Whether used for job hunting, networking, or keeping up-to-date on the latest regulatory news and best practices, social media sites have become an essential business tool in today's interconnected world. Compliance Week has compiled a recommended list of ten compliance-related groups to join on professional networking site LinkedIn. Many of these groups have discussion boards where compliance executives trade tips on handling complex regulations and raise questions on how peers are coping with the Dodd-Frank Act and other regulations. Some of them require users to apply before becoming members, while others are open to all members of the public.

Chief Compliance Officer Forum. Established by Fabiana Lacerca-Allen, senior vice president and chief compliance officer at biotechnology company Elan, this forum is a venue for chief compliance officers and others to network, share best practices, and discuss current trends in the rapidly changing global regulatory environment. With more than 3,300 members including many chief compliance officers of Fortune 100 companies, the CCO Forum is a rich resource for probing discussions on how peers are handling the latest regulatory mandates. It's also a good place to do some compliance-related job hunting.

Financial Services Regulation. Thanks to the Dodd-Frank Act and several other new regulations, the financial services industry is undergoing a major regulatory overhaul. Geared especially toward finance and banking professionals, this group serves as a platform to network, share, and discuss the latest news around risk, regulation, and reporting in the financial industry. With more than 40,000 members and dozens of discussions each week, find out what fellow peers are talking about. Among the hotly debated topics in this group are the Volker Rule, new regulations for stress-testing banks, and changes to liquidity requirements.

Information Technology Audit and Governance Group. From Sarbanes-Oxley to SAS 70 to Basel II and Basel III, the audit and governance requirements around IT are only growing more complex. Nearing 30,000 members, this is the largest group on LinkedIn focusing on news, discussions, and resources for all things related to IT audit and governance, compliance, security, quality and assurance, business continuity, disaster recovery, GRC, fraud, risk, and forensics. Members include technology auditors, internal auditors, application auditors, compliance officers, information security, and forensics professionals. Be warned, this group delves into some sophisticated technology topics, but for those looking to get a better handle on data security, you will likely find some sharp minds in this forum who are willing to share what they have learned. 

FCPA Compliance Group. Anybody responsible for monitoring compliance with the Foreign Corrupt Practices Act, U.K. Bribery Act, or anti-corruption laws in other parts of the world should join this forum. Here you'll find FCPA experts discussing such topics as the latest FCPA cases and the difference between a bribe and a “facilitation payment.”  Consider this essential nugget recently posted on the group's discussion thread: the Spanish language has no word for “whistleblower.” And there are a lot more interesting discussions on where that came from.

CompliancEX. With more than 36,000 members, the Compliance Exchange is an open forum, designed specifically for compliance, legal, regulatory, risk-management, and audit professionals to access and discuss  news and information on regulatory and compliance matters in real-time. The forum also is a source for job opportunities, conference and seminar information, regulatory alerts and developments, articles, and more. The group also has a blog, complete with compliance-related cartoons.

COMPLIANCE WEEK LINKEDIN GROUP

Compliance Week now has a companion group on LinkedIn, where members can network and discuss the compliance and governance news of the day. Open to all compliance professionals, free to join.

Governance, Risk,  and Compliance Management. This group is focused around the core domains of governance, risk, and compliance. The group's more than 20,000 members hail from various industry sectors around the world and include compliance officers, board members, and service providers. Faisal Ansari, vice president of professional services at Corpnet Consulting and owner of the group describes it this way: “Our community brings together this wealth of professional experience for the collective benefit of all of its members, as we share our experiences and learn from each other.”

Chief Compliance and Ethics Officers Forum. Established by Adam Turteltaub, vice president of membership development at the Society of Corporate Compliance and Ethics, this group is especially designed for chief compliance and ethics officers to networking and sharing best practices. A recent discussion centers on the ideal reporting structure for compliance and ethics officers. Another looks at the ROI of ethics training. With more than 1,000 members this is a valuable forum for compliance officer-level concerns.

Enterprise Risk Management. For all things risk, this group is ideal for anyone embarking on the ERM journey. From developing a common language about risks within a company to standardizing processes, embedding enterprise-wide risk management into a company is a complicated task. This group is designed for all those interested in managing risk strategically, holistically, and effectively to drive performance results. Trade war stories or post questions on how peers define and track key risks.

LINKEDIN POPULARITY

As shown in the chart below from SHRM's 2011 “Social Media in the Workplace” survey, more companies are turning to LinkedIn as a social networking service:

Source: SHRM.

Chief Audit Executive Group. This international professional group is geared toward internal audit leaders, directors, and deputy directors to network and share tips and experiences in the areas of corporate governance, risk management, and internal controls. As auditors look to add more value to their companies, this group provides a good source of information over how to maintain independence and how to increase communications with the audit committee and other key constituents.

Compliance Week. We couldn't put together a list of the top LinkedIn groups for compliance professionals without tooting our own horn a little. The premiere online forum for Compliance Week readers with more than 3,000 members and growing, this group is the go-to source for networking with fellow compliance, legal, risk-management, and audit professionals. Members also use the forum to discuss the latest compliance, regulatory, and governance news, post and search job opportunities, share their favorite articles, and more. One recent discussion on the forum: Should risk and compliance have a formal structure, similar to legal and accounting? Let your opinion be known and hear what fellow risk and compliance officers have to say.  Also, the group is a great place to stay up-to-date on the latest news for the Compliance Week 2012 conference.