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A social media policy is an internal document that guides employees in their social media interactions. As platforms like Facebook, Instagram, and Twitter grow in popularity, companies have more opportunities to engage with potential customers and shape their brand identity. However, the rapid nature of social media presents risks, as poorly conceived posts can damage a company's reputation. This video discusses the role of social media policies and outlines characteristics of an effective one. The presenter, eFORMS, emphasizes the importance of having such policies and promises to provide a link to a customizable social media policy at the end of the video. Additionally, it highlights the difference between social media policies and social media standards.