Managing FINRA, SEC, and More in the Social Enterprise
Many organizations are now adopting enterprise social media applications, deploying communities and extending their collaboration platforms outside their firewalls to customers and partners.
For financial services firms, however, “going social” presents a particular set of challenges. The interactive communities enabled by networking, blogging, and other social applications can provide effective ways of connecting with customers. Yet within the highly regulated financial industry, a firm’s communications with the public are subject to regulatory scrutiny – and the firm itself is subject to penalties if those communications are found to be inappropriate.
Early in 2010, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 10-06, providing new guidance for the financial services industry on the use of social media. It was a much-needed response to the new regulatory challenges raised by social networking sites and blogs, particularly in the areas of supervision, advertising, and books and records requirements.
What are the best practices your organization should bring to a rollout of social media, to ensure that the use of these new communications and collaboration platforms meets the requirements of the FINRA guidance and other regulations you must work under?
Our Approach
To maximize the use of new technologies and help you leverage social media and collaboration capabilities, Doculabs works with you to identify the information management business scenarios and practices that will be impacted by regulations. Leveraging our nearly 20 years of expertise in evaluating technology providers and capabilities, we then identify the solutions that will position you to best manage information and keep you in compliance with laws and regulations.
Additionally, we provide the execution assistance to make it happen. Doculabs will proactively identify the business processes where compliance is most critical to information-sharing through social media and collaboration and will recommend how the process can be altered to improve your adherence to regulations. This change management can be one of the more challenging aspects of technology implementation. Doculabs focuses on helping your organization understand the required change through the building of effective policies, procedures, and guidelines.
We are experts in enterprise social collaboration and content management, with a team that averages more than 15 years of experience in information management. We can help you navigate the challenges of social media and help you meet the FINRA and other regulatory guidelines. We’ve worked with a number of leading financial services firms, and we offer a best practices approach for rolling out social capabilities in a manner that ensures both regulatory compliance and effective ongoing governance.
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