The roots of social media date back to the early days of the BBS (bulletin board system). However, it was not until the 2002 birth of Friendster and the 2003 births of LinkedIn and MySpace, that the notion of large-scale Internet peer-to-peer sharing started to take hold. By the general-public launch of Facebook in 2006 we were well on our way to changing the way in which people and companies would interact with each other.
Today, the use of social media among almost every industry is exploding. Social media use in business has far surpassed a tipping point and it is now not only ubiquitous as but considered by many to be the invention of the century in terms of its influence.
As industries have jumped aboard the Social Media Express in search of riches, too many have focused their efforts on the upside (marketing and sales) and fewer have put adequate thought into the downside (risk management).
It is true that effective social media programs bring great reward. However, with social media there also lies great risk. Such risks include legal risks, compliance risks, operational risks, and reputational risks, to name a few. To further complicate matters, the democratized use of social media by employees, customers, and other stakeholders makes social media risk an important consideration for all companies – not only those that actively use social media.
Social Risk Services provides organizations with the advisory services needed to develop an appropriate social media governance framework. Not every organization is subject to the same risks. Social Risk Services provides advisory services that are organization-specific.
Contact Social Risk Services at Info@SocialRiskServices.com or 310.408.6963 to discuss how we can help your organization manage its risk and achieve its objectives.
Social media risk is not a technology risk.
Social media risk is a people risk.