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Financial services industry group BITS, a division of the Financial Services Roundtable, has released guidance addressing social media risks and use, Hogan Lovells' Chronicle of Data Protection reports. "Social Media Risks and Mitigation" analyzes issues such as compliance, legal, operational and reputational risks. The report discusses three main types of social media use, including communication between an institution and its customers; employees' personal and professional use of social media within the institution, and employees' and vendors' use outside of the institution.
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