The internet has opened up expansive possibilities for financial services professionals. At the same time, the decades-old world wide web still feels a bit like the wild wild west. The rules of engagement are not exactly clear, and hit-or-miss consequences for reckless and rude behaviors only add to the unpredictability of online engagement.
Complicating matters is the fact that the internet brings out strange behaviors in otherwise reasonable people. Although lapses in judgment may be temporary, they can have lasting consequences, particularly for professionals in regulated industries like financial services.
Luckily for credit union professionals, there are rules in place to help guide appropriate use of the internet. Unfortunately for credit unions, team members still have ample opportunities to make costly mistakes. Here are some of the more common ones our compliance team works with credit unions to guard against:
Not following policy: Every credit union should have a social media policy that guides the online behavior of its team members. Beyond simply having the policy in place, credit unions should be updating the document annually at a minimum and providing training on the policy each time it’s updated. New employees should be provided a copy and allowed to ask questions, particularly when it comes to social media use on their personal time. If an employee’s personal social media presence makes it clear they are on staff at a credit union, you may require them to follow the social media policy at all times.
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