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After taking into account comments received during the first few months of this year, the Federal Financial Institutions Examination Council (FFIEC) has issued its final guidance “to help financial institutions understand the applicability of existing requirements and supervisory expectations associated with the use of social media.” FFIEC says that financial institutions should have risk management programs including policies and procedures to “identify, measure, monitor and control” the use of social media and risks related to it. The guidance also recommends institutions provide guidance and training for employees as well as oversight, audit and compliance functions.
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