One of the questions that customers ask BrandProtect most often is about social media policies and monitoring. Luckily, there are many great examples of processes and procedures in parallel areas of business that can be applied to this issue. At BrandProtect, we recommend an approach which is modelled around the “internal audit” procedures used at many companies to assess financial risks. The purpose of internal audit is to ensure that the proper "controls" (procedures and policies) are in place and are effectively being followed. They target “situations” that have a high risk score (high likelihood of happening and a high impact if they do happen). The best Internal auditing practices look not only at abstract metrics (such as incident frequency and risk exposure) but also at a company’s strategic goals – different strategic goals will change a company’s willingness to take on risk. Adding social media activity to the scope of an internal auditing practice will strengthen a company’s understanding of risk exposures that could affect its business.
Here are the main areas where social media can be greatly impacted by the internal auditing team: