How to manage social media risk in business

How to manage social media risk in business

Your aim should be to evolve a thorough-going social media strategy that will take care of the social media risks in business.

There is no denying that social media is gaining in importance among business houses of all sizes. Social media platforms have become integral parts of doing business these days. But as the popularity of social media is growing, the risks related to it are also commensurately growing.

There are cases of fraud, defamation, theft, cyber–bullying, invasion of privacy etc—have also proliferated. You have to combat all risks and make your organization stay competitive, serve customers efficiently and generate sales leads.

If your organizations want to profitably use social media, it has to be proactive about managing its social media risks. Learn to embrace social media and still safeguard your brand, protect private information and minimize liabilities.

Reputation damage, privacy breaches, data leaks, cyber-security, rogue employees and other mischief-mongers are all reasons for concern when it comes to your social media presence. You have to understand the nature of risks before managing them.

Apart from the most common types of risks, you should also consider the regulatory and compliance requirements for key industries – if yours is one of them.

Once you have identified all possible risks, consider how to manage each one. Think about your company risk policies, IT controls, legal protections, training of employees in risk management and insurance coverage.

Select a team of employees that alone is permitted to divulge sensitive details about the company. Define your social media strategy and let your team become fully aware of it. Your team should know how to respond to negative comments and adverse reviews.

Make it a point to revisit your strategy periodically to make sure that it continues to serve your changing business scenario.

Social media actually cuts across many departments, including HR, marketing, IT, corporate communications, internal audit and legal/compliance.  Make sure your tem is fully conversant with your company’s overall management philosophy.

Internal audit can undertake social media risk assessment and, if appropriate, conduct specialized audits and reviews. All mentions about your company on social media should be evaluated carefully. It is important to act on negative comments swiftly.