Social Media Monitoring and Management – The Final Frontier of Enterprise Risk Management (ERM)
By Kwasi Fraser
The social web continues to enable individuals, business leaders, and government officials to freely exchange thoughts, ideas, and opinions on a multitude of topics. I term it the “Voice of Humanity Online.” The comments and user generated content within the social web sphere range from socio- economic issues to discussions about products, services, and brands.
A single social media comment or user generated content that is well placed can turn viral and be a detriment or the ultimate praise for a company. An example of such content turning viral was the YouTube posting of a worker at a fast food chain taking a bath in the kitchen sink.
Without any doubt, that posting had some measureable impact on brand perception and sales. For this reason, I believe more companies need to utilize and incorporate social media monitoring, and consulting services into their ERM strategies. With this added dimension to ERM strategies, companies will be better positioned to evaluate the merits, risks and other aspects of comments and user generated content about thier brand, product, and service that are published on the social web.
October 12th, 2009 at 3:09 pm
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October 12th, 2009 at 6:31 pm
Hmm… I read blogs on a similar topic, but i never visited your blog. I added it to favorites and i’ll be your constant reader.
October 14th, 2009 at 7:19 am
Are you a professional journalist? You write very well.
October 14th, 2009 at 4:34 pm
Thank You Peter. I’ll keep writing them as long as you keep reading them.
October 22nd, 2009 at 5:18 pm
Social Media is really becoming an integral part of the business world. Its interesting and cutting edge that you suggest ERM and Social Media should merge - this Webinar by Hudson gives some common success and pitfalls of ERM. I wonder where social media would play a role there…
October 29th, 2009 at 12:45 am
KatherineHudson thanks for reading the Samepoint blog. I enjoyed the Webinar, reminded me of being part of the creation of Sprint’s ERM program a few years ago. Per your question around Social Media role in risk management, I see Social Media as giving rise to Risk as opportunity, exposure, an uncertainty specifically in the area of strategic and operation risks. From a strategic and operational risk perspective, Social media opens the company to the social web where comments posted about a company’s products, services, and overall brand may result in high praises for which the company can further capitalize on, or low criticism for which the company may seek ways to reduce before it becomes viral.