Walter Adamson
A set of posts about auditing social media from a governance, risk and compliance perspective, including stock market listing compliance e.g. ASX GN8.
Our expertise is that we fully understand how compliance monitoring is very different to social media monitoring in say marketing (an area we also sell services). The main confusion we see is that few if any other companies offering social media monitoring services understand this fundamental difference and that does cause confusion with customers trying to specifically get to grips with how social media monitoring will precisely serve their GN8 due diligence requirements.
Under its revised continuous disclosure regime, the ASX says listed companies should monitor those investor blogs, chat sites or other social media it's aware of that regularly comments about that listed entity.
In March, the Australian Stock Exchange ASX updated its Guidance Note 8: Continuous Disclosure: Listing Rules 3.1 - 3.1B highlighting its expectations around the monitoring of social media. Along with other updates, Guidance Note 8 (GN8) requires that listed companies have processes in place to monitor blogs, chat-sites and other social media sources which they are aware of "that regularly post comments about the entity".
T here are right ways and wrong ways to monitor social media. That's why selecting the wrong approach can carry steep consequences. Penalties, infringement notices and the potential for class actions. Brand and reputation damage. Wasted time for you and your team.
What does social media monitoring mean in practice? Following on the heels of the SEC the ASX announced that it expects public companies to monitor social media. Companies must be particularly careful to monitor social media when they have important announcements imminent, according to the ASX's compliance manager Kevin Lewis.
Auditing social media can be likened to trying to eat an elephant, because it's big, risky, easy to get spooked and sometimes it can trample you just when you think you have it under control. Auditors face a challenge just in not being overwhelmed.
We started Part 1 of this series on auditing social media by saying that it is a bit like trying to eat an elephant - where do you start and how do you not let it get out of hand during the process.
In Part 1 and then Part 2 of this series we prepared the approach - the framework - for eating the elephant of auditing social media. In this post I'm going to give some practical tips as to how to actually get started on the beast, given we have our frameworks.
Walter Adamson of Kinship Digital spoke at the Institute of Internal Auditors South Pacific and Asia Conference SOPAC 2013 on how to a grip on auditing social m
Online Communities Social Media Auditing Social Media B2C Social Media Monitoring Social Media Risk Sysomos hootsuite Technology Assurance Maps CEO Assurance Mapping CMO Big Data Risk Management Social Media ASX SCRM, Social CRM Social Business Marketing InsideView Crisis Management Brand Value Commonwealth Bank Police Brand Resilience Social Architecture Social Communities SCRM Governance Linkedin Twitter Brand Case Study B2B Social Presence David Koch altimeter CIO Customer Experience Management
Ask any gathering of PR & Comms folk if they'd like to go back to the simpler days of just the fax machine and you are sure to get a strong show of hands up. So
