social media risk management framework

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. The Bangko Sentral may issue directives to improve the social media risk management system or impose monetary and non-monetary sanctions on a BSFI and/or its directors, officers and/or employees. They should likewise conform to the relevant provisions of Bangko Sentral outsourcing framework should they decide to outsource the conduct of social media-related activities to a service provider. NG PILIPINAS 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. If youre conducting your business on Facebook, its likely that you have automated your messages to send discounts to your clients. WE BELIEVE IN SERVICE. With millions of pieces of content uploaded every minute, keeping your users safe, ensuring your content is legal and protecting your reputation is an almost insurmountable task. Be keen on how youre using these platforms to log into other applications. P. Ocampo St., Real-time interaction and broad reach make social media platforms powerful tools for advertising and marketing. 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. d. Social media shall refer to online communication channels dedicated to community-based content generation and sharing, interaction, and collaboration. This report outlines a framework for assigning roles . We also use third-party cookies that help us analyze and understand how you use this website. It's important that everyone in your organization knows they have a responsibility and role to play in keeping the brand safe on social media. First, institutions need to know what the potential hazards are. Get in touch. 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. Depending on what you decide, you may be able to limit permissions within the platform or social media management software, or you may have to set additional organizational rules if there are technological limitations. Sign upfor free. To learn more about how to protect your brand on social media, download our free, comprehensive whitepaper: How to Protect your Brand on Social Media. The better people understand, the more prone they are to evangelizing your message, so ensure the language is clear and concise. Social media platforms like LinkedIn, Facebook, and Twitter have become vital parts of doing business. As a marketer, you need to work closely with the IT department in making social media activities. Social media conversations (not to be confused with the post-and-run amateur efforts) can build, restore and help rebuild trust; strengthen credibility or mitigate damage to it; inform; educate; ease concerns, fears, anger and rage; and problem solve. SOMETIMES WE WRITE ABOUT IT TOO. Social media, a low-cost solution capable of disseminating real-time information via the internet, presents vast opportunities for growth, customer engagement and business benefits as usage, customer reach and adoption scale up and become widespread and ubiquitous. Stakeholders are angered by substandard or weak mitigation and have called for and occasionally succeeded in having executives removed from their positions for not being better communicators, truthful advocates and protectors of organizational reputation. Organizations may be tempted to use a simple password for social media accounts that will be shared with many users, but a few extra characters can add a lot more security. Social media have infiltrated all of our lives, both personally and professionally. It works at developing affordable tools to mitigate the danger that vulnerable groups are exposed to. Three of the worlds leading online companies trust us with this highly critical work. 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. Theres no one-size-fits-all plan that will work for every organization, as each will have unique circumstances such as the number of platforms the brand has a presence on and how many people are involved in these processes. In these guidelines, terms are used with the following meanings: a. Executives and organizations, which too often have an overly conservative mindset, operate in unfounded fear when it comes to social media and fail to communicate beyond the most limited, one-sided, unproductive, memo-type communication or corporate speak. At this point, you will have the foundational information for a successful social media security policy. This cookie is set by GDPR Cookie Consent plugin. LMG Security notes that an 8-character password can be cracked in under 8 hours, a 10-character password takes 8 years, and a 12-character password takes 77,000 years. The goal of the tool should be to update administrator rights as needed, but a formal audit is important because it also tells you if anyone is working natively. 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. Increased development of social media communication can result in greater effectiveness of risk management, both internal to the organization and external. This can be done through social media risk management. 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. For even more risk management strategies, read our guide:How to Protect your Brand on Social Media. Social media governance: Managing social media risk Subject: Social media has revolutionised the way people communicate and interact with each other. An efficient RMF is the heart of your risk management strategy . The use of social media platforms, including information gathered therein, for the conduct of account origination activities should comply with applicable rules and regulations, especially on the provisions relating to customer identification procedures under the existing anti-money laundering rules and regulations. the framework has been realized considering different cognitive goals related to the organizational unit responsible of the development of the content marketing processes, corporate content. This includes making sure that you have clear expectations about: Password strength Content monitoring Access lists Interacting with the public Security breaches Other applications like Google or LinkedIn might also have vulnerabilities. On social media, its important to make sure each individual with account access has the right authorization level. A social media risk management plan