When social media arrived on the business landscape the notion of governance and risk management was essentially non-existent. Social media has evolved from a basic customer touchpoint, into a critical business channel for communication, branding, support and sales. With this shift in importance, the risks to an enterprise have escalated. In fact, corporate CEOs consider damage to brand reputation due to the risks inherent in social media as their number one risk concern.
The corporate risks associated with “being social” range in severity from minor events (such as losing one customer due to poor communication on Facebook) to major events (such as counterfeit sites phishing your customers or an account hack that delivers harmful information). Just ask Dove or any of these other brands that have recently found themselves at the center of a firestorm! Even the networks themselves are at serious risk as in the recent Instagram hack. Due to heightened security and risk issues, social media governance has transitioned from an ad-hoc administrative task, to a critical discipline that is firmly part of the corporate risk management strategy.Read More