In today’s world of social media, big data and mobility, global organizations are realizing the power and pervasiveness of online dialogues. There is a persistent focus on using social media and big data constructively as a vehicle to communicate with internal and external stakeholders. Organizations are increasingly using social media tools and big data platforms to build brands and communities which can engage customers in regular feedback dialogues, and also to create inclusive platforms to reach out to their employees.
These tools and platforms are quickly manifesting into a new marketing and engagement channel. The rapid evolution of information into data and its viral nature is persuading organizations to put in place a GRC framework in place to manage the social media risks arising out of violations of rules related to data privacy, data security, information confidentiality and others. Further, as industry regulators such as SEC, FINRA and HIPAA publish guidelines and directives on social media engagements, it is becoming imperative for organizations to integrate the social media risk and control management into their ERM strategy.
MetricStream’s path-breaking social media GRC solution is based on the MetricStream GRC Platform. It provides organizations with a plug-and-play solution to align the detection of social media risk, analysis, and mitigation, and also allows for continuous monitoring through the integrated GRC framework of the organization. This solution utilizes Infolets, MetricStream’s proprietary integration framework, to pull unstructured big data from internet social media forums such Facebook, Twitter, and Yammer, among others.
The data is processed in real-time by the advanced analytics engine of the tool, by using Open-source Hadoop Framework and Natural Language processing capabilities, and categorized on the basis of potential risks. The solution allows organizations to identify potential risks based on content. The risks are further classified into buckets such as reputation, litigation and financially confidential information leak. The Social Media GRC solution has an out-of-box integration with the MetricStream ERM solution to integrate the risks emanating out of social media into the organizational risk framework and ensure a org-wide remediation action and workflow.
Benefits of MetricStream Social Media GRC Solution