1. ActiveComply User Guide

Creating a Social Media Governance Structure

By understanding the purpose of social media in your business, you can first address the “why are we using this” to later address the “how can we best use this” and “what is the right way to use this”.

 A company should establish a governance structure that controls and outlines the ongoing assessment of risk in social media activities. It is important to identify clear roles and responsibilities where senior management can direct how using social media contributes to the strategic goals of the institution.

Strategic Goals

When creating a corporate policy, identify why social media is being explored at your company (for example, through increasing brand awareness, product advertising, or researching new customer bases). Create clear metrics for what your firm hopes to achieve through this marketing stream. Metrics such as increases in profile visits and rising conversion rates can identify which platforms perform best for your business and where you will need the most compliance oversight.

Identifying Roles

Depending on your company’s corporate structure, social media compliance roles and responsibilities may be divided or combined. A typical social media compliance process can involve the below roles by department:

  • The Compliance or Legal Department
    These departments can develop a list of unacceptable trigger words or phrases that the Marketing Department can continually reference when creating advertising materials and content.
  • The Marketing Department
    The Marketing Department will create accounts and posts, either for company wide advertising or individual loan officers, with this list in mind. After content is created, it will be sent to the Legal or Compliance Department for final approval.
  • Department Collaboration
    Either the Marketing or Compliance Department can monitor social media accounts for consumer responses and employee post monitoring. A good practice for the division of labor is to have your Marketing department review most content, and then escalate any items to the Legal and Compliance Departments that they may be unsure or worried about for further review. The handling of consumer complaints and reviews should also be a joint effort between departments and clearly outlined in a company response policy.