Social media as a factor of operational risk of a bank

Due to the development of modern information and communication technologies, importance of social media for banks has increased. Social media are not just a convenient communicational tool, but also a source of operational risk for financial institutions. The article contains the review of classification of the sources of operational risk associated with social media, as well the analysis of best practice management and evaluation of operational risk for financial institutions. The object of the study is the operational risk of a bank in terms of the concept of information model of the financial market. The authors propose a strategy for a bank in terms of management of risks associated with social networks.