7 Steps to Social Media Risk Management

http://ow.ly/6wf8X

Article by Raj Chaudhary and Erika Del Giudice posted on the ABA Banking Journal website.

This article focuses on steps that banks should take to regulate social media, and reduce potential risks.

The 7 steps reference in the article, which include detail around each step for assessing risk, are as follows:

1. Engage a multidisciplinary team
2. Document current and intended social media use
3. Perform a risk assessment
4. Expand current policies to include social media
5. Implement safeguards
6. Provide social media training
7. Monitor social media channels

As the article states, "Face it: Social media channels have become part of the fabric of social interaction for an increasing segment of the population, and it’s impossible to put the social media genie back in the bottle.
However, organizations that formally assess the risks of social media and implement guidelines that promote its responsible use will be better equipped to reap the benefits of these new tools."