Reputation and risk management are key concerns of corporate directors, and social media can define a company’s risk profile and redefine its reputation at electron speed,” says reputation, marketing, and crisis adviser Davia Temin.

“But there isn’t a lot of real strategy around corporate social media out there. Instead, what you see primarily is ad hoc tactical execution and activity, without a lot of high-level strategy directly tied to corporate goals, including reputation and risk management. Boards need to take a greater role in social media oversight.”

On January 23, Ms. Temin will speak before a group of more than 60 corporate directors at the New York City chapter of WomenCorporateDirectors. The event will be held at KPMG.

Author of the recent 11-part Forbes.com series, “The 10 Don’ts of Corporate Social Media,” and a frequent corporate speaker, Ms. Temin advises CEOs, CMOs, legal counsel, and corporate boards of directors on how to manage the risks inherent in a social media presence – and how to leverage social media to achieve branding and communications goals.

WCD is the only global membership organization and community of women directors, with more than 1,350 members serving on more than 1,500 boards worldwide.

“The question is, what constitutes good governance in the world of social media?” asks Ms. Temin. “Is ‘noses in, fingers out’ the best framework for directors in this space?”

“I believe that the board’s role is to insist upon a thorough, frequently updated social media strategy and policy that the board reviews for direction and thoroughness on a continuing basis. The strategy must include monitoring, marketing, reputation management, crisis response, accountability, flexibility, insight, and leadership.

“Boards today must ask: ‘What are we saying about ourselves and our products that is authorized – and unauthorized? What do others say about us? What are the reputational risks and rewards we should be preparing for?’”

Ms. Temin argues that greater oversight of social media strategy is non-negotiable for boards today. “How boards respond to real life events and crises will play out more quickly and transparently in social media than they have ever seen before.”

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