social media risk management framework

Its leaving tremendous value on the table. Now that youve formulated the security committee and its goals. Keep in mind that getting your account hacked also means youre putting sensitive customer information from private messages at risk. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. In addition, the specific roles and responsibilities of the TSP, including liabilities and accountabilities for errors, omissions, fraud, and other instances, resulting from the TSPs actions, which may adversely affect the BSFI, should also be defined; (11) Social media crisis management plan and escalation procedures; (12) Enterprise-wide employee training and awareness programs covering relevant topics such as the BSFIs social media use policies, employee roles and responsibilities and non-permissible activities; (13) Records retention of social media data; and. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Three steps can help you mitigate the data risks inherent in social media marketing. Thats why its advisable to protect your company against data breaches. The full committee will be responsible for developing the plan, but oversight and implementation may be relegated to a smaller group of individuals. Ideally, you will also have user credential data. This is a huge step forward, and youre well on your way to achieving success. And while the vast majority of posts will be fun, interesting and useful for your users, its the toxic and harmful content that puts your users and your reputation at risk. Phishing occurs when a malicious third-party attempts to impersonate a brand and communicate with customers to get them to reveal sensitive personal information. To get optimal value from social media efforts, organizations need to establish controls for the downsides of the technology by first clearly defining which roles within their unique corporate structure should be involved in social media risk management and their specific responsibilities. Non-technical controls shall refer to management, administration, and operational controls employed that are manual and procedural in nature (e.g., security-related policies and procedures; operational procedures; personnel, physical, and environmental security controls; performance management and measurement). The board of directors shall be primarily responsible for defining the BSFIs risk tolerance level, understanding the nature and degree of risks the BSFI will be exposed to, and ensuring that these risks are properly addressed. We use sophisticated AI-based technology to review large volumes of content and detect, evaluate and flag illicit, illegal or inappropriate content in any language at source. Its also a good idea to do a social media risk assessment at least once a year. As organizations build their presence across platforms to engage and serve customers where theyre at, the scale and complexity of their social media operations will continue to grow. Take staff through a training session on how to prevent hacking and the information to share on these platforms. The firm notes that organizations often opt for efficiency over security, choosing short and easy-to-remember passwords which make them vulnerable to hackers. Remember to also include your agencies and each agency user that has access to your social accounts. Maybe this was once ignorance, but continuing to proceed in the status quo now is reckless, an act of willful negligence. Your CISO will use risk assessment matrix to help you solve data breaches on your social media platforms. Communicate with a conversational, empathetic and warm approach, as if you were face to face with someone vitally important to the relationship and mission, a person you care about, need to build trust with and want to reassure. You can use a combination of numbers, letters, upper and lower cases. SURRENDER OF BANKING LICENSE, LIQUIDATION, AND RECEIVERSHIP, PART TWO DEPOSITS, BORROWINGS AND OTHER LIABILITIES, 201 AUTHORITY TO ACCEPT OR CREATE DEMAND DEPOSITS, 203 TEMPORARY OVERDRAWINGS; DRAWINGS AGAINST UNCOLLECTED DEPOSITS, 204 DEMAND DEPOSITS OF BANK OFFICERS AND EMPLOYEES, 212 PESO SAVINGS DEPOSIT ACCOUNTS OF EMBASSY OFFICIALS, D. NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS, 221 AUTHORITY TO ACCEPT NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS, 222 MINIMUM FEATURES OF NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS, 223 RULES ON SERVICING NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS, F. DEPOSIT SUBSTITUTE OPERATIONS (QUASI-BANKING FUNCTIONS), 243 MINIMUM TRADING LOT AND MINIMUM TERM OF DEPOSIT SUBSTITUTE, 244 MONEY MARKET PLACEMENTS OF RURAL BANKS, 246 ISSUANCE OF BONDS AND COMMERCIAL PAPERS, G. RESERVE AGAINST DEPOSIT AND DEPOSIT SUBTITUTES LIABILITIES, 251 ACCOUNTS SUBJECT TO RESERVES; AMOUNTS REQUIRED, 261 