Photo: Max Nisen, Business Insider
Social media has risks. That’s particularly true for big banks, which have a variety of regulatory and risk factors to deal with. An errant tweet could negatively affect a trade or client relationship, making them very cautious.The idea of privileged information being released worldwide makes risk and compliance folks understandably squeamish.
Bank of America’s Senior Vice President of Digital Marketing & Social Media Strategy Todd Robinson gave some great advice from his long journey bringing social to the company at Business Insider’s Social Media ROI conference.
The key is to bring everyone on board as early as possible. Robinson said that “I think that the lesson learned for us would be, as we were thinking about dipping our toe in social, to bring our risk partners and our compliance partners, and lead partners in earlier than we did.”
There’s a tendency to view risk and compliance partners as adversaries, the people that say “no”.
If treated that way, they’ll probably react as expected.
Robinson said that “most organisations have the tendency, at times to develop things in isolation”, and present a social media strategy or roadmap to partners unfamiliar with the idea and disinclined to take new risks.
Bringing them on early means that instead of shutting down or curtailing plans, they’ll be more comfortable and educated about social throughout the process, and provide a consistent account of what the boundaries are.
Robinson said that it took a long time to build the trust required to move forward. The earlier that process starts, the easier it is.
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