{"id":1397,"date":"2010-07-28T07:00:05","date_gmt":"2010-07-28T15:00:05","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=1397"},"modified":"2010-07-28T07:00:05","modified_gmt":"2010-07-28T15:00:05","slug":"enterprise-2-0-a-balance-of-collaboration-benefits-and-compliance-concerns","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/enterprise-2-0-a-balance-of-collaboration-benefits-and-compliance-concerns\/","title":{"rendered":"Enterprise 2.0: A Balance of Collaboration Benefits and Compliance Concerns"},"content":{"rendered":"

Financial institutions are highly regulated, perhaps more than any other type of company. \u00a0And that’s part of the reason why financial companies have been slow in adopting Enterprise 2.0 collaboration\u00a0tools. \u00a0Chris Kanaracus<\/a> at IDG recently gave the example of the company\u00a0Vanguard <\/a>in a small case study. \u00a0 The Vanguard Group is a US-based investment management company that manages approximately $1.3 trillion in assets and has about 12,500 employees. \u00a0It offers mutual funds and other financial products and services to individual and institutional investors in the United States and abroad.<\/p>\n

Regulations are tough on financial institutions like Vanguard. \u00a0These companies are heavily bound by regulations. \u00a0Regulations that they need to comply with come from many places that include the Securities and Exchange Commission, private auditing firms and foreign regulators. \u00a0Vanguard manages a lot of money, and that implies that strong security is a necessity. \u00a0But equally important, Vanguard manages a lot of sensitive\u00a0information — their client’s data. \u00a0 It’s really no wonder that financial companies like Vanguard tend to be very conservative. \u00a0They make changes slowly and methodically to minimize any risks of jeopardizing the handling of large sums of money or with dealing with \u00a0their client’s data.<\/p>\n

So it’s interesting to see how Vanguard is dealing with social media and Enterprise 2.0. \u00a0Not unlike most companies, employees at Vanguard have asked for better corporate software tools to enable collaboration, tools like ones they’ve become accustomed to using on consumer web sites. \u00a0The Vanguard IT group has created a strategy that selects social technologies for adoption \u00a0by \u00a0considering the advantages of \u00a0mobility, collaboration and “enriching” communications.<\/p>\n

Vanguard has made some progress. \u00a0But there are many hurdles. \u00a0For example, regulations require that they be able to save and archive all messages in a non-rewriteable format. \u00a0They had been doing that for email, and they needed to come up with a way to do that with IM messages, and blogs and wikis too. \u00a0The company has also set up a number of internal collaboration sites and assigned a manager for each of the sites to regularly be checking the content posted to ensure the compliance of the information being exchanged.<\/p>\n

Progress with the use of social media at Vanguard has been slow and deliberate. \u00a0It’s hard, but there has been progress. \u00a0IT is pleased with their success to date. \u00a0They next plan to expand their strategy to include focus on achieving “device independence” — allowing access to social tools from a variety of device platforms. \u00a0They also want to be able to better connect the social tools that they have developed.<\/p>\n

Collaboration and Compliance often have conflicting needs. \u00a0It’s not an easy task, but with work, a balance between the two sides can be made possible.<\/p>\n

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Financial institutions are highly regulated, perhaps more than any other type of company. \u00a0And that’s part of the reason why financial companies have been slow in adopting Enterprise 2.0 collaboration\u00a0tools. \u00a0Chris Kanaracus at IDG recently gave the example of the…<\/span><\/p>\n

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