The Importance of Social Media Compliance in Highly Regulated Industries

with Rachel Strellawww.strellasocialmedia.com

Today’s Agenda

The role of technology and social media in today’s business landscape

Regulated industry risksMaking the case for social mediaUniversal best practices

Today’s Agenda

Best practices for regulated industriesEstablishing a solid social media policyTackling confidentiality and security

concernsDo’s and don’ts of using social media

Modern technology =increased business efficiency

Modern Technology & Social Media

Modern technology =Social media

Modern Technology & Social Media

Modern technology & social media =A staple in our daily lives

Modern Technology & Social Media

Modern technology & social media =A staple in business

Modern Technology & Social Media

Modern technology & social media =Helping organizations stay ahead of the curve

Modern Technology & Social Media

Regulated industries are reluctant to embrace social media because of complexity and fear

Layers of Risk

Legal ramifications in regulated industries• Financial regulations: FINRA, SEC• Healthcare regulations: HIPAA, FDA

Layers of Risk

Draft of Page 3 of FDA’s Social Media Guidelines

Layers of Risk

Company and corporate rules• Financial: Investment advisors and brokers• Healthcare: Groups and subsidiaries

Layers of Risk

Draft of Page 2 of Vanderbilt University Medical Center’s Social Media Policy

Layers of Risk

As they say on Facebook….

Layers of Risk

But….• Because of these risks, your competition

may be reluctant to establish a social media presence

• This creates a big opportunity to stake your claim

Making the Case for Social Media

Making the Case for Social Media

The numbers tell all…

Making the Case for Social Media

If nothing else, monitor what’s being said online

Have the right social media goals• Sales are an outcome, not a goal• Establish realistic social media goals

Universal Best Practices

Establish your business on the proper outlets• Play to your strengths• Match channels to target audience

Universal Best Practices

Know the rules• Know legal policies and company rules• Protect privacy of clients and patients• Use common sense• Be aware of the “gray area”

Industry Best Practices

Establish a solid execution plan• Even more important for regulated industries• Develop a clear content approval process• Establish a system for handing negative

feedback

Industry Best Practices

Policy should address:• An overall purpose • Internal and external use guidelines• Compliance and confidentiality concerns• Applicable third-party references• Examples or scenarios for clarification

Social Media Policy

Social Media PolicyCentral Intelligence Agency (CIA) Social Media Policy

Social Media PolicyDepartment of Interior Social Media Policy

Social Media PolicyMerck Social Media Policy

Social Media PolicyMerck Social Media Policy

Social Media PolicyNational Security Agency (NSA) Social Media Policy

Social Media PolicyHealth and Human Services (HHS) Social Media Policy

• Security and privacy are behavioral issues, not technology issues• Personal data, financial information and

confidential files or photos should not be published online

Confidentiality & Security Concerns

Take proper precautions•Download anti-virus software•Use caution with links and downloads•Use strong, unique passwords• Be cautious of who you connect with

Confidentiality & Security Concerns

Take proper precautions•Do not assume privacy• Configure privacy settings•Use discretion before posting online• Review site privacy policies

Confidentiality & Security Concerns

Don’t: Share private information

Do’s and Don’ts

Don’t: Ignore your audience

Do’s and Don’ts

Don’t: Ignore your audience

Do’s and Don’ts

Don’t: Ignore the rules

Do’s and Don’ts

Don’t: Reference patients or clients

Do’s and Don’ts

Do: Humanize your business

Do’s and Don’ts

Do: Humanize your business

Do’s and Don’ts

Do: Share relevant information

Do’s and Don’ts

Do: Share relevant information

Do’s and Don’ts

Do: Share Behind-the-Scenes

Do’s and Don’ts

Do: Share Events

Do’s and Don’ts

Do’s and Don’ts

Do: Share Company News and Updates

Do’s and Don’ts

Do: Share Company News and Updates

Got Social?

Rachel StrellaOwner, Strella Social Media

Website:www.strellasocialmedia.comEmail: rachel@strellasocialmedia.com Twitter:@RachelStrella