Are banks required to have a Social Media Risk Assessment?

Thank you.

The FFIEC guidance, Social Media: Consumer Compliance Risk Management Guidance, released in December 2013 is written from the standpoint of expecting a risk assessment. Here is a quote from Section II (Principal Elements of Guidance), "The Agencies and the SLC recognize that the scope of social media activities vary by financial institution. Each institution is responsible for carrying out an appropriate risk assessment and maintaining a risk management program that is appropriate and tailored to the particular institution's size, activities, and risk profile."

I hope this helps some.

Thanks,
Russ

Thanks Russ, I appreciate it.

Ok, for those of you out there that do not have a bank Facebook page--do you just include the social media in your regular risk assessment?

You could include the "we don't do social media" in your risk assessment of your online website.

There is excellent advice from HBO's [i]Last Week Tonight on[\i] corporates entering the social media world. As much as I disagree with almost everything John Oliver says, I think this is great corporate social media advice. Do a YouTube search for "John Oliver - Corporations on Twitter"

Here is a link: http://youtu.be/rG_7xur1iRc (if you don't like foul language, this is not for you)

Thanks! I don't think I can view it at work.

I did a new product/service risk assessment for social media, we included Facebook, Twitter, LinkedIn, etc.