The year is 1938, October 30th, Halloween Eve. American citizens are listening to their radios in the comfort of their homes when they are interrupted by an extraordinary news bulletin, a report of a Martian invasion.
Radio audiences explode. Panic takes over countless cities. What seemed like the end of the planet was actually a staging of the book “The War of the Worlds” by writer Herbert George Wells, narrated by filmmaker Orson Welles. The beginning of a radio play that the CBS broadcaster decided to broadcast with an “innovative” opening.
This broadcast went down in history as one of the classic netherlands whatsapp data cases of something that seems new but has been around for a long time: fake news.
Fake news is nothing new. The difference between Orson Welles's questionable joke and today is the impact that fake news can cause.
The 2016 US elections and subsequent investigations into fraudulent news networks have expanded the debate on the dangers of fake news, especially its political and economic impacts on society. This is even more so when all of this is happening in the digital age, where multichannel and rapid information sharing are a reality.
Saint Paul's academic coordinator, Professor Lilian Carvalho, points out the multichannel nature and challenges brought about by this new reality of news content consumption:
“The profusion of channels has increased the emergence of fake news. The existence of channels is not a problem, however, the supply makes it difficult for decision-makers to find the correct information.”
Business managers and people in charge of making business decisions are at risk in this fake news scenario. Incorrect information can lead to bad decisions for business and careers.
Therefore, it is essential to discuss fake news not only as a threat to the Brazilian political scene, but also as an obstacle to the analysis of reliable data and the good performance of companies when managing risks and prospecting development scenarios.
What is the relationship between fake news and risk management?
The biggest challenge lies in developing the intellectual background of decision-makers. Their work to achieve good risk management depends on information, much of which comes from journalistic sources.
Let's look at a practical example:
Imagine that a group of executives has two offers for the supply of raw materials, one from Brazil and one from China. Both are quite competitive, but the Brazilians have a slight advantage. However, one of the executives finds out about a government proposal to increase tax rates. Fearful of the government's decision, the company closes a deal with the Chinese, paying more and running the risk of the unstable dollar exchange rate. Weeks later, the news about the taxes is denied and the company has lost the chance to make a more advantageous deal.
Business decision-making is based on the analysis of reliable data, truthful information and consistent sources. Only extensive research results in strategic, intelligent choices that translate into improvements for the organization.
The danger of fake news lies precisely in the search for information that builds the opinions and analyses of decision-makers.