Hearsay Social has added enhanced compliance capabilities to its social media platform with the goal of improving efficiency and minimizing risks, the company announced on Tuesday.
“These recent enhancements to the Hearsay Social platform are designed to help firms minimize compliance risks, without adding extra burden to the compliance and supervision staff.” said Steve Garrity, CTO and Founder of Hearsay Social, in a statement.
One change Hearsay Social added was more pre-approval functionality for dynamic content.
“We heard from some of our customers that they wanted a better way to pre-approve dynamic social activity from advisors and agents,” Zarabi said.
So, in response, Hearsay Social now allows supervisors to pre-approve social engagements such as “likes” or comments before they go live on the social networks.
Hearsay Social also made several enhancements to the compliance capabilities used for static social media content. Financial Industry Regulatory Authority, which sees social media profiles as “static” content and categorizes this content as “advertisements,” requires pre-approval by a firm’s principal before being published.
“Because we know this review process is a heavily used area of the Hearsay Social platform, we’ve created a new streamlined social profile review, approval, and publishing solution to make it even easier and more efficient for financial professionals to publish compliant profiles,” writes Yasmin Zarabi, head of legal and compliance at Hearsay Social, in a blogpost.
According to Hearsay Social, these changes will help save compliance professionals’ time and effort by letting them easily review profile changes in the context of the advisor’s entire social presence. And, once approved, the profile content can now be automatically published to LinkedIn and Twitter via API, removing human error and the need to double check the published profile matches the approved content. (Hearsay Social is a regular contributor of blogs to ThinkAdvisor.)
“Plus,” Zarabi added, “it saves advisors and agents the time and headache of having to update their profile manually after new content has been approved.”
Additionally, Hearsay Social has created the ability to review and approve profile photos so that the images are appropriate, on brand, and not misleading by the firm’s standards.
The company has also added archive support for photos.
“In order to help our customers take advantage of all types of social content, we now provide the ability for firms to archive photos posted by agents and advisors through the platform,” Zarabi said. “This ensures they’re capturing this type of activity in their records, even if it is deleted or removed from the social network at a later date.”
In addition, Hearsay Social has added more fields for notes and attachments. Zarabi said this will allow supervision users to “share comments or context with each other or advisors during the supervision process.”
These fields will also allow attachments of images or PDFs of third-party content, such as Web pages. According to the company, this will give firms a visual record during the review process that will show the context of the activity associated with archived content.
The note and attachment fields will also be pushed to the archive systems for complete context during record reviews.
Supervision users will now also have enhanced searching and sorting capabilities when reviewing or auditing social business activities of agents and advisors.
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