The latest figures for 2022 show that there are expected to be almost 4.6 billion social media users worldwide, reinforcing the soaring popularity of platforms and the need for a comprehensive social media strategy. While social media platforms certainly have their benefits – an opportunity to reach your target audience, worldwide, in a matter of seconds with the push of a button – it’s not without risks. Failing to effectively manage the inherent risks across your business could prove significant and costly. It’s imperative that a framework is in place that marries both the strategy and compliance components of your social media activity.
To avoid common mishaps, it’s important to consider the 4 P’s:
- People: Tone from the top, leadership consensus and buy-in, and ongoing oversight is the starting point and foundation for implementing processes and controls within any organization.
- Policy: Outlining structure and controls for employees to adhere to will help manage risk.
- Process: Establishing a response plan in the event of missteps will help mitigate the impact and allow you to course correct in a timelier manner.
- Practice: Providing trainings and other tools to execute on your governance strategy will make for a more seamless integration and will equip your employees to put your compliance strategy into action.
My current company has a robust compliance framework that encompasses all 4 P’s. They refresh policies on an ongoing basis with required webinars and trainings that serve as a component of your performance review. As Virginia Miracle pointed out, it’s a constant evolution. “How do you make sure that governance allows for evolution?” she said. “Education, policy and strategies get stale. As you’re putting into place all these building blocks, make sure they have an expiration date. Otherwise, people will ask, “Why are we adhering to this at all?’” Since I sit within the audit function, adhering to risk and compliance requirements are critical to ensure we are in accordance with regulatory bodies. Sound social media governance framework goes beyond protecting a brand’s reputation and has far reaching consequences for everyone in the organization. Shared objectives across leadership with an emphasis on accountability,
- What safeguards has your company implemented to mitigate risks associated with social media platforms?