Pub. 11 2023 Issue 4

A INNOVATION STATION PUT INNOVATIVE THINKING TO WORK IN RISK MITIGATION BY CHARLES E. POTTS, EXECUTIVE VICE PRESIDENT AND CHIEF INNOVATION OFFICER, ICBA As we wrap up October and Cybersecurity Awareness Month, I’d like to put forth a challenge: Think of risk mitigation not as a reminder of necessary defenses but as an opportunity to put innovative thinking to work. At their core, risk mitigation and innovation are intricately tied. Neither is an individual project; they’re ways of doing business. With risk mitigation, as with innovation, the approach of “set and forget” doesn’t exist. Both need to be a part of the culture of the bank, and I find that the banks that take this to heart seek continuous improvement so that the new product or line of defense only gets better. That’s innovative thinking. GUEST ARTICLE But looking at risk and innovation as two sides of the same coin begs the question, “How do you lead your organization to champion both?” Achieving that mindset comes down to three principles: 1. Foster a culture of innovation — with risk mitigation in mind. Consider fraud, cyberattacks and other forms of risk as problems to be solved. Host brainstorming sessions. Assemble your organization and gain input. Create gamification tools, hackathons, innovation labs and more to build and test potential solutions. By encouraging this inventive, collaborative work, your organization will come out stronger. For instance, when First Community Bank and Trust instituted Beauceron Security’s more gamified approach to cyber training, its phishing email click-through rates plummeted from 15% to 20% to under 1%. 30 Community Banker

RkJQdWJsaXNoZXIy MTg3NDExNQ==