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Michael HickeyContent Marketing Professional512.659.6834
Financial Services Social Media Risk Audit Checklist
Improve Diligence, Oversight and Control in your Social Media Programs
More financial institutions are using social media every day to provide customer service, market their products and services, and communicate with customers.
Unfortunately, while bankers know that the consumer protection rules apply to any interactions with consumers without regard to the channel or medium used, it hasn’t been entirely clear which consumer financial protection laws and regulations apply to the evolving channel of social media.
Because failure to address the risks arising from social media can expose an institution to enforcement actions for compliance violations and civil lawsuits, it’s never been more important to identify and mitigate
Financial Services Social Media Risk Audit ChecklistA LexisNexis® Sheshunoff™ White Paper
the inherent risks of this program. Whether your organization engages in lending, deposit services, payment activities, or a combination of these services, risks associated with social media are heightened by poor due diligence, oversight and control.
The checklists that follow are intended to help identify the various types of consumer compliance risks that apply to social media and to provide internal auditors with a useful monitoring tool.
For more compliance tools, resources, training and programs designed for every level of your organization visit www.lexisnexis.com/sheshunoff.
Part 1: Compliance and Legal Risks1
I. Framework for Managing Social Media Compliance Risk
1. Does your financial institution have a risk management program capable of identifying, measuring, monitoring and controlling the risks related to social media use to conduct business?
2. Is the risk management program commensurate with the scope of the institution’s involvement in social media?
3. Does the institution have a procedure for monitoring various social media platforms for any potential negative comments or complaints about the institution, regardless of whether the institution itself uses social media?
4. In devising a social media risk management program, did management seek the participation of specialists, such as the compliance officer, technology and information security professionals, legal counsel, human resources manager and marketing officer?
Yes No N/A
Page 1
5. Does the social media risk management program include the following components:
• A governance structure that clearly assigns roles and responsibilities, defines the involvement of the board of directors and senior management in specifying the role of social media in attainment of the institution’s strategic goals, establishes controls and provides for ongoing risks assessments?
• Policies and procedures for assuring the compliance of social media initiatives with all applicable consumer protection laws and regulations?
• A process for selecting and managing any third-party relationships entered into in connection with the institution’s use of social media?
• An employee training program that explains the institution’s policies and procedures for official, work-related use of social media and clarifies impermissible activities?
• An oversight process for monitoring information posted to the institution’s proprietary social media sites, whether administered by the institution or by a third-party vendor?
• Audit and compliance procedures to ensure ongoing adherence to internal policies and all applicable laws and regulations?
• An evaluation mechanism by which the effectiveness of the social media program is periodically assessed relative to its objectives and by which consumer compliance performance is measured?
• A mechanism for regularly reporting the results of the assessments to the board of directors and senior management?
II. Controlling and Monitoring Compliance and Legal Risks
Deposit and Lending Products
1. Savings accounts: Are the institution’s social media communications in compliance with the disclosure and other requirements applicable to deposit and lending products under the Truth in Savings Act/Regulation DD Part 707 of the NCUA rules and the advertising rules?
Example: Regulation B requires creditors to observe certain time frames for notifying applicants of the outcome of their applications or for requesting additional information for incomplete applications.
2. Fair lending: Are social media communications regarding the institution’s credit and lending programs in compliance with the Equal Credit Opportunity Act/Regulation B and the Fair Housing Act?
Example: When denying credit, a lender must provide an adverse action notice detailing the specific reasons for the decision, including when the information used to deny the credit application comes from social media.
Financial Services Social Media Risk Audit Checklist
Page 2
Yes No N/A
3. Credit and loan programs: Are your institution’s social media communications in compliance with the Truth in Lending/Regulation Z requirements for advertising, including electronic advertisements, consumer loan applications taken electronically, and disclosures for private education loans, home-secured loans and credit card accounts?
Example: Regulation Z does not contain any exemptions for loan applications taken via social media.
4. Real estate lending: Are your institution’s social media activities in compliance with the prohibitions under Section 8 of the Real Estate Settlement Procedures Act (RESPA), such as the prohibitions against fee-splitting and giving or accepting kickbacks?
