Social media is certainly the talk of the day; the popularity of social media has grown exponentially in the past five years. As an easily accessible, real time updated and ever present form of communication, opinions delivered through this channel can have near instantaneous effects on anything and anyone, since word of mouth has never travelled nor scaled this quickly compared to any other traditional mediums in history. As such, many businesses have turned to social media as a cost effective means to market their business and spread their brand’s message. Businesses however need to be wary of the potential negative effects that social media could bring to the reputation of the organization. To this end, companies need to understand that how to manage social media risks. However, there is little academic research carried out which examines how exactly businesses can manage social media risks, in terms of a framework or methodology. This research paper thus seeks to delve into the establishment of a viable framework for social media risk management, in an attempt to provide proper guidance and understanding to companies on the processes involved in the mitigation of social media risks.