With the growth of social media and the use of the Internet by consumers, companies increasingly have to manage their online reputations. Companies promote their brand through the Internet, but they also have to manage the reputational risk that can result from discontented members of the public, competitors and others posting negative material about them and their products and services.

recent survey by Deloitte underscores the importance of managing reputational risks in social media. In finding that reputational risk is now the biggest risk concern for CEOs, the survey noted that “given the speed and global reach of social media, companies today are at much greater risk of losing control over how they are perceived in the marketplace.” Even the government is using social media to monitor product hazards. For example, the Food and Drug Administration recently issued a solicitation for a company to monitor social media for emerging hazards concerning FDA regulated products, including early detection of adverse events and food borne illness.

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