Top Social Media Risks to Protect your Business From
Regardless of what type of organisation you are or how large or small the business is, it is essential to protect your business from social media risks.
Businesses have always had to content with a variety of risks. With the progression of technology social media is another impact to add to the list that needs managing. However, social media is more than a ‘tick the box’ compliance.
There are many social media risks organisations need to be aware of and prepared for. Here are 8:
- Legal: this includes a wide ranging number of things such as content ownership, IP infringement, unfair dismissal claims including harassment or discrimination.
- Compliance: making sure the organisation complies with the law and industry regulations if applicable, which for some industries are quite onerous.
- Operational: social media usage in organisations can potentially lead to IT security risks such as viruses or malware if a network is not secure.
- Productivity: for those organisations that utilise social media effectively, it can be a competitive advantage. However, it can be disruptive and impact employee productivity when there are no guidelines for employees.
- Financial: if you are listed company, rumours, for example may impact on share prices in a negative way with examples already having occurred.
- Brand reputation: negative comments in real time can impact on an organisation’s reputation particularly if it is not handled promptly by the organisation. A crisis management plan is essential.
- Not being social: some organisations still refuse to accept and implement social media as they believe it is a waste of time or not relevant to them. These organisations will be left behind.
- Social media is not free: although the platforms are free to use, significant time is required to engage on social media; employ experts for policies, planning, content or management.
What is the most valuable approach to engage in social media and also manage social media risks?
The following can be used as part of an effective approach which I have implemented with clients.
- Identification of social media risks on your organisation is fundamental. If your business hasn’t conducted a social media risk audit, now is probably a good time to start.
- A multi-faceted governance approach which includes comprehensive policies and procedures. As a first step this involves developing a social media policy which includes input from across the organisation, not just marketing, legal or HR.
- Training and education for not just policy awareness but also identification of employees that can become brand ambassadors for your organisation.
What is essential for any organisation is good governance and risk management. How your organisation implements and manages social media and policies is crucial. A policy that is engaging and involves different aspects of the organisation; one that empowers employees to use social media and provides the ‘right fit’ in terms of culture, values and beliefs will go a long way to ensuring that social media is an effective and safe tool for your business. However, what is even more important is for management to accept the reality of what social media is, how it is used and the lack of control they have. Only then will organisations make the most of social media.
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