Social Media Risk Management: Understanding the risks of social media...

In the Forrester independent review of “Social Media Risk and Compliance” report 2014, they stated that “All organisations need to manage social media risk…., but very few do”. So where are we today in 2016? In a recent survey we conducted across the Automotive sector we discovered that 52% of businesses claimed that they were yet to identify the risks. More worryingly, a further 64% admitted that they were probably in breach of the FCA guidelines on promotion using social media. Some were certain they may face heavy fines in the future if they did not act now to manage the risk. The fact is that today we face an almost total adoption of social media by both consumers and organisations alike, which drastically increases the organisation’s exposure to new levels of risk. There is no longer an option to prohibit the use of social media either within the organisation or by the organisation itself. Quite often the horse has bolted as these social profiles have already been set up and are being used to engage with customers, potential employees, stakeholders, suppliers and employees. Key trends that are of note […]

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