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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-

    A social adoption council with the below roles and responsibilities must be created to manage and administer an enterprise social platform:

    RoleResponsibilities
    Executive championAccountable for the success of the collaboration initiative, budget, resource allocation and promotion among the business
    Community strategistResponsible for developing the communication and collaboration strategies gathering input and feedback from end users, developing scenarios and measuring and reporting progress on achieving objectives
    Community managersResponsible for coordinating and gathering resources, monitoring conversations and ensuring community compliance to the organizational guidelines
    Social technologistDesigns infrastructure to support the governing policies and regulatory commitments, and develops security strategy, data retention & archival policies

    Provides ongoing support for maintaining the application
    Legal/compliance leadMonitors all of the compliance requirements related to specific industries, as well as assists the community and technical teams in developing suitable policies
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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-5

    A social adoption council with the below roles and responsibilities must be created to manage and administer an enterprise social platform:

    RoleResponsibilities
    Executive championAccountable for the success of the collaboration initiative, budget, resource allocation and promotion among the business
    Community strategistResponsible for developing the communication and collaboration strategies gathering input and feedback from end users, developing scenarios and measuring and reporting progress on achieving objectives
    Community managersResponsible for coordinating and gathering resources, monitoring conversations and ensuring community compliance to the organizational guidelines
    Social technologistDesigns infrastructure to support the governing policies and regulatory commitments, and develops security strategy, data retention & archival policies

    Provides ongoing support for maintaining the application
    Legal/compliance leadMonitors all of the compliance requirements related to specific industries, as well as assists the community and technical teams in developing suitable policies

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.