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A social media policy is an internal document designed to guide employee interactions on social media platforms like Facebook, Instagram, and Twitter. These platforms provide companies with opportunities to engage potential customers and enhance brand identity, but they also pose risks, as inappropriate posts can damage a company's reputation. The video introduces the importance of social media policies, outlining key features of an effective policy. The presenter is eFORMS, which offers a vast database of various documents. Viewers are encouraged to watch until the end for a link to customize a social media policy online. The video also seeks to clarify the distinction between social media policies and social media strategies.