Each blog post in this 4-part series highlights a core benefit of Hearsay’s compliance functionality. Read about lexicon functionality here.
Social media profiles remain one of the most-regulated types of electronic communications. FINRA deems them “static,” requiring them to be pre-approved by registered principals; the SEC requires them to adhere to strict disclosure requirements; and while insurance companies aren’t required to review profiles, many do since they are relatively low-hanging fruit for regulators seeking to protect consumers.
At Hearsay, we’ve structured our platform to ensure our clients can supervise profiles while avoiding the risks inherent to publishing profiles. Our suite of profile management functionalities help clients maintain a robust compliance program across diverse use cases and a varied client base. See if any of the use cases below resonate with your organization:
Challenge |
Hearsay Solution |
With such a wide user base, I’m worried about my agents or advisors changing their profiles outside of our approved system |
Auto-remediation detects changes and reverts a user’s profile back to its previously approved version. Meanwhile, the user’s changes will be submitted for approval to ensure continuity in the user’s experience. |
I’m concerned that my users may have profiles that haven’t been approved in a while, and/or haven’t been reviewed in accordance with Regulation Best Interest, or new internal policies that have been rolled out. |
Profile expiration allows you to set a customized time frame whereby all profiles will be resubmitted on a rolling basis from the last time they were approved, so that you can regularly review previously approved profiles to ensure compliance with any new regulations or policies.
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We need to archive profiles, and changes to them, in a durable format. I’m worried about being able to satisfy this requirement. |
Hearsay can PDF each profile and any changes to those profiles, including a record of the audit trail. This can be attached to the automated emails we send to your archive so you can be confident that you’re satisfying archiving requirements. |
My organization changes its disclosures pretty frequently, and it’s a large burden on my team to ensure these disclosures are consistently updated. |
Hearsay can automatically push updated disclosures to connected profiles on a periodic basis, so you can be confident that the language that’s currently used on connected profiles is up-to-date and accurate. |
My compliance team spends a lot of time ensuring consistent language across various profile fields: titles, bios, about me, etc. We have very specific requirements for these fields, and keeping them up-to-date is extremely time consuming. |
Hearsay allows you to provide pre-approved Suggested Profile Fields to your users so they can easily choose language that’s compliant, and that adheres to your internal policies. |
At Hearsay, we understand the importance of social media compliance. The aforementioned use cases represent just a few of the features we’ve implemented to ensure that your compliance team is able to efficiently address your organization’s requirements.
If any of these challenges sound familiar to you, don’t hesitate to reach out to a Hearsay representative to discuss how we can help you and your organization better adhere to the heavy regulatory burden on financial services companies using social media.
