Companies wrestling with how to navigate the rapidly changing social media landscape got some advice from executives whose companies have already taken the plunge.

During a panel discussion at Compliance Week's annual conference in Washington D.C., executives from Best Buy, Johnson & Johnson and The Travelers Companies shared their own experiences and tips for using social media tools such as Twitter and Facebook and crafting a corporate social media policy.First and foremost, the company must figure out what it wants to accomplish with social media. "You need to have a communication strategy and you have to figure out how all of your social media pieces will work together, or you're just throwing stuff at the wall," says Doug Chia, senior counsel and assistant corporate secretary at Johnson & Johnson.

Once that's done, companies have to sort through a rash of issues before they fire off any corporate tweets on Twitter, including reputational issues, such as transparency and accountability, legal and compliance issues, such as copyright, use of corporate logos, and online privacy and consent policies. Additionally, there are logistical issues, such as Website ownership and maintenance, to think through.

"With social media, the expectations for transparency are much higher than they otherwise are," Chia says.

Regardless of the social media strategy companies opt to use, observers say employee training around company policies, as well as how to respond to specific situations that could arise, are crucial. In other words, companies should make it clear that, even online, employees still represent the company and the usual company policies still apply.

While there are myriad risks associated with the use of social media that companies have to consider, panelists note that companies should also weigh the benefits of social media tools, which give them various ways to quickly and frequently communicate with a broad swath of customers and/or employees.

"We think it's an appropriate risk to take given the benefits," says Chia. Among other things, J&J uses tools such as Facebook to get feedback from its customers about its products, and Twitter as another avenue for providing updates about company information to the public.

Kathleen Edmond, chief ethics officer for Best Buy, urged companies not to steer clear of social media just ebcuase it's different.

"Don't not do it because it's uncomfortable," she says. While Edmond found it a personal challenge to use social media to engage with the company's workforce, she says it's been worth stepping out of her comfort zone.

Among other things, Edmond writes a blogwhere she posts real-world events involving ethics issues to educate Best Buy employees about "what can get them fired." The company has also added text messaging as a way for employees to submit hotline reports about questionable conduct.

For companies that do decide to employ social media, Chia says it's important for management to educate the company's directors about why social media is important to the company's business strategy and explain the company's policies and systems built around it.

Finally, experts emphasize that social media policies, like any other compliance policies, must be tailored to fit the company's culture, business and strategy.

For instance, Chia says J&J's social media policy is "very principles based." Best Buy's social media policy, which Edmond describes as "our don't be stupid policy," is less than a page long. Meanwhile, David Baker, senior vice president, chief compliance officer and group general counsel at Travelers, says his firm has taken a conservative approach that includes a social media task force, a three-page social media policy and a 9-page user reference guide for employees.

Compliance Week will provide detailed coverage of the session in an upcoming edition.

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