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Learning to Manage Brand Reputation Risk - Assurance Mapping

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This document discusses how to control reputation risk from social media through assurance mapping. It explains that assurance maps can help organizations understand where their social media risks and assurance coverage reside to identify any gaps. The biggest risk from social media is damage to an organization's brand reputation. Assurance mapping involves identifying key social media risks, the roles responsible for providing assurance over those risks, and graphical representations to illustrate assurance coverage. It aims to help organizations answer questions about their social media assurance and identify opportunities to improve efficiency. The key is collaborating across departments to provide comprehensive assurance over social media risks.

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How To Control Reputation Risk Helping you gain assurance Contact: walter.adamson@kinshipdigital.com m: +61 403 345 632 @adamson www.kinshipdigital.com
The fax machine has left the room You may yearn for the simpler days: • PR & Comms “controlled” the message • Brand & reputation risk manageable But those days have gone 2
Assurance maps expose the risks • Precise nature of organisational social media risk rapidly changing • This creates confusion and obstacles UNLESS a solid risk assessment process is deployed  Assurance Maps provide an executive overview in a nutshell 3
Biggest risk brand reputation Brand risk and reputation damage were rated by Chief Audit Executives as the highest of those arising from social media. 4
Assurance Mapping How are we exposed? Assurance maps help the Chief Auditor and Audit Committee answer the question ‘have we missed anything important?’. In fact, it is difficult to answer that question without some kind of assurance mapping process. 5
What is an Assurance Map? • An assurance map involves mapping assurance coverage against one, or Compliance Assurance several, key risks in an organization • Its key focus is the clarification of where risk and assurance roles and accountabilities reside Internal Audit Assurance AM Quality Assurance • It helps to ensure there is a clear, comprehensive risk and assurance picture with no duplicated effort or gaps External Assurance 6
Start with risks to be mapped – Step A This is a critical phase Neglecting this is often a key point of failure of Assurance Mapping: • What social media risks you are seeking to map? • Are they clearly understood and defined? • Agree a sensible scope • Define important terms such as “key risk” • Clarify the benefits that are being sought • Determine what level of assurance is going to be provided – either “reasonable assurance” or “full assurance”, for example The answers help clarify the purpose of the assurance map, the effort required, the information to be gathered and the engagement needed with stakeholders. 7
Assessment requires coordination Management Process IT Owners Risk Social Media Management Governance functions Compliance Internal Audit functions 8
Assurance providers Management • Compliance Functions • Risk Management Assurance • Controls Self-Assessment Board • Internal Audit • External Auditors External • Government Regulators and Agencies • Trade Associations 9
Graphical representations for discussion - 1 %'s relate to the total number of processes 25% 52% 23% Assurance High 20% tolerance Medium ? 50% Assurance Level Low ? 20% None ? 10% Low Medium High Risk Level Actions: Immediate - assurance levels in all red boxes to be raised ? Consider - do assurance levels in orange boxes need to be raised Resourcing - why is there high assurance over some low risk processes
Graphical representations for discussion - 2 The point of the presentation is not technical accuracy but to have the discussion.
Managing expectations • Do not expect Assurance Maps for all social media risks to be prepared in one go in a short timescale, since the typical results from such an exercise tend to be relatively superficial (even flawed in some instances) and also deliver limited benefits. • Our advice to is to scope for one or two areas key areas first e.g. Reputation Risk, and then to extend these based on what emerges, and where the greatest benefit / value is likely to be found. 12
We help you answer 5 key questions  Do you have all the social media assurance you need to meet your control responsibilities and to ensure the organisation meets its statutory duties?  Do you have social media assurance across all key areas, not just monitoring risks and statutory obligations?  Are you over-relying on internal and external audit for such assurances, are there other sources of assurance you should be hearing from?  What degree of rigour underpins the assurances being received in terms of the breadth and depth of risk assurance coverage?  What is the total cost of social media assurance? Are you taking steps to improve the efficiency of assurance, for example removing any duplication? 13
The key to effective social media governance is to identify which departments provide assurance on risks to the business and then get them to collaborate. 14
About Kinship Digital 15
Company Overview KINSHIP digital is a social consultancy that specialises in understanding, developing and protecting its clients’ reputation, brands, businesses and people in Social Media. www.kinshipdigital.com 16

