Your customers interact with you over social media and expect the same from you in return. But, regulated firms must adhere to strict and evolving compliance regulations which require:
Forensically-sound capture including full binary record and hash value, message order preservation and chain of custody protection
Real-time capture, monitoring, blocking, and alerting on posts, feed content, messages, comments, and files
Unify identity management and data mapping by capturing social profiles and user identification across social media networks
Content Library to share pre-approved social content to protect brand and minimize compliance risk
Unlike archives and review tools designed for email, Alcatraz does not convert rich, dynamic social content into disjointed email messages that require painful and inexact reassembly. This enables:
Review complete records of full conversations captured at specific points in time
Improve process defensibility by capturing changes and deletions of social media posts
Improve compliance effectiveness by including social media in supervisory review workflows
Control the use of social media features in real-time with native feature moderation. Prohibit the use of features like post, message, comment, or 'likes', protecting corporate identity and policies while empowering employees on social media.
Protect your business while increasing the impact of social media with a library of pre-approved social content that enables corporate materials to be uploaded and automatically disseminated to the workforce's social networks.
Meet specific record keeping requirements for social media outlined by FINRA, SEC, HIPAA, FCA, MiFID II, and other regulatory bodies by applying retention and disposition policies to social content as well as all other types of communications.
Enable compliance with Financial Services supervisory requirements with expressive review policies, flexible workflows, and robust dashboards and reporting. Harness advanced analytics to spot compliance violations hidden within data and leverage full APIs to deliver communications data to downstream apps for holistic surveillance.
Actiance delivers a unified platform enabling you to write policies once and apply them uniformly across social media and many other communications channels. The flexibility of the platform allows you to set policies uniquely for a specific user, business unit, or geographic market requirement. The Actiance Platform includes:
Social media is now widely used for business outreach, which has attracted the attention of regulators who are defining rules that outline how social media can be used given specific regulatory environments. Regulations such as FINRA 11-39, MiFID II Article 16, and regulatory bodies such as the SEC, FDA and FCA are focused on ensuring that social media interactions with clients, business partners, or other employees can be controlled in accordance with industry regulations - as is required with any form of communication used in conducting business. The conclusion reached almost universally is that regulatory obligations are triggered by content and the context of a conversation - not the specific channel or tool that those communications are delivered through.
Complying with Social Media is based upon the premise that communications occurring over social media can have value or risk based upon the content and the context of a conversation - even if expressed in a series of posts delivered with a maximum of 140 characters each. This concept has been validated by regulators, who are increasingly calling out the need to capture and preserve communications regardless of the channel utilized, and also indicating that their compliance review processes will increasingly be focused on how these social channels are being utilized by regulated firms. In fact, the use of social media in regulated industries has already been the subject of a number of regulatory sanctions and fines, from brokers tweeting about investments they had personal stakes in, to a Kardashian quasi-celeb promoting regulated drug products on social media for purposes other than what they were tested and approved for by the FDA. Moving forward, social compliance and the actions from regulators will likely influence how courts view the use of social media in civil litigation. The topic of social media has already been prominently featured in a growing body of case law, where judges have consistently ruled that the same FRCP rules that outline how firms need to collect, preserve, and produce electronically stored information (ESI) apply equally to social media, and that firms who have failed to preserve social media content when that content is material to a legal matter are subject to the same adverse inference consequences as with email or other forms of ESI.
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