Example: RESPA applies to real estate loan applications taken electronically, including via social media.
5. Debt collections: Are your institution’s social media activities in compliance with the Fair Debt Collection Practices Act (FDCPA), which restricts how debt collectors may collect past-due debt?
Example: A debt collector that discloses the existence of a debt on a social media site or that harasses or embarrasses consumers about their debts on a consumer’s Facebook® wall or other public forum, or that makes false or misleading statements via social media, violates the FDCPA.
6. UDAAP: Are your institution’s social media activities in compliance with Section 5 of the Federal Trade Commission Act, which prohibits unfair or deceptive acts or practices affecting commerce, or sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which adds “abusive” acts or practices to the prohibition?
Example: Any advertisement or other banking activity conducted through social media could be deemed unfair, deceptive or abusive, and therefore violates the FTC Act and the Dodd-Frank Act, if it takes advantage of a consumer’s lack of knowledge, confusion or fears.
7. Deposit insurance: Do your institution’s social media activities comply with the FDIC’s advertising and notice of FDIC membership rules, which require insured depository institutions, whenever they advertise an FDIC-insured product, regardless of delivery channel, to include the official advertising statement of FDIC membership (“Member FDIC” is one acceptable form)?
Example: If a social media message generally promotes an insured depository institution’s products or services without being specific about which ones, the official advertising statement is required if the message includes the name of the institution. The official advertising statement is not permitted if the message relates solely to non-deposit products, such as proprietary mutual funds, or products with both deposit and non-deposit features, such as sweep accounts.
Page 3
Yes No N/A
Financial Services Social Media Risk Audit Checklist
LexisNexis and the Knowledge Burst logo are registered trademarks of Reed Elsevier Properties Inc., used under license. Sheshunoff is a trademark of Reed Elsevier Properties SA, used under license. Other products or services may be trademarks or registered trademarks of their respective companies. © 2014 LexisNexis. All rights reserved. NBI01320-0 0314
This document is for educational purposes only. LexisNexis does not warrant this document is complete or error-free. If written by a third party, the opinions may not represent the opinions of LexisNexis.
Page 10
Financial Services Social Media Risk Audit Checklist
1. Dave Buzzel, Internal Auditor Alert, volume 11 No. 1, January 2014 2. Dave Buzzel, Internal Auditor Alert, volume 11 No. 2, February 2014
Internal Auditor Alert is published monthly by Matthew Bender & Company, Inc. Copyright 2014 Reed Elsevier Properties SA ., used under license by Matthew Bender & Company, Inc. All rights reserved.
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Marketo leverages ReachForce SmartForms to optimize conversions by 34%, increase sales productivity by 23%, and contribute to a 10% increase in ROI across all online programs.
Company Overview
The fastest growing provider of tools, thought leadership, and
best practices for Revenue Performance Management, Marketo
offers powerful social marketing automation and sales effectiveness
software that transforms how marketing and sales teams of all sizes
work – and work together – to drive dramatically increased revenue
performance and fuel business growth.
From the earliest stages of demand generation and lead
management to programs that support customer loyalty after
the sale, Marketo’s proven marketing automation technology,
comprehensive services, and expert guidance help enterprise and
mid-market companies around the world turn marketing from a
cost center to a business-building revenue driver.
The Business Challenge
Marketo’s marketing prowess is renowned. Not surprisingly, they
have fine-tuned the art of attracting, nurturing, and converting
visitors through every stage of the sales and marketing funnel. But
like all best-of-class organizations, constant analysis and refinement
of programs, tools, and processes for increased efficiency and
effectiveness is a high priority. One such key area of focus is
accelerating conversions through website registration forms.
Increasing conversions is always critical, as is capturing the data
required to route, target, segment and score.
But a gap existed between their need to optimize forms and
the need to quickly capture the rich data required to run the
business. Through extensive internal testing of shorter website
registration forms, Marketo was able to increase conversions by a
very significant 34%. However, the shorter forms resulted in a lower
quantity and quality of data being captured at the critical point of
conversion and hindered key processes such as scoring, routing,
and segmenting incoming leads prior to the hand-off to sales.
