Archive for June, 2012
FINRA Field Trip
Posted by nleong in Compliance, FINRA, Social Networking on June 28, 2012
After last month’s annual FINRA conference wrapped up, the Actiance team decided to stick around for an extra day to stop by FINRA headquarters and meet up with some key folks in the Advertising Regulation division to talk about social media and technology. Judging by how many social media-related sessions there were at the conference (that would be 3), social is definitely a hot topic these days for FINRA, the SEC, and their regulated entities.
This is a marked change from the last annual conference when only Regulatory Notice 10-06 was in play. Now, there’s also Regulatory Notice 11-39, a FINRA social media sanction (Jenny Ta), an SEC risk alert on social media, and an SEC enforcement action (Anthony Fields) to gnaw on. What all this points to is continued interest in social media by the regulatory bodies and the firms they oversee. As technology chugs along to keep pace with the social media train, so too is the need for regulators to “stay in touch” with what’s going on out there, hence, our visit to Rockville, MD.
And just as FINRA looks at social media to see how the latter is used by member firms for marketing and advertising, the regulator is also curious as to how technology is aiding firms in their marketing initiatives while also remaining compliant with FINRA guidelines. In many ways, it’s a symbiotic relationship: regulatory guidelines create a business driver for firms like Actiance, while technology helps member firms stay compliant.
Actiance maintains ongoing dialogues with all the key regulatory bodies, which paves the way for the ideal mix of features and training that helps our customers achieve their marketing and compliance objectives. Because we understand what the regulators are looking for, their mindset, and the direction they’re headed, we’re able to design our platform and training programs accordingly. Case in point: Actiance was instrumental in persuading the SEC to incorporate social media into Rules 17a-3 and 17a-4. Because we cut our teeth in the IM world, we have the expertise and credibility to regularly engage with regulators and educate them on the technology trends that they need to be wary of when thinking about future guidelines.
Certainly, in an industry known for its strict guidelines and regular audits, a technology partner that understands these rules is vital indeed for ensuring that all FINRA-regulated firms can confidently deploy these technology solutions to remain compliant. Actiance in particular has ex-FINRA members, attorneys, and financial industry pros on its staff to eliminate any confusion or doubts customers might have on what is necessary to ensure compliance in a world of dynamic communication channels.
We confidently believe that social media won’t go away any time soon, so we envision the symbiotic relationship continuing, evolving, and flourishing.
How Social Media Can Improve Employee Relations
Posted by SarahActiance in Social Networking on June 19, 2012
We collaborate and communicate with friends and colleagues using social media, but how many organizations think to use it a as a tool to provide vital non-confidential information to employees or to keep track of real-time events in areas where normal communication channels have been disrupted?
I was intrigued to see in our latest customer case study that as well as the expected uses of brand awareness and engaging clients and prospects in conversations, the UK branch of BNP Paribas Corporate & Investment Banking was also using social media to communicate with employees. One example given was relaying updates from the Metropolitan Police during the London riots last year. By providing information of fast moving events over Twitter, BNP Paribas helped employees avoid areas of unrest and stay safe whilst traveling to and from work.
We often talk about using social to build communities and normally we’re referring to interactions between businesses and their customers and partners. Widening that to encompass developing internal communities could have a positive impact in staff loyalty and productivity, both of which have a very tangible influence on an organization’s bottom line.
Wanting to gain a wide understanding of how different groups utilize social media, BNP Paribas involved several key areas of the organization during the trial of Socialite – from IT security and corporate communications, to business users on the trading floor. It was important that while content was controlled and moderated, the user experience was a positive one.
The case study also mentions how social media helped provide information on the status of oil fields during the recent Libyan conflict, demonstrating the power of social media as a real-time source of information, when traditional communication channels have been broken down.
As Compliance Officer – Technology Projects of BNP Paribas, John Ryan says, “Social media is fast-eclipsing other forms of communication for this, and upcoming generations. It’s important that banks keep pace with these changes. My advice to organizations wary of enabling social media in the workplace is that they ensure that the right internal policies and controls are put in place to minimize their risk.”
Building communities is a key part of a successful social media strategy, but it’s important to remember that not all social interactions have to be externally facing.
