Identifying and assessing risk is the basis for most of the work done in internal audit, but it is getting harder to keep up with the most relevant risks. New risks are introduced faster than we can react, and both the emerging and established risks are always changing. Often the most complicated risk to understand and evaluate is reputational risk, and one of the most volatile aspects of reputational risk comes from social media.
In this session we will discuss the different types of social media and how each poses unique opportunities and often unforeseen threats. We will specifically focus on how social media can impact reputation risk and what you can do as an Internal Audit department to ensure this risk is being addressed and properly mitigated.
Networking in the Penumbra presented by Geoff Huston at NZNOG
Auditing Social Media Webinar
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Auditing Social Media
Steven Zapolski MAcc CIA,
Senior Market Development Consultant
October 31, 2017
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Auditing Social Media
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Objectives
Gain a better understanding of the social media and the
business risks associated with it
Understand the impact of social media and the
associated risks to your organization
Discover and discuss options for addressing and
minimizing social media risk within your organization
Auditing Social Media
Agenda
Auditing Social Media
Social Media Defined
Benefits of Social Media
Risks of Social Media
Strategies for Risk Management
Final Thoughts
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Definition of Social Media
The forms of electronic communication through which
users create online communities to share information,
ideas, personal messages, and other content such as
videos.
Auditing Social Media
Social Media Networks
Auditing Social Media
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Social Media Demographic Statistics
22% of the world’s total population uses Facebook and 62.1%
of North America
LinkedIn has more than 450 million user profiles
YouTube reaches more 18-45 year-olds than any cable
network in the U.S.
Over 2.5 billion people have social media accounts
Nearly 1.8 billion people have active social media accounts
Auditing Social Media
https://www.tracx.com/resources/blog/social-media-demographics-2017-marketers/
How can your company benefit?
Brand Recognition
Customer Insights
Product and Customer Feedback
Social Responsibility Efforts
Content Positioning
Talent Search
Online Training
Auditing Social Media
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Content Positioning
Talent Search
92%
of recruiters use social media as part of their process.
79%
of job seekers use social media in their search.
1in 5
have applied for a job they learned about on social media.
Adweek.com, careerarc.com
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Burger King Twitter gets McHacked
Auditing Social Media
Regulatory & Compliance Risks
Data Protection and Privacy
Employee Rights
Disclosure and Third-party Endorsement
Governance and Oversight
Auditing Social Media
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Great Crisis Management on Social Media
Auditing Social Media
Is your company planning a social media
audit this year?
Auditing Social Media
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Social Media Readiness Program
Assess Social Media Risk
Establish and distribute a social media policy
Incorporate social media expected behaviors and repercussions in
employee handbook
Train all employees at all levels of the organization on the impact of
social media
Monitor and audit your social media footprint
Audit compliance with policy and weight findings
Social Media Policy
The organization may not have a clear social media strategy
Establish and distribute a social media policy
Has social media been aligned to support the organization's
overall strategy?
Does the policy cover official and unofficial use of social
media, repercussions for damaging internal postings, and
procedures for responding to negative postings?
Auditing Social Media
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Does your company have a social media
policy?
Auditing Social Media
Set Expectations for Employees
Employees may not be aware of social media expectations
Incorporate social media expected behaviors and
repercussions in employee handbook
Does the organizational culture support the proper use of
social media?
Are managers taking appropriate action when employees
engage in unsanctioned posting that can damage the brand?
Auditing Social Media
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Train Employees
Employees may not be aware of the impact of posting to social
media
Train all employees at all levels of the organization on the
impact of social media
Has the organization provided clear, ongoing education on the
social media strategy, the impact of damaging posts, and the
potential repercussions?
Auditing Social Media
Monitor Social Media
Damaging posts can be initiated by anyone on any social
media outlet
Monitor and audit your social media footprint
Are all feasible actions taken to monitor social media outlets
and to respond to potentially damaging posts?
Auditing Social Media
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What Does This Look Like?
Risks Controls Tests
The organization may not have a
clear social media strategy
Establish and distribute a social
media policy
Has the social media been aligned to support the
organization's overall strategy?
Does the policy cover official and unofficial use of
social media, repercussions for damaging internal
postings, and procedures for responding to
negative postings?
Employees may not be aware of
social media expectations
Incorporate social media expected
behaviors and repercussions in
employee handbook
Does the organizational culture support the
proper use of social media?
Are managers taking appropriate action when
employees engage in unsanctioned posting that
can damage the brand?
Employees may not be aware of
the impact of posting to social
media
Train all employees at all levels of
the organization on the impact of
social media
Has the organization provided clear, ongoing
education on the social media strategy, the impact
of damaging posts, and the potential
repercussions?
Damaging posts can be initiated by
anyone on any social media outlet
Monitor and audit your social
media footprint
Are all feasible actions taken to monitor social
media outlets and to respond to potentially
damaging posts?
Final Thoughts?