Enterprise Social is taking the world by storm. Lead by companies such as Salesforce.com (Chatter), Microsoft (Yammer), and Jive, organizations are finding more efficient and effective ways to collaborate with internal employees and external customers alike.
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More than four million businesses have made the move to Google Apps for Business to help employees work better together and be more productive, wherever and whenever they work. Google’s solution is 100% web-based, which means software updates are as easy as refreshing your web browser. With Google Apps, there are no servers to purchase and maintain, reducing IT cost and complexity.
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Cloud computing services have revolutionized business practices across industry lines. The ability to store information off-site reduces costs for service providers and makes collaboration with multiple locations easy and quick. The benefits to services like Dropbox, Google Drive and Skydrive are easy to see, but the question of regulatory compliance is a big one for those in the Financial Services industry. The SEC and FINRA enforce security guidelines with regard to how personal client information and other non-public information is stored and accessed. The only industry that might face more restrictive regulations is the health care industry. Given the need to satisfy both agencies, Financial Services organizations must look at several factors when considering a migration to the Cloud.
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In this blog post, we'll discuss what has recently been defined as "internal" social media, how it differs from the more traditional and widely adopted "external" social media, and how and why regulatory requirements apply to both internal and external of social media, when in use by regulated organizations.
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Social media use in regulated industries such as Financial Services and Healthcare is beginning to take hold. The benefits are clear - market your products, communicate with customers and get a pulse on your brand image - but it's important to adopt such technologies while adhering industry regulations.
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Companies that operate in certain industries such as Financial Services are subject to regulatory requirements that sometimes make it difficult to implement technologies without having ancillary solutions in place. Regulations outlined by FINRA, the SEC, SARBOX and HIPAA often require all forms of electronic communications to be journaled, indexed, retained, and discoverable on read-only (WORM) media for a specified number of years.
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