San Francisco-based Hearsay Systems Inc. has updated its social media compliance platform to include the addition of new features for financial advisors and compliance professionals.
The changes targeted to advisors whose firms use Hearsay Systems’ social media management program are designed to streamline communication between advisors and the compliance department concerning the use of social networks.
This includes an approval process that can be accomplished through two clicks or interactions between compliance and advisors who are having their social media profiles reviewed. The advisor can then accept any changes the compliance professional suggests with just one click of a mouse.
For profile reviews that require more time or attention, advisors will now receive emails informing them of the status of the review and any subsequent steps that they must take.
The new features targeted to compliance professionals are meant to decrease the amount of time they spend reviewing advisors’ social media profiles and activities.
Compliance professionals can now use predictive analytics to identify high-risk issues, allowing those issues to be reviewed first. They can also review a percentage of content based on type, such as links or photos, which is designed to decrease the cost and effort of traditional supervision. In addition, compliance can employ advanced profile and custom-filtering options for frequently used searches.
The new features are currently available to the Canadian customers of Hearsay Systems, which used to be known as Hearsay Social.
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