Social Media Risk Management

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:

  • Intellectual Property infringement due to undetected counterfeit sites
  • Brand Reputation downgrade due to poor crisis management or hack
  • Cyberthreats that enter via social media
  • Regulatory and compliance concerns of corporate and employee accounts

There are other corporate risks that may need to be considered that could play out on social media. These may include:

  • World Financial Crisis
  • Natural Disasters
  • Introduction of Disruptive Technology

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:

  • Updating the Social Media Governance plan with risk protocols
  • Reviewing social media policies annually and monitoring through the year for adherence
  • Reviewing laws and regulations for compliancefrequently
  • Conducting social media audits regularly
  • Updating social media security protocols frequently (including credentials and attached apps
  • Training employees regularly on crisis scenarios and protocol updates
  • Monitoring social accounts

 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.

Request a Demo