You need not create a comprehensive profile if you prefer not to but it is worthwhile being able to log-in to the service so you can more readily discover what may be published about you. The reason why you need to be able to login to Facebook is that much of Facebook’s content and services are only available to logged in users.
Remember to set your privacy settings to suit your privacy/publicity preferences if you do decide to create a profile on Facebook. Facebook provides fairly granular privacy controls to enable its users to determine how much information is disclosed to whom, if any.
Monitoring mentions of you on Facebook is part of what could be a broader reputation management process which you may want to engage in if you are concerned about what people may be saying about you on the Web. There are well integrated and professional reputation management tools like BrandsEye which are becoming increasingly popular. At the same time there are a number of options available to individuals who don’t need or want the more expensive products. These options include services like Google Alerts which enable you to set up email or feed alerts based on keywords and phrases.
The reason why this is important is that early warnings about defamatory content published online can assist you in mitigating the effects of that defamatory content and afford you an opportunity to cut it short sooner rather than later. The obvious benefit is potentially reduced harm to your reputation and your business.