INTEREST ON DEPOSITS/ DEPOSIT SUBSTITUTES, 262 DISCLOSURE OF EFFECTIVE RATES OF INTEREST, 263 FEES ON RETAIL BANK PRODUCTS/SERVICES, 274 SERVICING DEPOSITS OUTSIDE BANK PREMISES, 275 CASH PICK-UP/CASH DELIVERY SERVICES; CASH AGENTS, 283 REPURCHASE AGREEMENTS WITH THE BANGKO SENTRAL, 285 EMERGENCY LOANS OR ADVANCES TO BANKING INSTITUTIONS, 286 FACILITY TO COMMITTED CREDIT LINE ISSUERS, 287-B/C COUNTRYSIDE FINANCIAL INSTITUTION ENHANCEMENT PROGRAM (CFIEP) FOR THRIFT, RURAL AND COOPERATIVE BANKS, 288 RECORDING AND REPORTING OF BORROWINGS, 290 ENHANCED INTRADAY LIQUIDITY FACILITY, 292 BORROWINGS FROM TRUST DEPARTMENTS OR INVESTMENT HOUSES, 293-B MORTGAGE/CHM CERTIFICATES OF THRIFT BANKS, 294-C BORROWINGS OF RURAL BANKS/COOPERATIVE BANKS, 295 COLLECTION OF CUSTOMS DUTIES/TAXES/LEVIES AND OTHER REVENUES, AND ACCEPTANCE, ENCASHMENT OR NEGOTIATION OF CHECKS DRAWN IN FAVOR OF COMMISSIONER, 296 COLLECTION AGENTS OF THE SOCIAL SECURITY SYSTEM, 298 DISCLOSURE OF REMITTANCE CHARGES AND OTHER RELEVANT INFORMATION, 299 SEGREGATION OF CUSTOMER FUNDS AND SECURITIES RECEIVED BY BANKS IN THE PERFORMANCE OF THEIR SECURITIES BROKERING FUNCTIONS, PART THREE LOANS, INVESTMENTS AND SPECIAL CREDITS, A. 1) Social Media Policy Create a policy specific to your social media marketing strategy. It is the BSFIs responsibility to ensure that all applicable laws and regulations relevant to the activities it will choose to engage in using social media will be adequately complied with. A social media risk management plan is a series of processes to ensure an organization maintains control over its social media communications with consumers. The award-winning Khoros platform helps brands harness the power of human connection across every digital interaction to stay all-ways connected. We also use third-party cookies that help us analyze and understand how you use this website. It Twitters been in the news of late thanks to Elon Musks (failed?) Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This can be done through social media risk management. Malate Manila, Similar to any new technology, however, social media introduces a new attack vector which may expose BSFIs to compliance, legal, reputational, strategic, and operational risks. b. A social media risk register is developed and reviewed regularly. In this regard, a BSFI should be able to show, upon request of the Bangko Sentral, its plan of actions with specific timelines, as well as the status of initiatives being undertaken to fully comply with the provisions of this Section. GENERAL PROVISIONS ON LENDING OPERATIONS, 301 GRANT OF LOANS AND OTHER CREDIT ACCOMMODATIONS, 302 AMORTIZATION ON LOANS AND OTHER CREDIT ACCOMMODATIONS, 303 SECURED LOANS AND OTHER CREDIT ACCOMMODATIONS, 304 PAST DUE ACCOUNTS AND NON-PERFORMING LOANS, 306 TRUTH IN LENDING ACT DISCLOSURE REQUIREMENT, 311 SALARY-BASED GENERAL-PURPOSE CONSUMPTION LOANS, 317 OTHER LOANS AND REDISCOUNTING TO THRIFT/RURAL/COOPERATIVE BANKS, 319 COMMITTED CREDIT LINE FOR COMMERCIAL PAPER ISSUES, 331 AGRICULTURE AND AGRARIAN REFORM CREDIT, 332 MANDATORY ALLOCATION OF CREDIT RESOURCES TO MICRO, SMALL AND MEDIUM ENTERPRISES, 333 LOANS TO BARANGAY MICRO BUSINESS ENTERPRISES, D. LOANS AND OTHER CREDIT ACCOMMODATIONS TO DIRECTORS, OFFICERS, STOCKHOLDERS AND THEIR RELATED INTERESTS/ SUBSIDIARIES/AFFILIATES, 342 TRANSACTIONS, COVERED AND NOT COVERED, 346 PROCEDURAL AND REPORTORIAL REQUIREMENTS, 349 APPLICABILITY TO BRANCHES AND SUBSIDIARIES OF FOREIGN BANKS, 350 APPLICABILITY TO GOVERNMENT BORROWINGS IN GOVERNMENT-OWNED OR -CONTROLLED BANKS, E. CREDIT CONCENTRATION AND PRUDENTIAL LIMITS, 361 LARGE EXPOSURES AND CREDIT RISK CONCENTRATIONS, 362 CREDIT EXPOSURE LIMITS TO A SINGLE BORROWER. Policies and procedures governing the following, among others: (1) Scope and definition of social media; (2) Social media regulatory landscape reflecting applicable laws, rules and regulations for compliance; (3) Individuals and/or composition of the team/s who will be responsible for the creation, maintenance, and monitoring of the BSFIs proprietary social media sites/pages. It can be a difficult process to hunt down all this information in various locations throughout your organization, but its a necessary step in establishing a complete security policy. 363-A LIMITS ON REAL ESTATE EXPOSURES AND OTHER REAL ESTATE PROPERTY OF UBS/KBS. This involves reviewing your plan and identifying any new vulnerabilities so they can be promptly addressed. Passwords should be strong and unique, but not too much complicated for you to remember. Created Date: 12/19/2017 7:21:48 AM We combine latest artificial intelligence (AI) technology and our extensive network of experienced reviewers to help you moderate content at scale. As such, BSFIs should adopt an appropriate risk management system, commensurate with the extent and degree of their social media usage, to effectively identify, measure, manage and monitor risks arising from the use of social media platforms. 