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Introduction

Social media risk must be responsibly managed in the same way as other risk types. Some of the necessary operational means of managing risk relating to social media will be new to enterprises affected

Highlights

  • Social media channels allow potentially rapid and widespread communication of content that might be contrary to corporate interests – and that content can originate inside or outside the organization.
  • Related issues include potential legal liability for any views expressed or information that is publicized, protection of information that should not be disclosed, and assuring compliance with any relevant policies and regulatory or legislative obligations.
  • Reporting of companies acting against perceived wider interests, especially in hot topic areas such as the environment and data protection/privacy, can quickly result in negative public sentiment and often result in social media campaigns against corporate bodies.

Features and Benefits

  • Organizations need to increasingly take into account the reputational risk that can arise rapidly, from shorter cycles of information distribution,
  • The report looks at aspects of how compliance needs relating to social media risk are increasing.
  • The report shows that social media risk management must take a multi-pronged approach.
  • Institutions should have a risk management program that allows them to identify, measure, monitor, and control social media risks.
  • The size and complexity of a risk management program should be commensurate with the organization's involvement in social media.

Key questions answered

  • What are the key elements to consider in combating social media risk for our organization?
  • Do employees need to take account of work-related policy in their personal use of social media?
  • Are we likely to encounter regulatory and legislative considerations relating to social media?
  • We don't engage much with social media - does this we don't incur related risk?

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