This week William Henley, BITS Senior Vice President for Regulation, was one of two moderators at the Regulator Roundtable on Social Media organized by SocialWare and LIMRA. Discussion focused mainly around the competing interests of marketing, communications and security issues, privacy, and policy and procedure development.
Participants highlighted the reputational risk associated with social media and the need for institutions to develop strong policies, procedures and educational training programs for employees and customers/consumers.
A combination of state and federal regulators are analyzing this medium, some have already issued guidance, but the topic continues to be a key one for the industry and those that regulate it.
The BITS Security Program will release a white paper on social media in the coming weeks.