This week, Hearsay Social had the honor of running the compliance track at LinkedIn’s Global Financial Services Summit in New York.
We were delighted to host Joe Price, Head of FINRA’s Social Media Task Force, along with Lisa Shalett, CMO of Goldman Sachs; Iain Duke-Richardet, Head of Technology Compliance at Royal Bank of Canada; Sean Shore, Business Conduct and Compliance Manager at National Bank Financial Wealth Management; and our very own Yasmin Zarabi, Compliance Officer at Hearsay Social for an interesting dialogue about the role and future of social media regulation in the industry.
Yasmin kicked off the day with a discussion on how organizations must balance the regulatory risk of social media with the clear opportunity for social to support the financial organization. Joe Price then provided an overview about FINRA’s social media regulation. As a part of this, he clarified the difference between ‘static’ and ‘dynamic’ communication, reiterating that profile pages are static and status updates, tweets, and photos are considered dynamic.
Lisa is a huge advocate for social networking. She is head of brand and digital now, but her prior role as head of compliance and legal at Goldman Sachs gives her great context and credibility to speak on these topics. “There is a huge opportunity with social media,” she said, “if you become an expert now, you have the first mover advantage.” Lisa continued to stress the opportunity for compliance professionals that embrace social media. She compared the opportunity to email, saying, “it was not long ago that email was innovation.” And, Lisa suggested that because of the high-visibility of social media, compliance professionals willing to learn social would immediately get themselves a spot at the leadership table. Moreover, Lisa challenged the audience– what is the risk of NOT doing social media?
While the panelists had interesting perspectives and debated many issues, there was mutual agreement around the enormous business opportunity on social media. As long as financial firms and their employees adopt the appropriate policies, procedures, and technology, social media can be incredibly valuable for organizations to stay relevant and drive business in this new era.
See below for more photos and tweets from the event:
— Meagan Hency (@mherf) May 2, 2013
See more from the event: