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Governing Social Media
1. Governing Social Media: How to Monitor, Manage and Make the Most of Employee Use of Social Media Interact 2010 The Legal and Compliance Technology Forum
2. Our Panelists Doug Cornelius Chief Compliance Officer Kathleen Edmond Chief Ethics Officer Janice Innis-Thompson SVP & Chief Compliance Officer Scott Giordano Director of Product Marketing
3. Social Media Usage - Individuals Facebook statistics: 400M active users worldwide 35% of the U.S. are members 100M log in via mobile devices 3M active pages Average users have 130 friends and spend 55 minutes per day Twitter: 75M accounts; 10-15M active Growth peaked at about 7.8M per month
5. Poll How many have a Social Media policy? How many are planning on implementing one in the next year?
6. Social Media Usage – Companies Facebook: >1.5M local companies have an active fan page Social media adoption by small businesses doubled from 12% in 2008 to 24% in 2009. Source: MarketingVox.com LinkedIn: 45M users in 150 industries Source: TechCrunch By 2011, enterprise microblogging will be a standard feature of 80 percent of social software platforms on the market. Source: Gartner
7. Managing Compliance: Necessity Does your organization need a Social Media policy? Consider: Social Media is still media Communication via Social Media needs to be consistent with internal policies Need to apply compliance principles Industry examples: healthcare, pharmaceuticals, banking FTC blogging rules
8. Managing Compliance: Foundations How and where do you start the process of managing Social Media? Factors: Goals of the policy To whom does it apply? Implementation challenges
9. Working Together How do you get various stakeholders (such as Legal, HR, IT, Marketing and Compliance) to participate in crafting a social media policy? Some approaches: Discuss potential dangers from having no policy (Google “social media gaffes” for examples) Identify compliance requirements that are particularly susceptible to social media (privacy, discrimination, tax-exempt status) Identify potential advantages of the policy
10. Benefits vs. Drawbacks What benefits has your company received from Social Media? Benefits: Low cost per thousand Recommendations by customers tend to be the most effective
11. Benefits vs. Drawbacks What have been the drawbacks? Drawbacks: Easy to say the wrong thing Need to localize, especially for international use Need to save for use in litigation down the road
12. Balancing Evangelism and Compliance How do you balance employees’ evangelism of your company with the need to stay in compliance ? Examples: Department of Defense – security vs. getting the message out What happens when an employee’s SM activity becomes associated with their off-hours “persona”? Blowback from employee’s activities—how do you protect the company and your brands?
13. Instituting Controls Over Social Media How do you institute controls over Social Media? Policy: the driver Procedures: the checklist Guidelines: inform the process Training: educate the staff What role does technology play? So-called “data loss prevention” or DLP Brand protection
14. Sector-Specific Regulations How does Social Media affect compliance regulations in your sector? Examples: REITs Retail Financial Services
15. SOX, HR, and Other Regimes How do you address non-sector specific compliance, such at SOX, HR and other regimes? SOX: implied IT security controls; “whistleblower” protection HR: need to prevent discrimination; hostile work environments Privacy/Intellectual Property: very easy for data to “leak” out Litigation/FRCP: preserving Social Media data for future litigation
16. Some Final Thoughts By 2011, enterprise microblogging will be a standard feature of 80 percent of social software platforms on the market. Source: Gartner Social Media CAGR, 2009-2014: 34% Source: Forrester
Growth in general, usage in corporate AmericaUser groups, user outreach
Healthcare and banking: patient privacyPharma: side effectsFTC blogging rules—last Dec
Include funny social gaffes on a slide—what were the consequences. You can do a lot damage with 140 characters.
Which ones are most social-media prone?
Forrester has just released its five-year forecast growth in showing social media will outpace all other forms of interactive marketing spending, with a compound annual growth rate of 34% (off a very small base). Mobile marketing will be the second-fastest-growing budget item. E-mail and display advertising will grow more slowly over the next two years but the forecast improves after that.