Social Media Week was a series of events in and around social media in a dozen cities around the world, which took place last week, September 19-23, 2011. Chicago was one of those cities, and there were many panels, events and parties taking place throughout the city.

I attended one of the first panels, titled “Risk Management in an Evolving World - Making the Case for Social Media Governance” hosted and presented by 2 advisors from KPMG, LLP - Sanjaya Krishna and John Hair. Where some may think such a weighty topic is the last thing you would want to hear at 9 am on a Monday morning, it certainly wasn’t for myself, and Sanjaya and John presented the topic in a lively manner. And I am not just saying that as I used to work for the firm or a close family member does now!

Rather than taking notes, I tweeted thoughts and takeaways on Twitter, both as a way of compiling my thoughts digitally and to share them with anyone who would like to see them. All tweets had both the #smwgovernance hashtag for the panel as well as #smwchicago for the overall event.

Here are my tweets, as well as comments and thoughts expanding on them.

RT @sanjayakrishna: Why do cars have brakes? So they can SAFELY go FASTER. Governance is an enabler not a barrier. Social Media is no different - This is a retweet of something Sanjaya posted prior to the panel, and I couldn’t agree more. In many organizations governance or risk management is brought after something bad happens, rather than being part of the solution from the beginning, where it should be.

Risk management should be a partner - via me! - This was an initial thought I had as the panel began, building on the previous retweet. Ideally, everyone in the company or organization should be on-board and supportive of social media activities, but sadly this is not always the case.

Sentiment analysis as part of social risk management - An example of a “sentiment map” called Pulse of the Nation: U.S. Mood Throughout the Day inferred from Twitter where social media activity was analyzed and shown as a heat map was presented. Tracking sentiment of your company, brand and products and services should be a part of your overall social media risk assessments.

Competitors are driving social adoption, but why? - Many times a firm will venture into social media without a net or plan, driven solely by the fact their competitors are out there. Like anything, without a plan, vision or direction, you will not be able to truly leverage your energy asserted.

Do you have a social media policy? - Many companies do not have one in any way, shape or form. Like any plan, they can be as simple as a bulleted list or an extensive document, but you should have one.

Unintended leakage - updating your LinkedIn profile with info not otherwise disclosed - An example was sighted where someone wrote on their LinkedIn profile they working with X technology at their employer, a fact that was supposed to be confidential. As most all LinkedIn profiles have a public element to them, this was picked up my the media. I too have found out about colleagues and friends changing jobs via LinkedIn before they announce it, as they decided to update their profile first, then query me puzzled how I knew before they told anyone.

Ask yourself, what is your risk tolerance? - The term is risk “management” not aversion or avoidance. You should have some tolerance as to what amount of risk is acceptable, something ideally part of your social media plan.

Social media governance is not a green field - in many cases it builds on policy you already have - As most companies have been on the Internet in some form for at least the last decade, they should have some plans and risk governance in place for that activity. Social media governance isn’t then starting from scratch, rather building upon what is already in place.

People are mining your digital residue - Wherever you go online, from using Facebook and Twitter to signing up for services, you are leaving a digital trail behind you. Firms and marketers are gathering this information and using it to make offers to you. Where this is hard to completely avoid, it is something you should be aware of whenever you share information.

Set measurable objectives - more than likes and followers - When putting together your social media plan, you should have real, measurable objectives that actually mean something. Having a zillion followers doesn’t mean anything if you have no engagement with them.

Think about crisis communication before you get into one - part of your social policies - Many companies have crisis communications plans in place, and building on them to address a crisis which is played out over social media is a logical progression for those plans.

Staff social media properly - policy, people, monitoring - If you’re going to do anything in a business, do it right, and if you don’t do it fully, have the plan in place to expand it.

Hot topic after #smwgovernance - Manager Resigns Over a Nokia Windows Phone Tweet? http://t.co/eELUcO9X via @thenokiablog #smwchicago - This article came out shortly after the panel where a Microsoft manager resigned after he talked about an unreleased Nokia mobile device running the Windows Mobile 7 operating system, which was a violation of confidentiality policy, something he could have been fired over. An unfortunate example building upon the topic of this panel.

I welcome your thoughts and opinions on this panel in the comments.

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This is from The Hot Iron, a journal on business and technology by Mike Maddaloni, Founder and President of Web consulting firm Dunkirk Systems, LLC.

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