This week in the world of social media and risk management

I’m not sure I can sustain a blog post title like this every week, but this week. . .

The big “news” in the world of insurance, risk, and social media is that Chubb Group of Insurance Companies is hosting a social media discussion at this year’s Risk and Insurance Management Society (RIMS) Annual Conference and Exhibition in Boston. The event is already in progress and will run through April 29.

I cannot attend in person, but I have registered to participate online in the social media discussion. I think it’s an interesting and symbolic approach to continuing the conversation on social media’s role in the realm of risk management.

Participants will be able to share and collaborate on ideas about social media risks, their impact on business and risk mitigation strategies via personal computers, BlackBerrys, iPhones and other smartphones. They will be joined by Chubb underwriting, loss control and claims staff with knowledge of social media risks, as well as special guest thought leaders from the legal, marketing, information technology, security and other fields.

Also noteworthy are some recent articles from several publications associated with RIMS. Risk Management Monitor, the blog of Risk Management magazine, recently launched a series on the risks of social media by Jared Wade. Jared also wrote a cover story for Risk Management magazine called The New Wild West in October 2009.

Our main goal was to introduce the topic of social media – and all of its many risks – to an audience that may not be as familiar with this emerging threat as it should be. Companies and risk managers are always racing to keep up with the latest tech risks, but preventing viruses and securing databases is generally a responsibility for IT. Well, even though social media exists in the digital domain, many of its risks are old-world issues. There are real compliance, legal, reputational, privacy and intellectual property concerns in addition to all the IT exposures.

The first post of the series also includes a video of panel discussion on the risks and rewards of social media. I found the video, blog posts, and Jared’s October 2009 article very interesting and informative. I encourage you to check them out as well.

Feel free to share your impressions and ideas in the comments. Have a great week.

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  1. #1 by Mark Schussel on May 3, 2010 - 2:49 am

    Glad to see that you have been following our social media risk event. During RIMS,nearly 700 visitors generated some 40 ideas on how to manage social media exposures and more than 100 comments on those ideas. We were pleased to see all this collaboration, but we at Chubb are continuing the event until May 14 to obtain additional ideas and feedback. It’s exciting to be using a Web 2.0/social media technology to engage a worldwide audience on the risks associated with social media and look forward to sharing the results of our effort in an upcoming white paper. Feel free to continue to engage in and follow our event.

    • #2 by Eddie on May 3, 2010 - 8:17 am

      Thanks for the update, Mark. I look forward to seeing the additional discussions that take place through May 14.

  1. Update: Chubb social media discussion will continue through May 14 « Risk + 2.0
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