421 AUTHORITY TO PERFORM INVESTMENT MANAGEMENT, 423 CONDUCT OF INVESTMENT MANAGEMENT ACTIVITIES, 424 SECURITY DEPOSIT FOR THE FAITHFUL PERFORMANCE OF INVESTMENT MANAGEMENT ACTIVITIES, 431 SECURITIES CUSTODIANSHIP AND SECURITIES REGISTRY OPERATIONS, 437 AUTHORITY RESULTING FROM MERGER OR CONSOLIDATION, 438 NON-TRUST, NON-FIDUCIARY AND/OR NON-INVESTMENT MANAGEMENT ACTIVITIES, 440 SURRENDER OF TRUST OR INVESTMENT MANAGEMENT LICENSE, PART FIVE MANUAL OF REGULATIONS ON FOREIGN EXCHANGE TRANSACTIONS, PART SIX TREASURY AND MONEY MARKET OPERATIONS, A. Compliance with relevant regulations. In this post, well provide a six-step plan to help you ensure your success in protecting and enforcing the security youve identified as important for your business. Purpose - This paper aims to discuss the emergence of corporate reputational risk in terms of social media, exploring its threats to and possibilities for organizations' strategic reputation. The governance process should also include reporting mechanisms to the board of directors and/or senior management to enable periodic evaluation of the effectiveness of the BSFIs social media strategy/program, in terms of achieving its stated objectives, and measures put in place to manage the risks related to its use. . NG PILIPINAS The objective of SRM is to extend the traditional framework of social protection to include prevention, mitigation, and coping strategies to protect basic livelihoods and promote risk taking. Now, the bad guys will corrupt the automation and send out messages that look like yours. These guidelines shall likewise apply to the employees 1 personal use of social media, insofar as it may impact the BSFIs operations, reputation and/or compliance with applicable laws and regulations. These cookies track visitors across websites and collect information to provide customized ads. Founded in 2010, CCI is the webs premier globalindependentnews source for compliance, ethics, risk and information security. The guidelines underscore the importance of having a well-defined social media risk management strategy in supporting BSFIs overall business goals and objectives. Got a news tip? Increase satisfaction and improve product adoption with complimentary training. Approach to Managing Social Media Risk and Compliance," acknowledges the power and importance of social media to businesses in every industry. c. Risk assessment shall refer to the process involving the identification and assessment of potential threats and vulnerabilities related to the use of social media and determination of the likelihood that the threat will occur as well as the corresponding impact to the business should the threat occur. Social media risk management system. Letting everyone have admin privileges could enable someone to accidentally or maliciously edit the brand page, or publish an unauthorized communication in the form of a post or message. Some organizations do this twice a year; it really depends on how large your organization is and how many users you have globally. When conducted with high-level competence, this approach can defuse negative emotions driven by frustration and false assumptions through professionalism, ethics, responsibility, respect, empathy and compassion while informing the audience and preventing further negative momentum and escalation of the crisis. Social media risk isn't the responsibility of the IT department only, but it takes thorough collaboration between legal department, internal audit, marketing, compliance, and corporate communication. He is the writer of Red Diamonds Essays and Reputation Specialist Essays, both on the Medium platform. Why engage social media as risk management within a crisis? Applicability and scope. This includes knowing who has access to accounts, whos allowed to publish posts or message consumers, and what are the rules when representing the brand online. Other applications like Google or LinkedIn might also have vulnerabilities. Recognizing the Risks Real-time interaction and broad reach make social media platforms powerful tools for advertising and marketing. Our multi-lingual hubs enable you to cover regions with their cultural differences from one site ensuring quality, consistency and reliability while staying close to your customers. This includes making sure that you have clear expectations about: Password strength Content monitoring Access lists Interacting with the public Security breaches P. Ocampo St., At this stage, your policy framework should be in place. Social media governance: Managing social media risk Subject: Social media has revolutionised the way people communicate and interact with each other. Security breaches can occur broadly across the social media platform