After almost a year as proposed guidance, the FFIEC issues their final Social Media guidance this week. An excellent overview was presented in Bank Info Security as relates to the impacts, shortfalls (from an internal security bias) and the new guidance requirements and expectations, but what is clear is that all institutions have responsibility for Social Media, whether they use it or not as part of their business practices. The requirements are spelled out, and again policies and procedures for monitoring of Social Media detail FI responsibility, without defining the mechanism for compliance. We believe we have the solutions required to demonstrate and attain full compliance with this expanded responsibility, as we have announced with our recently announced Social Media and Customer Complaint outsourced monitoring services.
What happens if you suddenly lose your point of contact (POC) at a vendor? A POC is an individual or a specific department who acts