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Learning to Manage Brand Reputation Risk - Assurance Mapping

  • 1. How To Control Reputation Risk Helping you gain assurance Contact: walter.adamson@kinshipdigital.com m: +61 403 345 632 @adamson www.kinshipdigital.com
  • 2. The fax machine has left the room You may yearn for the simpler days: • PR & Comms “controlled” the message • Brand & reputation risk manageable But those days have gone 2
  • 3. Assurance maps expose the risks • Precise nature of organisational social media risk rapidly changing • This creates confusion and obstacles UNLESS a solid risk assessment process is deployed  Assurance Maps provide an executive overview in a nutshell 3
  • 4. Biggest risk brand reputation Brand risk and reputation damage were rated by Chief Audit Executives as the highest of those arising from social media. 4
  • 5. Assurance Mapping How are we exposed? Assurance maps help the Chief Auditor and Audit Committee answer the question ‘have we missed anything important?’. In fact, it is difficult to answer that question without some kind of assurance mapping process. 5
  • 6. What is an Assurance Map? • An assurance map involves mapping assurance coverage against one, or Compliance Assurance several, key risks in an organization • Its key focus is the clarification of where risk and assurance roles and accountabilities reside Internal Audit Assurance AM Quality Assurance • It helps to ensure there is a clear, comprehensive risk and assurance picture with no duplicated effort or gaps External Assurance 6
  • 7. Start with risks to be mapped – Step A This is a critical phase Neglecting this is often a key point of failure of Assurance Mapping: • What social media risks you are seeking to map? • Are they clearly understood and defined? • Agree a sensible scope • Define important terms such as “key risk” • Clarify the benefits that are being sought • Determine what level of assurance is going to be provided – either “reasonable assurance” or “full assurance”, for example The answers help clarify the purpose of the assurance map, the effort required, the information to be gathered and the engagement needed with stakeholders. 7
  • 8. Assessment requires coordination Management Process IT Owners Risk Social Media Management Governance functions Compliance Internal Audit functions 8
  • 9. Assurance providers Management • Compliance Functions • Risk Management Assurance • Controls Self-Assessment Board • Internal Audit • External Auditors External • Government Regulators and Agencies • Trade Associations 9
  • 10. Graphical representations for discussion - 1 %'s relate to the total number of processes 25% 52% 23% Assurance High 20% tolerance Medium ? 50% Assurance Level Low ? 20% None ? 10% Low Medium High Risk Level Actions: Immediate - assurance levels in all red boxes to be raised ? Consider - do assurance levels in orange boxes need to be raised Resourcing - why is there high assurance over some low risk processes
  • 11. Graphical representations for discussion - 2 The point of the presentation is not technical accuracy but to have the discussion.
  • 12. Managing expectations • Do not expect Assurance Maps for all social media risks to be prepared in one go in a short timescale, since the typical results from such an exercise tend to be relatively superficial (even flawed in some instances) and also deliver limited benefits. • Our advice to is to scope for one or two areas key areas first e.g. Reputation Risk, and then to extend these based on what emerges, and where the greatest benefit / value is likely to be found. 12
  • 13. We help you answer 5 key questions  Do you have all the social media assurance you need to meet your control responsibilities and to ensure the organisation meets its statutory duties?  Do you have social media assurance across all key areas, not just monitoring risks and statutory obligations?  Are you over-relying on internal and external audit for such assurances, are there other sources of assurance you should be hearing from?  What degree of rigour underpins the assurances being received in terms of the breadth and depth of risk assurance coverage?  What is the total cost of social media assurance? Are you taking steps to improve the efficiency of assurance, for example removing any duplication? 13
  • 14. The key to effective social media governance is to identify which departments provide assurance on risks to the business and then get them to collaborate. 14
  • 16. Company Overview KINSHIP digital is a social consultancy that specialises in understanding, developing and protecting its clients’ reputation, brands, businesses and people in Social Media. www.kinshipdigital.com 16