Social Media Compliance & Data Archiving
Social media can be both a blessing and a curse for those in regulated industries (e.g. banking/finance) as communications are often sensitive in nature.
Social business platform Hearsay Social, a "social business" platform for the financial services industry, recently announced an expanded partnership with several leaders in digital security and compliance (including Autonomy, Daegis AXS-One, Presensoft, Proofpoint, and Symantec) to capitalize on the interest in and use of social media within these regulated industries. The company has expanded its partnership program with these archiving providers to integrate with customers' existing WORM archiving systems (learn more below), eliminating the need for complex custom integrations. Why is this important?
Regulations established by the U.S. Securities and Exchange Commission (SEC) require that financial services firms keep a record of broker dealers' and investment advisors' social media activity in a Write-Once-Read-Many (WORM) archive. "With so many conversations happening between our reps and clients on social media, it is essential for our organization to work with partners who have a reliable system for storing and managing those conversations," said Patrick Cuillo, compliance officer at Raymond James. "Easily integrating with our existing systems, Hearsay Social allows us to manage social media communications happening across the company."
Hearsay Social essentially captures social media activity, including public and private messages, engagement activities (likes, posts, comments, retweets, etc.), profile changes, as well as workflow and approval history. The social activity that is captured through Hearsay Social is simple to set up and uniquely organized by conversation structure so that auditors can easily review with the full context of an activity or conversation.
All of this is achieved without additional burden on an IT infrastructure. Hearsay Social captures social media activity and sends it to customers' existing archiving solution to enable unified e-discovery and audit tooling on top of existing communication channels, rather than introducing yet another system of record for legal and compliance to oversee and maintain.
This complete solution allows customers to intelligently store and manage all records of digital activity, including social media activity, infractions, and a record of workflow history, in a single system while providing an easy and intuitive monitoring and review process through Hearsay Social.