As far as these platforms have built their own private regulation spaces and they cater for millions of users worldwide -thus, they hold a certain degree of market powe-r, their activity and the kind of relationhips between the platform users -both sides- and the platform ruler should be -or not- submitted to public regulation.
Hi, Andrewu:
Recently, telecommunications industry participants urged the U.S. Federal Trade Commission to maintain a flexible position on privacy and advertising disclosures for online and mobile phone platforms. Social media continues to dominate our business and personal lives, having rapidly reached the point of ubiquity; however, the benefits of social media are often more discussed than the risks they present to the reputations of organisations and individuals.
In a recent research study, Pitts & Aylott (2012) argued that the firms can make ill-judged decisions on the implementation of social media strategies which backfire reputationally or facilitate undetected theft of intellectual property and the facilitation of financial crime. As such, the stakes for financial services firms are particularly high. Social media usage is inevitable and often necessary so it is essential that firms implement appropriate, robust governance processes that are both proactive and capable of the rapid identification of, and response to, emerging threats.
The author further argued the broad spectrum of risks arising from social media usage, both internally and externally. They also reviewed the current state of regulatory guidance on the use of social media and suggests a framework approach to social media governance to address the potential risks involved!
- Pitts, G., & Aylott, C. (2012). Opening Pandora's box: The challenge of social media in a regulated environment. Journal Of Securities Operations & Custody, 5(3), 251-261
Hope this helps!
Nadeem
It does indeed, Nadeem! Thanks a lot
Invaluable reply. I'll look at it.
Social media... very interesting. Imagine the day regulators go further and start to look into what happens inside the big app stores environments.
Start your discussion from Uses and Gratificaton theory. https://www.researchgate.net/publication/278300391_Uses_and_Gratifications_in_Online_News_Comparing_Social_Media_and_News_Media_Use_by_Users
Conference Paper Uses and Gratifications in Online News: Comparing Social Med...
Thanks, Andreas. I am not sure that this kind of approach is specifically what I an looking for, but I will have a look at it anyway.
Presently in Nigeria, I believe that the regulatory framework is being developed.
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