Social Media: The New Frontier of Legal Risk Management

Recently our very own Arvin Maskin presented at the ABA Corporate Counsel seminar (photo here) regarding a topic all corporations should be paying close attention to:  risk management in the age of social media.  Risk management is at times difficult to define and often even more difficult to articulate how to approach.  But, as anyone who has lived through a crisis can attest, when and how a company responds to a developing story is critical to whether the situation is properly managed and diffused or whether it will snowball out of control.  In this age of social media with its immediate and far-reaching impact, available to anyone with a smartphone, the days are long gone when a corporation can take its time in addressing an emerging development.  Instead, corporations need to move quickly in order to protect their brand — their most important asset — and make sure their story is heard.  Of course, there is nothing cookie cutter about the approach and each situation needs to be assessed independently.  Arvin’s recent presentation, available here, covers the topic of managing risk to a corporation’s brand in the age of social media and discusses in detail several practical tips as well as the legal challenges posed by engaging in social media.