By staff reporter
ACE USA has produced a podcast exploring potential business benefits and risks of using social media. While the many benefits are certainly worth pursuing, the risks of social media should be understood as well. These risks may be reputational, legal, and operational in nature, and can have an impact on privacy, intellectual property, and employment practices, among other significant issues.
The new ACE social media podcast, Social Media: The Business Benefits May be Enormous, But Can the Risks – Reputational, Legal, Operational – be Mitigated? is based on an ACE report of the same name.
“The opportunity to use social media to interact with anyone, anywhere, at any time is too big to ignore, and it has changed the way companies approach advertising and promotion through the media,” says Toby Merrill, vice-president, ACE Professional Risk and author of the report.
“Once you’ve taken the steps to mitigate the considerable reputational, legal, and operational risks, your company will be in the best possible position to reap the enormous business benefits of social media participation.”
Co-author, Kenneth Latham, also vice-president, ACE Professional Risk adds,:“Social media opens up a whole new world of privacy, security, intellectual property, employment practices, and other legal risks. It’s important to understand the considerable downside that exists hand-in-hand with the remarkable upside of using social media for business.”