Social Media Monitoring for Risk Management
Social media monitoring can help risk managers overcome the challenges of everyday business decisions. Risk Management is the process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Essentially, risk management occurs anytime an investor or fund manager analyzes, and attempts to quantify, the potential for losses in an investment, and then takes the appropriate action (or inaction) given their investment objectives and risk tolerance.
The use of social media monitoring for risk management helps significantly with decision making. Risk managers can use social media monitoring to tap into different global markets and see the sentiment around your industry in each geographical location. Is it a good idea to expand globally or will it hurt your business? Governments and private companies can also use social media monitoring to evaluate the risks and see what people are saying about supply chains, top leaders or events on social media. Industries impacted by risk management in today’s digital age include, but are not limited to: technology, legal, automotive, hospitality, etc… the list goes on and on. Almost every industry is involved in some form of risk management at some point.
According to a research survey done by Xactium, “the types of risk to which companies are exposed, and the severity of these risks are increasing.” It is important to assess the risks involved in your organization’s actions and frequent practices. In order to successfully track risk-modeling for your decision making process, it’s crucial to stay on top of your organization’s analytics, and make a commitment to assessing how good, or bad, your organization is performing.
How to use social media monitoring for risk management
- Deep Data & Metrics Reporting: Social media monitoring and becoming “socially intelligent” can aid in risk management by getting to know your company’s online voice through detailed deep reporting of data and metrics.
- Real-time Crisis Alerts: With today’s overabundance of online news networks, digital reporters and social media channels available at the click of a button, where do people turn to in times of crisis? The overwhelming answer seems to be social media. Social media monitoring tools are so advanced now that you can be alerted in real-time when a crisis occurs. Feel free to download our free crisis management ebook for more information.
- Brand Image Management: Social media is just the beginning of our digital marketing. It is important to understand how to properly stay on top of these digital trends. Using proper social media monitoring, you are able to measure the sentiment of your online efforts, as well as whether they made a positive or negative impact on your brand’s image.
Interested in learning about how our social media listening platform can help you monitor risk management within your organization? Request a demo here: www.synthesio.com/demo