Social Media Risk Assessments

SOCIAL MEDIA RISK ASSESSMENTS

 

Social media has resulted in the web no longer being a platform for broadcasting but rather a platform for engaging with customers. 

Engaging on social media brings risks with including compliance with regulatory requirements, reputations damage, privacy breaches, copyright infringements, loss of intellectual property and cyber security. However, with appropriate strategies, policies or procedures the risk of engaging with customers on social media can be reduced to a level acceptable by the organisation.

Not only are there is the considerations of the risk of being on social media, but organisations need to also understand the risk of not being on social media.

Approximately three quarters of Australians are users of social media and on average are spending more than half a day on social media a week (Sensis Social Media report 2016). With that said, there is huge potential for businesses to benefit from this social experience – however it needs to be done right. Your social media activity needs to align to your business strategy and there needs to be a purpose to being on social media, not just because “everyone else has one, maybe we should too?”. Appropriate policies and procedures should be in place to ensure the social media activities are appropriate to protect the reputation of the organisation – just ask JP Morgan, Tesco or McDonalds.  

United Focus can review:

  • Your social media presence (including benchmarking)
  • Your risk management (including policies or procedures)
  • The review the alignment to your business strategy and goals.

A review of your social media presence can ensure that your social media activities are relevant to your customers, ensure you are effectively managing the risk of being on social media and ensure that you are using the platforms appropriately and effectively for your industry or purpose.