Earlier this year, the GameStop saga raised questions around the complex regulatory, compliance, and ethical issues related to outside business activities. As technology evolves, the scope of potential outside business activities continues to expand. Many compliance officers see the need to look beyond traditional OBAs, such as board memberships, family affiliations, or consulting services, and update their Code of Ethics policies to address employee activities in other areas, such as social media, YouTube, podcasts, and online forums. Employee monitoring in these areas is fast becoming the new norm for compliance teams.
A recent ComplySci Stats survey of compliance professionals during a ComplySci 101 webinar highlights this shift. We learned:
- 48% of attendees plan to monitor additional OBAs in the future
These respondents identified a few key areas they plan to monitor, including:
- 46% plan to monitor Social Media
- 26% plan to monitor YouTube, Blogs, Podcasts, or other online forums, such as Reddit
With the right mix of compliance technology tools and software, compliance teams can simplify employee monitoring, making it easier to gather information about a wide range of outside business activities and manage this data more effectively.