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

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

    Any organization that embarks on a social journey must have an understanding of the social media strategy, policy developments, current governance programs and how large-scale customer experience management and employee engagement programs are implemented. This background will help it understand the challenges that may arise when building internal collaboration programs. The approach to governance begins with an organization first defining the strategic benefits it intends to derive from its collaboration efforts and what impact those efforts will have on the organization. It is important that it is built upon the organization’s strengths. Moreover, social media risks should be managed with a custom governance approach that helps to do the following:

    • Enhance demonstrable controls of collaboration programs, satisfying both audit and compliance program demands
    • Anticipate emerging regulatory compliance issues that may dictate collaboration activities on a global basis
    • Gain stronger consensus among internal organizational areas impacted by collaboration with regard to strategic direction and risk management
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Embarking on a Social Media Journey: Five Key Focus Areas for Companies in Regulated Industries

  • 1 | 2 | 3 | 4 | 5 | 6 | 7
  • Embarking on a Social Media Journey: Five Key Focus Areas for Companies in Regulated Industries-3

    Any organization that embarks on a social journey must have an understanding of the social media strategy, policy developments, current governance programs and how large-scale customer experience management and employee engagement programs are implemented. This background will help it understand the challenges that may arise when building internal collaboration programs. The approach to governance begins with an organization first defining the strategic benefits it intends to derive from its collaboration efforts and what impact those efforts will have on the organization. It is important that it is built upon the organization’s strengths. Moreover, social media risks should be managed with a custom governance approach that helps to do the following:

    • Enhance demonstrable controls of collaboration programs, satisfying both audit and compliance program demands
    • Anticipate emerging regulatory compliance issues that may dictate collaboration activities on a global basis
    • Gain stronger consensus among internal organizational areas impacted by collaboration with regard to strategic direction and risk management

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.