In today’s world, social media is a powerful tool for businesses of all types, including financial institutions. But with power comes responsibility and risk. Over the past few weeks, I’ve had a few clients raise concerns about how their social media accounts are being managed, particularly when employees use their personal accounts to manage the company’s Facebook page. So, let’s break down some key considerations when it comes to Facebook account management for financial institutions.
First things first: make sure your institution is set up correctly on Facebook. If you’re still having employees manage the page through their personal profiles, it’s time to make the switch. Facebook Business Manager allows you to assign roles (Admin, Editor, Moderator, etc.), control access, and separate personal accounts from business activity. This is essential for mitigating risk and maintaining control over the institution’s official presence.
A solid social media policy can go a long way in protecting your institution. Make sure it outlines expectations for behavior, content approval processes, and consequences of violating the policy. This should include not only what can be posted but also how employees interact with clients.
This one seems simple, but you’d be surprised how often it gets overlooked. All social media content should go through an approval process. Designate a small team (or individual) to review posts for accuracy, tone, and compliance with any regulatory requirements. Financial institutions operate in a highly regulated environment, and what might seem like a harmless post could have legal or reputational consequences.
This is a big one, and I’ve seen it cause more problems than you’d think. When employees use their personal Facebook accounts to manage the company’s business page, it creates a range or risks. Not only does it blur the lines between professional and personal, but it also exposes the institution to reputational harm if that employee posts questionable content on their personal page. Additionally, if the employee leaves the company, you could lose access to the account entirely.
Facebook has a number of security options, but they’re only useful if you take advantage of them. Ensure multi-factor authentication is enabled for anyone with access to the page. It’s also a good idea to conduct periodic audits to ensure former employees no longer have access.
Financial institutions are subject to a host of regulations when it comes to client communications, and social media is no exception. Be mindful of how client data is handled on Facebook. For example, avoid answering specific account-related questions in the comments or through direct messages. Instead, steer clients to secure communication channels.
At the end of the day, social media can be a great tool for building relationships with clients and boosting your institution’s visibility. But it’s also a potential source of risk if not handled properly. If you need help navigating the ins and outs of social media management for your institution, feel free to drop us a line at support@bedelsecurity.com to start a conversation.