Recognizing that financial institutions are increasingly utilizing social media for "marketing; facilitating applications for new accounts, products or services; and engaging with existing and potential customers," the Office of the Comptroller of the Currency (OCC) this week released final supervisory guidance in the Federal Register titled, "Social Media: Consumer Compliance Risk Management Guidance." The guidance addresses the applicability of consumer protection and compliance laws, regulations and policies to activities conducted via social media; identifies potential risk areas including consumer compliance and legal risks, as well as related risks, such as reputation and operational risks, associated with the use of social media; and outlines compliance risk management expectations that allow financial institutions to identify, measure, monitor and control risks related to social media. The guidance also states that an effective risk management program includes a governance structure with clear roles and responsibilities and appropriate reporting to senior management and the board; policies and procedures on the use and monitoring of social media and compliance with all applicable laws and regulations; processes for selecting and managing third-party relationships and monitoring information posted to proprietary social media sites; and employee training. For more, read the full news release.