The use of various social media platforms is increasing rapidly worldwide. According to existing estimates, more than 120000 tweets are sent every day, while roughly 1244567 articles are posted on Facebook. Furthermore, it is estimated that 24 hours of YouTube video uploads, many programs purchased from App Stores, 5600 photo sharing on Instagram, and the establishment of 600 websites occur every minute. In this sense, it has come as no surprise that social media substantially influences daily corporate operations and workplace interactions. Employers need to understand the possible risks that social media brings to their businesses, assess the likely repercussions, and take the required countermeasures to mitigate the identified risks. The organization must understand that social media usually exposes them to different risks that are likely to affect their business operation. Most people have technological knowledge, and they might take advantage of a business that is starting to use the social media platform for advertising their business. According to research, a social media policy is only effective when integrated into a well-organized and well-documented human resource and general management plan. Employers may be forced to have two policy versions rather than just one due to circumstances. This research paper focuses on identifying the risks that the organization is likely to suffer from using social media platforms and how they can mitigate the risk.
Risk management is a collection of coordinated actions and procedures used to avoid, minimize, or control occurrences or issues that may prohibit us from accomplishing our objectives. Risk management involves identifying, assessing, and managing the organization’s capital threats. The risks are usually from different sources, but the chances are from social media platforms in this paper. The use of technology has advanced, and most people have adopted social media as advertising platforms. In recent years, the number of risks associated with the help of social media has increased.
Risk management usually examines the relationship between risk and the increasing impact it could have on the organizational goal. Managing risk does not mean that there are no risks, but we manage risk to know which chances are worth taking us to our destination and which one has enough payout even to take them (Reamer, 2018). Risk management helps the organization control the risk associated with trading using the media. Implementing a risk management system in a business entails several extra benefits. It encourages the discovery of dangers, roadblocks, and opportunities. Boost your chances of accomplishing your goals. Processes with a higher level of monitoring and control are more likely to succeed. Increase your willingness to take action. Department heads and workers use a more dynamic approach to achieving objectives after incorporating risk management efforts. Enhances a company’s management duties. The corporation improves its risk management resource allocation efficiency. To put it another way, it’s no longer an impromptu cost.
Social media usage policy
Every company should have a well-thought-out social media person-use policy that outlines how employees should use their accounts on social media. Second, each organization with a social media presence must have a well-considered social media business-use policy. The employer’s expectations for workers and potential contractors utilizing their social media accounts are outlined in the social media personal-use guidelines. This is usually enforced when the targeted employees’ identities can be traced back to the business entity, or when the content published by the staff refers to or even implies information about the business entity, its workforce, directors or even shareholders, services or products content competitors, or when the content published by the staff refers to or even implies information about the business entity, its workforce, directors or even shareholders. Separate social media guidelines are frequently seen as a misnomer.
Corporate governance and the general quality of human resource infrastructure must inform the complete design of a firm entity’s social-media personal-use policy. In most cases, a company’s social-media personal-use policy refers to critical documents like the employment contract and significant policies and procedures, including complaint handling practices, equal opportunity and anti-discrimination policies, counseling and discipline procedures, etc. Internal grievance processes; E-mail and internet usage policies; and finally, information security policies (Medri, 2019). When there are different social media platform, the organization usually mitigate risks that affect the social media platform. Recently, most organizations have used social media platforms to communicate with their employees, such as email. The organization also attends meetings using zoom, a social media platform. Using the different platforms helps the organization avoid the risks affecting their business. By referencing key papers and rules, the personal-use policy may be significantly simplified, allowing it to focus on its main goal: establishing limits for what employees can and cannot do.
Intelligence Role in Supporting Risk Management
Identifying uncertainty and combining gathered knowledge into decision-support information does not, in reality, preclude the genesis of a risk. Most of the time, ambiguity exists, and every non-obvious decision is made to reflect this reality. Information at a particular time allows for more well-informed decisions, so being aware and retaining a realistic perspective on what is going on is always vital, even if it brings about unwelcome news. Many organizations and individuals worldwide utilize social media sites as communication channels (John &James 2019). As a result, policies that will help to improve risk management should be implemented. This will assist in promoting stakeholder integrity, but it will also convert social media platforms into credibility-building instruments.
Through risk management, the public sector should begin the process of increasing intelligence. Government institutions should enhance their use of social media to assist conveys government activity. To aid in the proper running of social networking sites, agencies to oversee them should be formed. This will help promote how the government conducts itself and the improvement of people’s performance (LeFebvre, 2016). A regulatory framework should be defined and established to encourage responsibility, honesty, and the implementation of these social networking sites. The framework should be built around calculating the advantages and dangers of using social media in the public sector.
