Risk Management Using Social Media

Risk Management Using Social Media to Identify Early Trends in Brand Problems and Problematic Consumers

The two most extensive uses of social media by risk managers were identifying and reducing early trends in brand reputation problems, and spotting consumers (or consumer groups) that may represent a threat to corporate reputation. Fewer risk managers used social media to identify employees who might present the firm with problems in the future.

How successful is social media for risk managers who are on the prowl for reputational and other problems? The risk managers surveyed said social media had more than moderate benefits in identifying early problems in brand reputation (they rated it 3.31 on our scale). They gave ‘moderate’ ratings for using social media to identify potential flaws in products and services, or flawed business processes. (See Exhibit IV-6)

Exhibit IV-6: How Risk Management Uses and Benefits from Social Media

Exhibit 4-6: How Risk Management Uses and Benefits from Social Media

Mastering Digital Feedback – Findings: Business Functions
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