‘Champions of Trust’ Research Reveals Emergence of New Generation of Leadership for a Digital-First World
Trulioo report identifies qualities needed for compliance, risk and IT security professionals to build online trust and create a sustainable digital ecosystem
->87% of organizations report digital identity is increasing in importance
->73% of compliance, risk and IT security professionals say it’s extremely important that organizations up-level standards for building trust
->Currently, only 15% of compliance, risk and IT security professionals are empowered to operate as ‘Champions of Trust’
->70% believe digital identity is the foundation to build a sustainable digital ecosystem
Following a $394M Series D financing round earlier this summer to build the foundation for global financial inclusion, global identity verification leader Trulioo is strengthening pathways to create a more inclusive and trust-oriented digital economy. With the ability to verify 5 billion consumers and 330 million business entities worldwide, Trulioo has identified a new type of compliance, risk and IT security leader within companies, the ‘Champion of Trust,’ as a rising force of innovation.
Newly released research from Trulioo defines the traits of this ‘Champion of Trust’ professional — and explores pathways to empower more compliance, risk and IT security professionals to step into this role.
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“Champions of Trust possess the skills, vision and commitment to use digital identity as a tool for positive change over the coming years,” commended Steve Munford, CEO at Trulioo. “Organizations will increasingly rely on these leaders to navigate the practicalities of accelerating risk, fraud, and cybercrime while creating a safe, inclusive, and sustainable digital ecosystem.”
Currently, only 15% of all compliance, risk and IT security professionals are operating as Champions of Trust, yet 73% believe it is extremely important that organizations develop more Champions of Trust in the next two years in order to build online trust against the backdrop of accelerating cybercrime and fraud risks.
Digital identity has emerged over the last two years as a key strategic imperative for businesses, with 87% of compliance, risk and IT security professionals reporting that it has become more important to their organization as a result of the pandemic.
The research is presented in a new white paper published today, ‘Champions of Trust: A new generation of leadership for a digital-first world.’ The research was conducted across 16 countries globally, among more than 400 compliance, risk and IT security professionals, across business functions, in a wide range of industries.
“The pandemic has highlighted to businesses the importance of online trust in an increasingly digital-first economy. With usage and reliance on digital services set to grow further over the coming years, the need for organizations to manage an increasingly complex and sophisticated risk landscape is critical,” added Munford. “Fortunately, this research suggests that compliance, risk and IT security professionals around the world are ready to step up to meet this challenge, using digital identity to protect customers and build an inclusive and trust-based digital world. Champions of Trust have a critical role to play, not just within their own organizations, but across the wider digital ecosystem.”
Notably, the vast majority of professionals surveyed — whether they come from a Fraud & Risk, Trust & Safety, Compliance or IT background — recognize a deep responsibility to use digital identity as a way to counteract bad actors, improve financial inclusion, and drive positive change within the world. 70% strongly believe that digital identity is the foundation of trust, not just for their organization and customers, but to build a sustainable digital ecosystem.
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Champions of Trust
Operating at the highest levels of their professions, Champions of Trust are taking tactical, meaningful steps forward to improve financial inclusion and access to critical services. They are adept at collaborating with stakeholders across business units and advocating for the importance of digital identity as a key strategic imperative for enhancing customer experience, managing risk and driving compliance.
Champions of Trust adopt a global-first perspective on digital identity and are constantly looking to increase their understanding of the unique requirements for commerce across borders to support their organizations’ growth and expansion plans. They take ownership for their own career development and are continually looking to improve their capabilities in order to leave a lasting legacy with their organizations.
Importantly, Champions of Trust operate in organizations with the right culture, leadership and technologies to optimize the use of digital identity to protect customers and increase online trust and transparency.
Worryingly, the research highlights the potential consequences for organizations that don’t create conditions for Champions of Trust to succeed. These include becoming more vulnerable to fraud threats and security incidents (cited by 52% of compliance, risk and IT security professionals), fractured customer experience (43%), and reputational damage or erosion of customer trust (42%).
Munford concluded, “It’s hard to overstate the role Champions of Trust will play in the coming years. Their contribution will be vital in shaping an inclusive and safe digital ecosystem for the future. As an industry, we owe it to these individuals to do all we can to help them on their journey, ensuring they have the training, support, leadership and tools they need to fulfill their potential and make a positive difference.”
The white paper, ‘The Champions of Trust: A new generation of leadership for a digital-first world,’ is available for download on the company website.
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