BITS, the technology arm of the Financial Services Roundtable trade group, has released a 71-page report aimed at helping financial institutions adopt social media and manage its risks.
“Social Media Risks and Mitigation” was produced by a panel of communications, security and technology experts and is intended to help banks and credit unions use emerging and existing services such as YouTube, Twitter and Facebook.
Topics covered include reputation, phishing and social engineering threats, along with compliance, information retention and hiring issues.
“This paper is intended for a general audience, from business practitioners to compliance, risk and legal professionals, primarily from a United States perspective,” BITS said in the introduction.
Credit union professionals listed as contributors to the paper are Robert Reh, chief information officer at the $366 million Nassau Financial Credit Union in Westbury, N.Y., and Heather Ausmus, social media producer at the $7.8 billion Alliant Credit Union in Chicago. Reh is also vice chair of the CUNA Technology Council.