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Highlights from KPMG’s Corporate Governance Board Summit

Recently, I participated in KPMG’s 12th Annual Audit Committee Issues Conference at the Ritz-Carlton in San Francisco. The event – Governance Challenges & Priorities Driving the 2016 Agenda – spanned two days and covered several pressing topics that corporate boards are currently facing and will encounter in the near future.

I had the pleasure of joining Ken Daly, CEO of the National Association of Corporate Directors (NACD), and Tim Flynn, board director at J.P. Morgan and Walmart, on a panel titled, “Thinking Differently: The Changing Boardroom Conversation.” We had an interesting and candid dialogue on the changing role of boards and management teams amidst technology-driven seismic shifts in consumer behavior.
Here are two particularly important takeaways:
The need for an offensive – not simply a defensive – mindset
3A8A1354Tim spoke about the current challenges that corporate boards are facing and the need to balance the giving of insight versus oversight. Piggybacking on his comments, I discussed how in times like these of fast-paced disruptive innovation, boards and management teams must shift from a defense-only model, maintaining status quo core businesses, to also playing offense, taking risks, experimenting with new customer engagement models, and – above all – embracing technology. In regulated industries in particular, it’s all too easy to use regulatory compliance as an excuse, but the greatest risk of all is doing nothing.
The importance of shifting to new business models
In the face of these challenges, boards and management teams should not merely delegate social, mobile, and digital innovation to a designated “digital director” on the board or to IT or a social media marketing team and think they have it covered. Boards must instead personally understand and use these emerging technologies in order to experience the world as their customers and employees do, and think not only about creating Twitter pages, for example, but potentially entirely new business models spanning multiple channels that appeal to today’s always-connected, social customer over time.
To read more about KPMG’s conference, check out the full program.
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#HSonAir Podcast: The Rise of the Omnichannel Advisor

Screenshot 2016-02-12 11.32.25In Episode 75 we invite Gary Liu (@garycliu), VP of Marketing at Hearsay Social to talk about the rise of the Omnichannel Advisor and the impact that it will have on the financial services industry.  We discuss how the convergence of social, mobile, and digital technologies are rapidly changing consumer behaviors, preferences and expectations and what financial services professionals need to do today to stay competitive in our evolving digital world.
We invite you to be part of the conversation with @victorgaxiola and @alissadossantos on Twitter using hashtag #HSonAir.  If you have a question, comment or suggestion, please send an  e-mail to OnAir@HearsayCorp.com.   We also invite you to “like” our podcast page on Facebook where we share posts about the podcast, our guests, and other fun stuff.

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Hearsay Social Receives Two Patents for Technology that Advances Social Media Compliance and Security

shutterstock_149720036We’re  excited to announce today that Hearsay Social has been granted two new patents that empower firms to manage social media risk and ensure regulatory compliance.
Our innovative, market-leading product team has developed unique solutions that address the challenges of social media for the regulated industries that we serve.
We’re thrilled that the patent office recognizes the propriety, best-in-class solutions that the Hearsay Social team has brought to market.
U.S. Patent No. 9,070,110 and U.S. Patent No. 8,914,454 pertain to “Identification of unknown social media assets” and “verification of social media” respectively.
The now patented Rogue Social Account Finder is offered by Hearsay Social as a part of the industry’s first Predictive Omnichannel Suite for advisors. The Rogue Social Account Finder makes it possible for companies to identify social media accounts, such as Facebook Pages, Twitter handles and LinkedIn profiles, that are representing the company but not approved by the company’s policy or process. With this latest functionality, companies can efficiently identify financial professionals who are doing business on social media out of compliance with industry regulations or company policy.
The second patent, for verification of social media data, has been granted to Hearsay Social for innovative work in the area of verification of data accessed via social network APIs. In order to increase the accuracy of the data Hearsay Social uses for compliance and analytics purposes, we’ve invested in technology and processes to create checks and balances. 
We are excited to provide these proprietary technology solutions to our clients and partners.
For more details, check out our press announcement.
Read more about our recent product innovations below: