Social Media: Time for a Governance Framework

Social media are no longer just social - these tools are commercial, and they are becoming a key element of business strategy.

From engaging customers in real time, to adding sales channels, to enhancing market research, companies are discovering many ways to take advantage of social media. And this is only the beginning.

But for all their advantages, social media also bring inherent risk, even to those companies not actively using them – including threats to confidential information or IP, reputational risk, and the potential for regulatory infractions.

A key challenge for audit committees is helping to ensure that management has in place a social media governance framework and that it keeps pace with the rapid speed at which social media is evolving.