Social Media Risk Management is the practice of predicting and managing risks that could harm the corporation, brand(s), or those associated with the organization (such as partners). It helps you determine, role play, design and train people on the protocols that will make you and your company most successful when risk events occur.
There are many areas that can be considered risks for a company that may arise from social media:
There are other corporate risks that may need to be considered that could play out on social media. These may include:
You may not think these are important to consider. However, if you are in the Financial Industry and a financial crisis hits, or if your industry is Insurance and a natural disaster hits...then you better believe social media is a key part of how you are communicating with your consumer base. Knowing how you will handle that situation will set you up for greater success.
The first step in determining how you will handle social media risk management is to clarify your key corporate risks. This is a process in itself and requires a cross-departmental approach. It should also include someone from the Corporate Risk team.
Key elements in social media risk management include:
For more in-depth ideas on social media risk management, download our Social Media Governance e-book.
If you would like to see how Brandle automates risk managment, take a look at the Brandle Presence Manager.