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A social media policy is an internal document that guides employee interactions on platforms like Facebook, Instagram, and Twitter, which are influential in shaping brand identity and engaging potential customers. However, the rapid nature of social media poses risks, as insensitive posts can harm a company's reputation. The tutorial discusses the components of effective social media policies. The presenters, eFORMS, emphasize their extensive database of documents and invite viewers to watch until the end for customizable social media policy templates. The video also differentiates between social media policies and broader social media strategies.