Cordium, a provider of compliance consulting and software solutions to the financial services industry, has launched a new social media review service.
As technology advances and social media becomes a more prevalent form of communication, usage by regulated entities such as advisers and broker-dealers has become more closely scrutinised. Business communications via social media accounts are becoming an area of interest for the SEC.
Cordium believes that Social media risk management and understanding the potential risks associated with the use of social media is a necessary part of a firm’s compliance program. The firm’s social media review service aims to assist firms in adequately monitoring social media profiles and content that are publicly available. The service line will be tailored and will include a team of experienced researchers trained to identify information that may result in business and reputational harm (Reviewers) and provide a consistent approach to searching publicly available social media profiles and content.
Cordium will provide clients with prompt reporting of any problematic or derogatory posts, along with searches for breaches to a firm’s social media and confidentiality policies.
“As the use of social media becomes more commonplace, it is of paramount importance for a firm to demonstrate that it is properly supervising employees and seeking to mitigate any regulatory and reputational risk arising from its usage of social media,” says Bill Mulligan (pictured), CEO of Cordium US and Cordium Software.
Cordium’s compliance consulting team has historically offered social media reviews to its clients as part of its broader compliance consulting program. Thanks to surging demand from the asset management industry, however, this is the first time that the service will exist as its own stand-alone offering.
