Issue link: https://epubs.iltanet.org/i/43390
regarding those interactions might flow directly from existing regulatory requirements. In some instances, regulatory authorities are issuing more specific guidance on social media, such as FINRA's Regulatory Notice 10-06. More generally, organizations are trying to understand the preservation and production responsibilities in the context of litigation. To address existing, new and emerging requirements, it will be important to understand the nature of obligations, how businesses and employees engage in social media and the solutions necessary to stay compliant. Social media models, along with the associated legal and regulatory framework, will continue to evolve rapidly. As such, organizations and corporate legal departments should look to develop policies and deploy flexible solutions to deal with the social side of information governance. INTERACTIONS IN THE SPOTLIGHT As enterprise content becomes more open and fluid, a trend in legal and regulatory arenas is emerging: the transition from a document-centric view of compliance, discovery and information management to models based on interactions. Obviously, the ultimate example of interaction-based requirements is social media. As interaction-based policies and procedures become increasingly important, corporate counsel will need to formulate answers to a range of questions on how social media impacts business from a legal perspective. The following questions can be used to determine what factors to consider when creating a plan for social media governance: • How are we interacting on social networks? How are our employees interacting? • What communication channels are we using? Facebook? Twitter? LinkedIn? • What are we obligated to preserve? • How do we enforce and monitor our compliance policies? These critical questions are actually business issues that point to the need for a system that can form an understanding of information, regardless of format, and then apply policy in real time to mitigate risk. Effectively leveraging social media while protecting the organization from noncompliance requires a social media governance plan — one that requires counsel to: • Extend existing compliance, supervision and surveillance practices to interactive content • Capture and control social media in the cloud • Perform conceptual search and policy- based monitoring of all aggregated social information — inside and outside your firewall • Collect and preserve social media and other interactive content for litigation or other legal proceedings • Establish social media usage policies and procedures, and then train staff on the particulars • Have a plan in place to handle missteps in case something occurs that requires damage control www.iltanet.org Corporate Law Departments 13