which will affect several accounts. d. Social media shall refer to online communication channels dedicated to community-based content generation and sharing, interaction, and collaboration. Importance of a Good Social Risk Management Quality social media management software is a crucial piece of this, but its only part of the solution. We will then synthesize it with relevant models and tools such as scenario planning. Importantly, you will want to formally outline what everyone in the organizations role is, their corporate responsibility, and what is expected of them. Social media risks can affect more areas than a company's IT department. This cookie is set by GDPR Cookie Consent plugin. Even if your brand accounts are secure, you should be using social media monitoring tools to identify and address these occurrences as soon as they come up. It's just as crucial that you have the policies and processes in place that we've outlined here. A. Mabini St. cor. You also have the option to opt-out of these cookies. Speak conversationally, with humanity, poise, humility, honesty, transparency and sincerity instead of in a robotic, cold, matter-of-fact tone to what feels like (or is) a faceless audience. Yet how many organizations and leaders actually capitalize on this opportunity and value, and how many realize the responsibility to communicate more often, more thoroughly and more honestly and skillfully, with increased transparency? He regularly writes on communication, ethics, governance, conflicts, scandal, reputation and crisis. Risk management and legal issues with the use of social media in the healthcare setting J Healthc Risk Manag. Still, nearly every brand can follow these best practices when theyre creating their own social media risk management plan, catered to their unique circumstances. Necessary cookies are absolutely essential for the website to function properly. Welcome to CCI. Want a weekly round-up in your inbox? Reputation is like a ticket to the big game. Make sure that you put the right people on the right spot, enhancing the efficiency of the work task. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 002, the Bangko Sentral may deploy enforcement actions to promote adherence with the requirements set forth in Sec. A social media working group meets regularly to monitor risks, identify opportunities to maximise benefits of utilising social media channels and generate appropriate content. Our teams review online adverts against your policies and terms & conditions, to ensure trust and safety of your online advertising offering. It is not intended to provide procedural specifics or a one-size-fits-all solution for carrying out compliance and risk management responsibilities. Review the plan every 3-6 months to make sure it is still relevant and up to date. Blowing the Whistle: Exploring Federal Protections After Twitter Testimony. Social risk is characterised by four components in combination: an issue, a stakeholder or group of stakeholders, a negative perception of an organisation, and the means to do damage. First, institutions need to know what the potential hazards are. These guidelines align existing regulations, to the extent possible, with leading standards and recognized principles. BSFIs, in formulating and implementing their social media policies, should ensure compliance with the applicable requirements of Bangko Sentral rules and regulations on financial consumer protection, especially those relating to disclosures and transparency in advertising and promotional materials, protection of client information, effective recourse, and financial education and awareness. Our extensive network of experienced reviewers help you moderate content at scale and implement legislation, including the right to be forgotten. (14) Communication of the BSFIs official social media sites/pages to its customers to avoid confusion and being misled to unofficial sites. Weak Password The thought paper outlines six steps that an organization can follow to develop an effective social media risk management strategy. Recently, the Facebook vulnerability left approximately 50 million accounts at the risk of being hacked. Increased development of social media communication can result in greater effectiveness of risk management, both internal to the organization and external. Revisit your entire risk management plan to see where social media components should be addressed. PART ONE ORGANIZATION, MANAGEMENT AND ADMINISTRATION, A. CLASSIFICATIONS, POWERS AND OPERATIONS OF BANKS, 101 CLASSIFICATIONS, POWERS AND SCOPE OF AUTHORITIES OF BANKS, 101-B AUTHORITY OF THRIFT BANKS TO ISSUE FOREIGN LETTERS OF CREDIT AND PAY/ACCEPT/NEGOTIATE IMPORT/EXPORT DRAFTS/BILLS OF EXCHANGE, 102 BASIC GUIDELINES IN ESTABLISHING DOMESTIC BANKS. 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