Embarking on a Social Media Journey: Five Key Focus Areas for Companies in Regulated Industries

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Organizations must determine that an internal social collaboration platform does not create any new issues that are not already accounted for in existing electronic document, privacy, eDiscovery, etc. The transparency of these platforms requires consideration of how the information on the platform will be used and shared.  A thorough analysis of risks versus rewards must be made. If there is a significant opportunity in sharing lower risk information with a high business benefit, it should be shared without compromising compliance regulations.

The nature of financial, health care, insurance and defense industries implies the non-negotiable need for high levels of regulation. In these stringent environments with strict controls on policies and procedures, leveraging social media platforms to increase collaboration among employees is challenging. To succeed, there is a need to establish well-defined processes, policies and codes of conduct to help employees use these social networking tools. The other dimension that adds to complexity is hosting environments - on-premise or hosted. It is equally important to ensure that all of the policies and procedures adhere to industry-specific acts like FINRA, HIPAA, HITECH, AIA (export control, IPR and copyright etc., policies), etc.

Here are five key areas, identified by Naresh Gandesiri of IT management firm Virtusa Corporation, that organizations functioning in highly regulated environments should consider while setting up a social media platform.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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