The growth of social media has crossed the boundary from individual to organizational use, bringing with it a set of benefits and risks. To mitigate these risks and ensure the benefits of social media use are realized, organizations have developed a host of new policies, procedures, and hiring practices. However, research to date has yet to provide a comprehensive view on the nature of risk associated with the use of social media by organizations. Using a multi-panel Delphi approach consisting of new entrants to the workforce, certified human resource professionals, and certified Information Technology auditors, this study seeks to understand organizational social media risk. The results of the Delphi panels are compared against a textual analysis of 40 social media policies to provide a comprehensive view of the current state of social media policy development. We conclude with directions for future research that may guide researchers interested in exploring social media risk in organizations.