Social Media - The Digital Pandoras Box
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Presentation given at TechConnectLive conference in the RDS, Dublin 30th May 2019 on Cyber Risk, Social Media and Reputational impact.
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Social Media - The Digital Pandoras Box
- 1. Social Media The Digital Pandoras Box Patrick Downes www.lionheart.ie 1
- 4. THE OMNIPOTENCE OF SOCIAL MEDIA • FACEBOOK • TWITTER • TRIPADVISOR • YOUTUBE 4
- 5. RISK As a person who engages Directly with social media You are in the Hot seat !! 5
- 8. THE FRAGILITY OF REPUTATION 8
- 9. –Warren Buffett - CEO Berkshire Hathaway. ““It take 20 Years to build a reputation and five minutes to ruin it ! If you think about that you’ll do things differently” 9
- 10. 10
Notes de l'éditeur
- The Rise of disruptive mobile technology and applications Change your Passwords
- The biggest problem with reputational risk is that it can literally erupt out of nowhere ( The known unknowns )
- Risk-taking is a fundamental driving force in business. However risks and the cost of risk management failures are still often underestimated. Boards, in exercising Corporate Governance, should ensure that risks are understood, managed, and, when appropriate, communicated. In recent years, following the financial crisis, many companies have started to pay more attention to risk management and to broaden out their thinking beyond internal control and audit functions (and primarily the area of financial risk) to take in a broader identification and comprehensive management of risk. Boards need to consider both financial and non-financial risks, and risk management should encompass both strategic and operational risks. In addition to understanding the approaches and methodologies, Boards of Directors need to have sufficient expertise to understand the risks incurred.
- So for my sins I am doing a PhD in Reputational Risk at the moment with an particular focus on Reputational Risk in a viral social media environment - why is that of interest you ask well it stemmed from a uniquely Irish incident which has gone into Irish Folklore since. Brian Cowen had an unfortunate vocal delivery during an early-morning radio interview. After the interview Fine Gael opposition spokesman, Simon Coveney, put out a tweet suggesting the then-Taoiseach was drunk starting a storm of speculation which was soon called "garglegate". The incident added to the embattled Taoiseach’s woes and hastened the fall of his Coalition government. "God, what an uninspiring interview by Taoiseach this morning. He sounded half way between drunk and hungover and totally disinterested..." the Cork South-Central TD tweeted at the time. The incident occurred in September 2010 when Brian Cowen was attending a party pre-Dáil Fianna Fáil seminar in a Galway hotel.
- Phd - Simon Coveney story
- RECENT EXAMPLES SUCH AS THE FAI Landscaped littered with Charities scandals and ruined reputations. The concept of reputational risk is not new - Socrates the original wise sage wrote that “ The way to gain a good reputation is to endeavour to be what you desire to appear”
- Education is the passport to the future ... ... for tomorrow belongs to those that prepare for it today Bare in mind that ignorance is no longer a defence in terms of the court of law or public opinion when it come to Board and Corporate Governance breeches therefore you need to keep up to speed with your lifelong learning programme and ensure your board skills are kept up to date. ASK QUESTIONS LOTS OF QUESTIONS !