The Bank of Georgia Implements ProfitStars' Gladiator Social Media Compliance Services
- Written policies help bank define appropriate risk-based standards for social media based on best practices and industry standards -
MONETT, Mo., Jan. 26, 2012 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that The Bank of Georgia has implemented the Gladiator Social Media Compliance (SMC) Services to assist in proactively managing the risks associated with social media platforms.
The Bank of Georgia launched a Facebook page in January 2011 hoping to gain more online visibility and supplement in-branch promotions. The bank, however, wanted outside counsel on how to develop and launch an effective social media strategy that would comply with all regulatory mandates. The Bank of Georgia uses Gladiator's security expertise to organize its informational security policies, so it was confident in relying on Gladiator to provide similar guidance on social media compliance. Gladiator's SMC Services include strategic planning, risk management, employee and customer education, incident response, audits and testing, and more.
Kim Higgins, vice president and compliance officer for The Bank of Georgia, explained, "Regulatory feedback on financial institutions' social media activity has not been entirely clear. We wanted to do this right, and we found a great resource in the Gladiator SMC Services from ProfitStars. The result has been a solid understanding of our limitations; precise execution of social media employee training, recordkeeping, and site administration; and successful audit completion."
Gladiator's trusted IT regulatory compliance experts provide SMC clients, like The Bank of Georgia, with custom policies, a risk assessment matrix, and supporting documents that comply with regulatory guidance, best practices, and industry standards for social media communication. Gladiator's Social Media Compliance Policies help define risk assessment management and control, employee and customer training, and incident response. The Social Media Compliance Risk Assessment Matrix helps identify threats and vulnerabilities, risk rankings, risk mitigation controls, and residual risk. The Social Media Supporting Documents range from employee procedure and acknowledgement forms, annual board report objectives, and a quarterly review checklist.
David Foss, president of ProfitStars, added, "While banks have guidance from FINRA that they should supervise social media activity, and from the FFIEC's IT Handbook InfoBase on new technology implementation strategies, there is no definitive standard for regulating these platforms. ProfitStars has modeled the Social Media Compliance Services after Gladiator's other industry-leading regulatory compliance guides to provide financial institutions with a sound social media strategy that will help protect their integrity."
About ProfitStars
As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in four performance-boosting solution groups – Financial Performance, Imaging & Payments Processing, Information Security & Risk Management, and Retail Delivery. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking™ supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar™ is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. iPay Technologies™ operates as a leading electronic bill pay provider supporting more than 3,600 banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.
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