The UK’s leading social media risk management and compliance platform, CrowdControlHQ was crowned at the #FStechAwards for ‘Risk Management Software of the Year’ 2016.
The announcement came at a prestigious awards ceremony in London, where the sector celebrated the pinnacle of innovation from across the UK & EMEA Financial Services sector.
The software created by Birmingham based, Crowd Technologies Ltd., outshone leading professional services rivals, including software from KPMG, RSA Group and Misys.
The use of social media management software has accelerated since the launch of the FCA social media guidelines in 2015, meaning that financial services brands today face significant fines if they fail to address the prominent risks of social media. The risks include failure to address operational issues such as prohibiting the sharing of login passwords, failure to create audit trails of conversations held across social media as well as brand management issues around social media policy, messaging and customer response. Perhaps more sinister have been the security risks arising from financial service sector brands using social media channels as a communications tool, leading to targeting by thieves and brand terrorists looking to infiltrate their social media accounts, to steal, sabotage or expose a brand.
This has led to the strengthening of governance and compliance practice around social media, with high profile social media blunders hightlighting where it can go wrong for a company if they fail to address the risks of social media management.
The CrowdControlHQ software is used extensively by leading financial service providers including Experian, London Capital Group and Winterflood Securities to automate administrative procedures, create audit trails of content posts and customer service response, as well as operating strict moderation and quality controls over content posted across social media channels.
James Leavesley, CEO of CrowdControlHQ said:
“It is a great honour to win at the #FStechAwards for ‘Risk Management Software of the Year’ as it highlights just how important managing the risks of social media are, not only today, but in the future. The viral spread of social media messaging and the worldwide reach means that it is a medium which financial services can not afford to enter into lightly, and as a British technology provider with onshore capability, we intend to remain at the forefront of innovation in this area for many years to come.”
Other winners included Barclays for Best use of social media for PingIt and Bank of America Meryll Linch for best use of mobile.
A full list of winners can be found here: http://www.fstech.co.uk/fst/FStech_Awards_2016_Winners_Announced.php