Banks, capital market firms and insurance companies have much to profit from exploiting social media by fostering better relationships and developing opportunities in the digital marketing space. To adequately prepare for the ever-changing and "always on" nature of social media, companies should create an integrated social media strategy that sees a collaboration between technological expertise to manage the potential risks of social media, and the human element to understand and establish a risk-aware, yet agile corporate culture.
This means creating awareness of the company's social media risk exposure and assigning accountability to individuals who can take action in in managing those risks. An effective social media risk management program makes risk management a part of everyone's daily responsibilities.
By educating individuals at all levels of the company to identify social media risk and how to respond to or mitigate an incident, businesses can avoid being compromised and capitalise on the opportunities social media provides in the digital marketing space.
Amit Gupta is Managing Director, Finance and Risk, ASEAN, Accenture and Aliette Leleux is Managing Director, Finance and Risk, Asia-Pacific, Accenture.
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