Part II
Risk Management
For years the insurance and reinsurance markets have been talking about Enterprise Risk Management. Well, believe it or not, these days, risk managers should be looking at not just media, and communications in general, but also taking a good hard look at social media.
Again, Facebook is high on the list of factors that could impact on reputational risk. Facebook is probably the least useful tool so far in business to business social media for insurance and reinsurance markets. Those doing it well include Insurance Journal, Travelers and of course the rather wonderful Allianz Knowledge – who astonish and amaze at every turn.
So – don’t get to “het up” about it, as we say in Scotland. Like all social media, it is not rocket science – it just takes a wee bit of time to learn and understand – and a whole lot of common sense. Just think about what you want to say and who you want to say it to – before you do anything – and don’t do anything on Facebook that does not fit in with your corporate image or guidelines.
For those new to this, have a look at the recent Business Insurance webinar on the risks associated with social media – Marsh’s Simon Barker makes a lot of sense when he talks about social media in context of enterprise risk management and also on how to react to negative comments. (more…)
If you don’t know the risks with employees – here they are: basically your staff can go on and do oodles of reputational damage if you: a) hire substandard people who don’t know the boundaries; and b) don’t tell them they can’t. From criticising competitors to revealing trade secrets, Facebook is number 1 when it comes to giving managers the jitters. 
Our industry deals with risk every minute of every day. So it is a little surprising to find out how little thought has gone into the risk/reward equation for insurers and reinsurers and the use of social media.