Marketo looked to ReachForce for help in bridging that gap.
The Solution: SmartForms
Working with the ReachForce implementation team, Marketo
was able to quickly integrate SmartForms, a cloud-based, real-
time web form appending solution, into forms on both new and
existing campaigns. SmartForms enabled Marketo to not only
keep conversions high through shorter forms, but bridged the data
gap by appending in real-time all of the key demographic and
firmographic information required to power their programs and
drive processes.
”SmartForms provided both the functionality needed to keep our
forms short and conversions high, as well as volumes of additional
critical data we didn’t previously capture at the point of entry,”
SmartForms™ Case Study: Marketo
www.reachforce.com • [email protected] • 512.327.9000
©2011 ReachForce, Inc. ReachForce and DataDiagnostics are trademarks of ReachForce, Inc
“Not only did we see the markedly higher percentages associated with fewer fields, the real-time data SmartForms provided shaved hours, and in some cases days, off our qualification process.”
Chris Russell Director of Marketing Operations Marketo
said Marketo’s Director of Marketing Operations, Chris Russell.
“Easily implemented and working seamlessly in the background,
we saw quantifiable results almost immediately – and did so with a
minimum amount of effort.”
The Results
Higher conversion rates were only the beginning for Marketo.
“SmartForms went well beyond a boost in conversion rates and
really impacted lead latency within our sales teams,” continued
Russell. “Not only did we see the markedly higher percentages
associated with fewer fields, the real-time data SmartForms
provided shaved hours, and in some cases days, off our
qualification process by reducing lead ‘ping-pong’ across multiple
sales people due to a lack of accurate information.”
Additionally, Russell relayed that the type of high-value data points
Marketo was able to capture using SmartForms like industry,
employee count, and location – all without having to burden the
prospect by asking them to enter it – contributed to enhanced
conversions and an increase of ROI across all online programs by
up to 10%.
Equally impressive is the impact SmartForms has had on Marketo’s
overall online marketing program ROI and in the increased
productivity of their Sales Development team. Russell reports
that since Marketo has adopted SmartForms, productivity in the
department has increased 23%, simply by reducing the time spent
researching and reassigning incoming leads. This productivity
increase translates into more time on the core job function,
resulting in increased pipeline creation.
Conclusion
“Delivering revenue performance for our clients is our mission,”
said Russell. “In fact, this focus on helping our customers employ
the best processes and technology is one of the primary reasons
we’ve been so successful. And while it’s not often we find a solution
that dovetails quite as neatly with our core values and promises
to our clients, SmartForms is one of the few that fuses both web
form best practices and clear revenue implications to the point that
that we actively promote it as an element of our “secret sauce” for
marketers.”
For more information about SmartForms, or how they can help
you convert more leads from your inbound campaigns, enable
richer lead nurturing and scoring, drive advanced targeting and
segmentation, maximize marketing spend, or improve overall
database health and effectiveness, visit www.reachforce.com.
About ReachForce
ReachForce delivers cloud-based conversion acceleration software
and lead data services specifically designed for B2B marketers
to accelerate conversions from their inbound, outbound, and
database marketing initiatives. ReachForce fuels lead generation
for more than 400 leading companies and helps them optimize
their nurturing, scoring, targeting, segmentation and marketing
automation initiatives, thereby accelerating revenue.
www.reachforce.com • [email protected] • 512.327.9000
©2011 ReachForce, Inc. ReachForce and DataDiagnostics are trademarks of ReachForce, Inc
In January, 2013, the Consumer Financial Protection Bureau (CFPB) issued more than 3,500 pages of material related to the mortgage regulations required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 — some effective as early as June 1, 2013. ARE YOU READY?
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Information is only the beginning. The Compliance Guide to the 2013 Mortgage Lending Rules also provides a wealth of practical, time-saving tools such as Applicability Charts, Implementation Checklists, Before and After Tables, Marked-up Regulations, a fully-downloadable appendix, and more — all designed to help you adjust your policies and procedures correctly and effi ciently and ensure compliance.
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