How To Control Reputation RiskHelping 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

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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

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Biggest risk brand reputation

Brand risk and reputation damage were

rated by Chief Audit Executives as the

highest of those arising from social

media.

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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.

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What is an Assurance Map?

AM

Compliance Assurance

Quality Assurance

External Assurance

Internal Audit

Assurance

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• An assurance map involves mapping

assurance coverage against one, or

several, key risks in an organization

• Its key focus is the clarification of

where risk and assurance roles and

accountabilities reside

• It helps to ensure there is a clear,

comprehensive risk and assurance

picture with no duplicated effort or

gaps

Start with risks to be mapped – Step AThis 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.

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Assessment requires coordination

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Management

Process Owners

Social Media Governance

Internal AuditCompliance

functions

Risk Management

functions

IT

Assurance providers

• Compliance Functions

• Risk Management

• Controls Self-Assessment

Management Assurance

• Internal AuditBoard

• External Auditors

• Government Regulators and Agencies

• Trade AssociationsExternal

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Graphical representations for discussion - 1%'s relate to the total number of processes

25% 52% 23%

High 20%Assurance tolerance

Assurance Level

Medium 50%

Low 20%

None 10%

Low Medium High

Risk LevelActions:

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.

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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?

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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.

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About Kinship Digital

Company Overview

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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