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Your LinkedIn Could Be A Compliance Nightmare Dressed Like A Daydream

Posted by Jeff Pelliccio on Mar 18, 2019 9:00:00 AM

In ICS insights, client, Legal and Compliance

Although LinkedIn has never categorized itself as a social media network, it definitely provided the opportunity for individuals to connect. Not only can you make connections with those who you already know personally, but can become associated with interesting parties from a business standpoint. As of the close of 2018, the network had nine million business profiles and more than 500 million individual user accounts. Not to mention, the website’s revenue up to that point had hit $1.46 billion.

The website is the perfect example of a modern day “it’s all in who you know.” With LinkedIn, you can connect with anyone from any company to help boost your clout for the job of your dreams. In fact, it can be a very valuable tool for a number of various activities where your career is concerned. There is a job search function, as well as the opportunity to nurture relationships with clients, prospects, and your own skill set. You can also use it to build your own personal brand and become an industry influencer.

As the number of features continue to grow on LinkedIn, so do the exchanging and transferring of information. With the increase of personal data being added to the website, the risk of compliance violations also goes up, especially with all of the new rules and regulations going into effect. It is important for companies to be aware of such dangers and begin managing their time on the social platform to avoid the risk of liability.

Compliance for Digital Communication Channels

As previously mentioned, there will be a lot to think about when it comes to auditing your website under the upcoming regulatory changes. That is why compliance offers are hired to make sure your organization is meeting all expectations and managing all actions to avoid compliance issues. The challenges will continue to come, so it is important for professionals in these roles to take a proactive approach with prevention.

Since the primary purpose of websites, like LinkedIn, are for individuals and businesses to make professional connections, it is no surprise that digital information is being passed around rather informally. Some of this data could be extremely sensitive and should be audited if this is the case. Unfortunately, it is not something that most companies think about, so a large amount of data could be excluded from such audits.

It would be near impossible to restrict employee usage of LinkedIn, as a way to avoid liability. No doubt, some individuals would still use the social network on their own time and from their home or mobile devices. One option would be to strategize how to automate compliance, so that employees are free to use LinkedIn as a valuable business-building tool or however they would see fit. If there was a way to make the process smooth and efficient, then all parties will see be able to benefit from the platform.

Dangers of Digital Communication

There are so many ways to exchange information nowadays (e.g. emails, texts, forum discussions, etc.). With all of these different digital communication channels, it is very easy for sensitive information to fall through the cracks, get lost in the digital world, or become attached to an unrelated string of communication. Social media sites only add to the ways that personal data can get lost or wind up in the wrong hands.

If you happen to receive important information from a business contact by one communication channel and then respond via another channel, the conversation has now become disjointed and confusion can ensue. Additionally, if you were to be audited, it would be very difficult to provide this information to regulators.

Compliance Management

There are multiple benefits of having a compliance management system in place. Aside from making sure that all activities meet compliance requirements, it is also a way of keeping on top of an organization’s budget, managing how efficient an organization’s processes are, and making the most of every communication channel. One such solution that can help with these objectives is implementing an archive system.

Here are some ways to make the archive system work for your company:

Whether or not you (or your business) use LinkedIn on a regular basis, it is important to see the platform as a lesson in data protection. With all of our information floating around the internet, it is easy to see how big of a risk this could potentially be to a business. Before the social network becomes a liability, be sure to consider looking into protection strategies for the future.

  • Use a cloud-based solution. In order to store all of the information for your company, you will need an adequate amount of space. By utilizing the cloud, you will be able to archive a seemingly endless amount of data that will work with your company as the information grows.
  • Create workflow efficiency. The best way to create efficiency is to streamline workflow. When an organization brings in automation for data management, all processes tighten up and there is less human error. This also makes it easy to enforce regulations and standardize information.
  • View archiving as an opportunity. Since a big part of creating an archive system is to make it easy for regulators who may want to audit your organization, it is important to look at the reasons why there are regulations in the first place. These policies have been implemented to protect both the consumers and the businesses. By making sure that everyone’s information is safeguarded, you are exhibiting how valuable their data is to you.

Whether or not you (or your business) use LinkedIn on a regular basis, it is important to see the platform as a lesson in data protection. With all of our information floating around the internet, it is easy to see how big of a risk this could potentially be to a business. Before the social network becomes a liability, be sure to consider looking into protection strategies for the future.

If you hire the right legal and compliance talent, you can come up with a team to find a solution. Contact ICS to get started on your search for the people who will bring you solutions and not problems. Click below to reach out!

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