Risks of Social Media
Risk is frequently characterized as a mix of the seriousness of a situation and the uncertainty of employing a product or service. A risk is defined as the probability of anything undesirable happening due to using social media. Psychological, social, time, and privacy risks are all widely connected with social media usage. The utilization of risk is linked to a significant amount of time risk. The problem with social media is that it promotes addictive behaviors that eat up employees’ productive time. Most people who use social media platforms are so engrossed in using these platforms that they forget about their jobs. The possibility of losing time to these sites has been a huge issue, with most employees losing the majority of their time to these sites and becoming unproductive. According to research, once someone becomes addicted to social media sites, they spend most of their time on them (Dwivedi et al., 2020). Employees may lose most of their productive time at work due to their ongoing usage of social networking sites, resulting in dissatisfaction. Practical steps must be implemented to guarantee that staff does not squander time in these locations. Long-term use of social media sites might lead to a bad self-image. This negative self-perception is always seen as a mental health hazard. In the case of social networking sites, it is clear that users might lose their self-esteem and morale, resulting in unpleasant sentiments.
Although the primary goal of social media is to connect, communicate, and share information with others, users should always ensure that the material they publish is carefully chosen. Information provided on social media sites is often shared with others. This implies that one is constantly under attack from others. As a result of the ongoing use of this knowledge, one may experience more periods of concern and irritation. When sensitive individual is exposed to such negative messages, it can severely impact their self-esteem and self-perception, leading to psychological issues. The usage of social media platforms may also lead to social dangers, such as people spending more time online than meeting people face to face (Dwivedi et al., 2020). This might result in someone’s death due to using social media. One of the critical elements that might cause an individual to participate in such encounters is the fear of seeming unfashionable and dumb. The use of social networking sites can also have a detrimental impact on one’s degree of social fulfillment (LeFebvre, 2016). Finally, continuous usage of social networking sites might result in the loss of personal information. The loss of such sensitive information might pose a privacy concern due to the loss of such sensitive information. Individuals with an evil motive may be able to analyze critical information in some instances. The use of social networking platforms may cause chaos in a company if there is no strong ethical norm in place.
Social Media Personal Usage Policy
The most fundamental policy that business organizations must develop is the personal usage framework, which specifies how users will be allowed to access their accounts. Second, businesses having a social media presence should develop a social media business usage plan to manage their functions and performance at work. This will help them set expectations for their personnel and improve long-term performance. Existing human resource infrastructure and corporate governance should always drive the concept of a stand-alone policy (Khan et al., 2019). This policy should not be used to restrict personnel, but rather to manage the hazards that come with constant usage of social media sites. Organizations should also have policies that govern how authorized personnel can post information on these platforms. Some of these sites might be used as forums for employees to exchange confidential information, putting their privacy in danger. As a result, organizations should only be permitted to broadcast certain information on these platforms to promote control while also enhancing their performance. Employees should be given training on how to use social media platforms to improve the posting of specialized material. So that workers’ confidence is maintained, the training session should exclusively include internet protection and brand promotion. It is always recommended to employ effective tactics to balance professionalism and ethical standards when utilizing social media.
First and foremost, every employee should always discuss their coworkers before posting any material on social media platforms. Consulting aids in the improvement of decision-making abilities as well as the avoidance of potential dangers. Second, it’s always a good idea to have proper supervision to guarantee that workers are taking full advantage of the opportunities provided by social media platforms. Any company should be willing to regularly assess its ethical standards to ensure long-term risk management from social media usage.
Risk management of social media usage
Risk management of social media usage requires the organization to control how the social media platform is used. To ensure that the organization identifies the type of attack caused by social media, it should employ an IT expert. The IT expert will be able to identify the different type of malware attack that is likely to affect the organization. The expert will also help the organization’s employees understand how they can locate any attacks that might cost the organization. Risk management ensures that social media usage in the organization increases its capital and does not lead to expenses that will reduce the organizational costs. When the organization is under attack from any malware, the organization’s operations are affected (Khan et al., 2019). This costs the organization capital, and risk management aims to ensure that the risks are associated with the organization’s capital. In accounting, the capital of the organization is critical.
Top management must provide an unambiguous message to the whole team about sharing information for management and control objectives. Risk management is the formal administrative process of identifying, measuring, controlling, and supervising the various risks to which companies are exposed to establish adequate risk management and the effect of the contingencies detected in the company’s solvency level based on this information. The organization should ensure that there is a capital increase. This can only be achieved by decreasing the risks that the organization faces. Ensuring that the risk in the organization has been mitigated, the organization should invest some funds in information technology to ensure that the organization’s social media platforms are protected from any threats.
To summarize, it is clear that social media may negatively impact any organization’s risk assessment, evaluation, and management processes. Employees are spending the most money, as seen by the rising popularity of social networking services. To summarize, it is clear that social media may negatively impact any organization’s risk assessment, evaluation, and management processes. Employees are spending most of their time unproductive, harming workplace relations and corporate operations, as seen by the rising trend of utilizing social networking sites. Employees should take the time to identify any possible hazards offered by social media, according to research, and then take the appropriate actions to mitigate such risks. Although workplace social media rules have been successful in the past, they have not assisted in risk management. A general management policy must be developed to resolve any concerns produced by social media usage. Organizations could also invest in social media training for their employees to promote responsibility and teamwork in the workplace. Finally, businesses should be open to examining current laws, rules, and policies that govern how their workers interact at work.
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