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Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Are organisations effectively managing social media risks?
Neal Taylor
16 Apr 2019
In less than 15 years, social networks such as Facebook, Twitter, LinkedIn and Instagram have significantly changed the way we do business, with increasing numbers of organisations now developing and investing in their social media presence.
While social network sites were originally designed for connecting people, they are now used by businesses as strategic marketing and customer engagement tools. Businesses use social media platforms for everything from increasing brand awareness and managing customer service to recruiting staff and increasing sales.
The benefits of a social media presence for businesses are clear, however, organisations need to be aware that the use of social media may bring an increased risk to their brand and reputation. In particular, the unauthorised disclosure of confidential information may jeopardise an organisation’s compliance with its legal obligations. Mistakes made on social media are highly visible and can spread quickly. For this reason, some organisations are now choosing not to engage in the use of social media, however, this approach raises a different set of problems with organisations running the risk of being left behind and losing a competitive advantage.
Given the potential risks, organisations need to formally identify, mitigate and monitor the risks posed to them through their use of social media and should ensure that they have established appropriate frameworks and guidelines over both business use of social media and employees’ personal use of social media. As part of this, Boards and Audit Committees should consider the role that internal audit or other third parties can play in providing coverage in this area through independent consultancy or assurance assignments, which are tailored according to the organisation’s social media ‘maturity’.
As a starting point, there are a number of key elements that should be considered by organisations in order to mitigate the risks involved with their social media presence. Organisations need to ensure that a fit-for-purpose social media strategy is in place, which establishes clear objectives for their use of social media and this should be clearly aligned with their corporate objectives. This strategy should be underpinned by appropriate policies and procedures which are communicated to all relevant staff and Board members. Roles and responsibilities should also be clearly defined and documented with appropriate social media training provided at all levels of the organisation. Such training will help to ensure that everyone can effectively contribute to the achievement of the stated objectives and is aware of the risks associated with social media. Organisations should also ensure that social media risks are identified and recorded on risk registers and that updated reports on social media activity are periodically reported to senior management and the Board for monitoring purposes. Other areas for consideration include: return on social media investment; third party risks associated with outsourcing social media activity; and GDPR compliance.
For the most part, the impact of social media on business has been positive, however, now more than ever, organisations must ensure that they have the appropriate structures and controls in place to help them avoid the potential pitfalls of the social media minefield