Companies still need a hefty collection of regulatory and compliance software tools.

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Obtaining the data granularity required to feed risk, compliance or management reporting tools is cumbersome and requires a tremendous amount of manual intervention, Cytron said.

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The platforms will also work to improve compliance with privacy laws by giving users tools to report non-compliant apps and committing companies to implement processes to respond to these reports.

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Some compliance options: To dedicate more resources and to give more tools to the IRS. Of course, there are costs associated with that.

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Tziahanas, who works the compliance side of social media, said that as banks are starting their foray into social media the lawyers and compliance officers are very aggressive because they are scared of the new communications tools.

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The new Foreign Account Tax Compliance Act (FATCA), which will take effect in 2013, provides more tools for the IRS, not only to pursue non-complying U.S. taxpayers, but also to more severely penalize those taxpayers it prosecutes.

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Software tools are available to monitor what employees are saying on social media to avoid compliance issues, but few firms have moved beyond defensive measures to adopting social media strategies which make it easy for advisors to proactively interact with social media, he added.

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