Social media is the proverbial double-edged sword for many companies, offering both opportunities and risks.
Social media cuts across many areas of a company, therefore any policy surrounding it should be the result of a multidisciplinary approach. Grant Thornton and the Financial Executives Research Foundation, Inc. developed a 23-question online survey and conducted in-depth interviews with a range of executives to produce this report. The survey was conducted during August and September 2011 and was completed by 141 respondents from public and private companies. The interviews involved eight open-ended questions and were conducted during September 2011. This report is based on the findings of both the online survey and the in-depth interviews.
Key survey findings include the following:
• Almost half (48%) of the senior financial executives who responded to the survey feel that social media will be an important component of corporate marketing efforts going forward.
• More than half (53%) of respondents see corporate use of social media increasing significantly over the next 12 months.
• More than three-quarters (76%) of respondent companies do not have a clearly defined social media policy.
• More than half (61%) of respondents indicated their organizations do not have an incident management plan to help them deal with instances of fraud and/or privacy breaches.
To download the report, click here.