 Steps to Create Your Social Media Policy

Financial institutions that may be creating a policy for the first time do not have to reinvent the wheel. Manycompanies have implemented policies that are available online to assist in getting started. A comprehensive policycan be created using the following steps:

1. Form a Committee – Social media is not just a marketing communications tool, and the policy needs to addressseveral areas that should include representation from marketing, compliance, human resources and uppermanagement.

2. Research and Review– There are many social media policies that are available to use as templates and providesuggestions on what you may want to include in your policy. For your reference, here are links to resources to getstarted.

IBM Social Computing Guidelines

Visible Banking List

Social Media Policy Database

57 Social Media Policy Examples and Resources

Social Media Policy Template

3. Select and Prioritize – The specifics in your policy will align with your institution’s culture and values. There is noone-size-fits-all policy and your policy should fit with your other governing documents and employee handbook.

4. Convene the Committee – Committee members can lend their expertise to these specific areas to consider forinclusion:

define the institution brand presence on social media for marketing purposes

specify acceptable and unacceptable employee use of social media for business purposes

use of disclaimers

follow copyright, fair use and financial disclosure laws

define who can use social media on behalf of the institution

define who can speak on behalf of the institution on social media

define appropriate behavior when using social media in the workplace

guidance to dealing with negative comments

describe the types of content that cannot be published, especially in dealing with customer privacy issues

describe approval and monitoring processes

specify employee training that may need to be completed

identify roles and responsibilities for enforcement of the policy

5. Write the First Draft – Present to appropriate management for review. Make any edits based on feedback.

6. Counsel Review – Your legal counsel should provide final review.

7. Present to Board for Approval .

8. Communicate – Implement a plan for employee review and acceptance.

A comprehensive social media policy guides employees on acceptable use, defines social media marketing protocols,and is an important document for regulatory compliance. Social media use and activity will only grow and continue toevolve as technology changes. A proactive approach will allow financial institutions to also adapt and manage changewhile being mindful of the regulatory environment.

Do you have any examples of social media policies to share or comments to add to the steps above?