FINRA is focusing efforts to target 13 to 35 year-olds, which is a very typical demographic range when it comes to social media. What does this mean for social networking compliance? Well, it gets the word out there that FINRA is on social networks.  It gets those in that age group familiar with FINRA, and it could very well be used to teach financial responsibility.

It’s good to see FINRA awarding grants to public library systems. And with that said, it’s great to hear that these institutions have decided to use the money where the demographic is; social networks. Think we’ll see some messages on social networking compliance? Even if it’s a best practices document or something to that extent?

It’s fitting then to finally see courts address social networks directly.

Regardless of what you think about the order, a federal judge banned political consultant Sam Riddle from posting messages about his pending criminal case on social networking sites. We've seen courtrooms embrace Twitter and more recently ban Twitter according to FRCP compliance.

We’re seeing different rulings in different cases, but the one constant is that social networking compliance is being addressed. Tweets and updates are even considered a part of electronic discovery. If you’re in an audit situation and asked to provide all relevant data from a certain time-period, the archiving and production of “tweets” and updates may very well be considered to be a part of this request!

Judges are starting to address social networking compliance directly. This is a testament to how quickly social networking has grown, but also validates its effectiveness and the power that social networks have.

How much oversight is too much oversight?

It’s a fundamental question, and things end up being pretty black and white.

With that said, for a company that has employees that post information on Twitter, Facebook and others, social network compliance is absolutely necessary. The archiving and/or monitoring of this information is something that responsible companies should definitely invest in, and they should make sure their employees know this is occurring. If the employees realize that this is entirely necessary from a legal and liability standpoint, they would understand why it is necessary.

In the end, if you’re trying to achieve complete social network compliance, then you need to find a social network compliance solution that can archives tweets, Facebook updates and the like. And if you do, it’s very strongly recommended that note of this is found within your company policy and that your employees are aware.

Having one written, clear social network compliant policy, whether it’s allowing usage on breaks or disallowing them altogether, is the first step to having a compliant workplace.

Should I allow employees to visit social networking websites?

There isn’t a clear answer to this question, which is very much on the minds of CEOs, CIOs and IT personnel. It really comes down to situational decisions, as well as ideology.

Is your company culture the type that uses its employees as organic ways of advertising your brand? Is your company subject to FINRA audits which may view postings on social network sites as advertising? These are factors that should be weighed when making the decision on employee use of social networks while at the workplace.

In addition, as the laws and regulations evolve that require the capture and ability to produce electronically stored information (ESI), social network postings including tweets on Twitter and status updates on LinkedIn and Facebook may very well be required.

No, I’m not kidding.

As the impact and acceptance of Twitter continues to grow, the probability of employees at your office tweeting is very likely. In the case of litigation, this form of electronic communication is fair game. That’s where social networking compliance for Twitter becomes an increasingly important aspect your company should be looking at.

The Federal Rules of Civil Procedure (FRCP) mandate that companies must manage their electronically stored information so that it can be produced in a complete and timely manner. And this can be a tough  challenge when it comes to tweets.

No matter the social networking compliance policy you have in place, archiving your company’s tweets is absolutely necessary. For satisfying regulatory obligations, legal protection, monitoring and enforcing your policy and managing your risk and reputation.

There is risk associated with this form of electronic communication. Social media strategy needs to incorporate the potential for a discovery request or regulatory audit.

If you plan on having employees tweet about your business on Twitter, or create a page or group about you on Facebook, and if you ever need to produce electronic data at court, social networking compliance is something you need to look into.

It’s important to note that even if your company has a social networking policy in place, there are several ways to get to a website or send out a tweet. So, regardless of your current social media policy, make sure to be safe and to be compliant.