Social Media Risk Management Policy
You could spend millions in robust Risk Management Frameworks, but if you ignore what a recently recruited college graduate is posting on Facebook or publishing negatively about your Institute, then you are really not doing much. All your other efforts are wasted.
The reputation damage is significant and irreparable when you don’t have a Social Media Policy, employees don’t know the boundaries and Business Units don’t know how much to rely on content on these website for business dealings.
A few posts on Social Media websites like Facebook, Twitter etc have the Government running around and trying to pull these accounts off. We all know the massive impact of Social Media on the Institute’s reputation, potential legal risks and the employee engagement with the Company. Today, it seems that there is a Black Swan just waiting to be released from the dark rooms of so called “Social Media”. Afterall, Indian population is about 1/5th of the world population so about 20% of all posts on social websites will be by an Indian. Even a single post can be a nightmare for the Board of Directors.
Today, regulators may be behind the pace of social media developments, but sooner than later, global regulators will require the Banks and other institutes to develop a sound Social Media Policy / Social Media Risk Management Policy. After all, a major event on social media can be as devastating to the reputation as a run on the Bank or a liquidity crisis.
Social Media Risk Management Policy - Template
Riskpro India has developed a comprehensive “Social Media Risk Management Policy” that defines the roles and responsibilities, Social Media Risk Management process, social media guidelines, HR policies relating to social media etc. The policy is comprehensive and can be adopted by your firm with little modifications. It also provides for robust reporting and monitoring framework of specific risks relating to Social media.
Next Steps
Please get in touch with manoj.jain@riskpro.in (Manoj Jain - 98337 67114) if you would like more details and pricing of the “Social Media Risk Management Policy”. The product is priced attractively as off the shelf editable policy format (.docx). The policy will be emailed for Insitute’s use. You could always develop the policy internally, but the indrect salary costs will be substantial more than our price.
