The multi-dimensional impacts of social media have rapidly changed the risk and communications management landscape and pose a new set of challenges for executives and their businesses.
According to the Stanford Graduate School of Business, company Boards and senior executives have not only accepted that social media presents new risks, but are embracing the consumption of social media research as part of their duties.
Stanford highlights three risks that social media can help identify and quickly:
- Operational risk. How exposed your company is to disruptions in its operations
- Reputational risk. How protected is your company’s brands and reputation
- Compliance risk. How effectively does your company comply with laws and regulations.
SR7 has pioneered the risk management of social media. Far beyond reputational damage, social media now impacts everything from supply chain risk management to political risk. SR7 provides solutions for these issues.
SR7, via its partnership with Aon, provides innovative and unique solutions for companies around the world to manage their social media risk and opportunities.
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According to a recent KPMG research report The Converged Lifestyle, some 75 percent of Australians are now active in social media. We have the highest rate of social media consumption per capita in the world. Increasingly, Australians are using social media not just to communicate with family and friends but in their research and decision-making on what products and services to buy, in forming their attitudes towards brands and in communicating with businesses.
KPMG’s Management Consulting practice is working with clients to embed social media as a core part of a business’ product strategies, customer engagement processes and risk management structures. Linking KPMG’s business advice with SR7’s expertise will provide a complete and differentiated offering in the market.
By working together, KPMG and SR7 provide a unique capability aimed at assisting businesses to grow in value by supporting business planning through social media monitoring, data analysis and strategic response into a single, streamlined system.
“Social media is still an emerging channel for Australian organisations and there is uncertainty on how to develop, implement and manage social media initiatives. The areas where organisations require the most assistance in social media are strategy, processes and policy – and SR7 provides strong, specialist enhancement to KPMG’s capability,” said Malcolm Alder, KPMG’s Digital Economy leader.
SR7′s clients benefit from our alliances with leading companies like Aon and KPMG.