is a series of processes to ensure an organization maintains control over its social media communications with consumers. As the need for content moderation increases with more content being created every day, well provide the right combination of technology and people working hand-in-hand, effectively and efficiently. Beyond platform access and permission levels, make sure each employee is educated on the broader social media risk management plan so they understand the big picture and reasoning behind these precautions. Our teams review online adverts against your policies and terms & conditions, to ensure trust and safety of your online advertising offering. Deal with feedback effectively. Reputation is like a ticket to the big game. We created the Social Media Risk Assessment to document risks, assess their impact and probability, and develop risk mitigation plans. The cookie is used to store the user consent for the cookies in the category "Analytics". Once you have the policy committee in place. In the event that BSFIs opt to use social media for processing financial transactions, the applicable Bangko Sentral rules and regulations on electronic banking/electronic services and technology risk management should likewise be observed to ensure security, reliability and authenticity of such transactions. Compliance with relevant regulations. A framework for social media risk management 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. 114 PROHIBITION ON THE SALE OF FOREIGN-BASED MUTUAL FUNDS BY BANKS. . Considering these potential benefits alongside exponential growth in the number of social media users and its massive reach, BSFIs have started to leverage on social media platform/s to promote their business and improve customer interaction experience to help drive business objectives/strategies. The best practice is to perform a quarterly audit, especially if you have a lot of agency engagement with your social channels. More important, it . Moreover, the BSFI is expected to stay abreast of and continuously adapt to changes in the regulatory requirements. To prevent this scenario, its important to have a social media risk management plan as part of your digital marketing strategy. 1) Social Media Policy Create a policy specific to your social media marketing strategy. Malate Manila, To begin creating a custom social media policy that fits your nonprofit, consider subscribing to www.myriskmanagementpolicies.org. These guidelines align existing regulations, to the extent possible, with leading standards and recognized principles. CX Confessions, the definitive podcast for digital CX leaders, Guides, tipsheets, ebooks, on-demand webinars, & more, Integrations to connect with your customers, wherever they are, Technical overviews and links to developer documentation, Join us for live webinars and other events, like Khoros Engage, Insights, tips, news, and more from our team to yours, Case studies with successful customers to see how they did it, Connect with 70K+ customer engagement professionals, A customer experience podcast with Khoros Customers, Check out our social content and follow us on every major platform, 20+ years experience, built from Spredfast and Lithium, Data integrations for better customer experience, Were hiring come build the future of customer experience. The goal of a social media risk management plan is to prevent unauthorized communication from misrepresenting the brand through inaccurate or inappropriate messaging. 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. Each BSFI is therefore expected to establish its own risk management strategy; suitable to its size, risk tolerance level, and the nature and scope of social media activities engaged in. Organizational social media communicators most commonly post and run as in, they fail to converse. MONETARY OPERATIONS OF THE BANGKO SENTRAL, 602 THE JAPANESE YEN/PHILIPPINE PESO (JPY/PHP) SWAP FACILITY UNDER THE CROSS-BORDER LIQUIDITY ARRANGEMENT (CBLA) BETWEEN THE BANGKO SENTRAL AND THE BANK OF JAPAN (BOJ), 612 SALES AND MARKETING GUIDELINES FOR FINANCIAL PRODUCTS, 623-A GUIDELINES ON THE INVESTMENTS OF UNIVERSAL BANKS AND COMMERCIAL BANKS IN CREDIT-LINKED NOTES (CLNs), STRUCTURED PRODUCTS AND SECURITIES OVERLYING SECURITIZATION STRUCTURES, 624-A CREDIT-LINKED NOTES AND SIMILAR CREDIT DERIVATIVES PRODUCTS, 625-A BANKS EXPOSURES TO STRUCTURED PRODUCTS, 626-A EXPANDED FOREIGN CURRENCY DEPOSIT UNIT INVESTMENTS IN FOREIGN CURRENCY DENOMINATED STRUCTURED PRODUCTS, 627-A INVESTMENTS IN SECURITIES OVERLYING SECURITIZATION STRUCTURES, 629 THE CURRENCY RATE RISK PROTECTION PROGRAM (CRPP) FACILITY, PART SEVEN ELECTRONIC BANKING SERVICES AND OPERATIONS, 702 ISSUANCE AND OPERATIONS OF ELECTRONIC MONEY, PART EIGHT REGULATIONS ON PAYMENT SYSTEMS, 803 NATIONAL RETAIL PAYMENT SYSTEM (NRPS), 804 SETTLEMENT OF INSTANT RETAIL PAYMENTS, PART NINE ANTI-MONEY LAUNDERING REGULATIONS, 901 BANGKO SENTRAL AUTHORITY TO CHECK COMPLIANCE WITH THE AMLA, AS AMENDED, 905 BASIC PRINCIPLES AND POLICIES TO COMBAT MONEY LAUNDERING, 922 COVERED AND SUSPICIOUS TRANSACTION REPORTING, 923 ADDITIONAL PREVENTIVE MEASURES FOR SPECIFIC CUSTOMERS AND ACTIVITIES, PART TEN BANGKO SENTRAL REGULATIONS ON FINANCIAL CONSUMER PROTECTION, 1001 CONSUMER PROTECTION OVERSIGHT FUNCTION, 1102 COLLECTION OF FINES AND OTHER CHARGES FROM BANKS, 1103 SERVICE FEE FOR TRANSACTIONS WITH THE BANGKO SENTRAL, B. PHILIPPINE & FOREIGN CURRENCY NOTES & COINS, 1111 PHILIPPINE AND FOREIGN CURRENCY NOTES AND COINS, 1112 ADOPTION OF CLEAN NOTE AND COIN POLICY, C. PERSONAL EQUITY AND RETIREMENT ACCOUNT (PERA), 1121 PERSONAL EQUITY AND RETIREMENT ACCOUNT (PERA) MARKET PARTICIPANTS AND PERA INVESTMENT PRODUCTS, 1131 RECOGNITION AND DERECOGNITION OF DOMESTIC CREDIT RATING AGENCIES FOR BANK SUPERVISORY PURPOSES, 1132 INTERNATIONALLY ACCEPTED CREDIT RATING AGENCIES, 1133 RECOGNITION AND DERECOGNITION OF MICROFINANCE INSTITUTION RATING AGENCIES, E. PRODUCT OFFERING OF PARENT OF FOREIGN BANK BRANCHES, 1141-A OFFERING IN THE PHILIPPINES OF PRODUCTS BY PARENT BANK AND BRANCHES ABROAD OF THE PARENT BANK, F. FRAMEWORK ON THE GRANT OF REGULATORY RELIEF TO BANKS, CERTIFICATE OF PARTICIPATION WITH RECOURSE, Proudly powered by IT Systems Management Department. 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