A new type of compliance, risk and IT security leader, the ‘Champion of Trust’ is labelled a rising force of digital ID innovation in a new research report from Trulioo.
The company identifies traits needed to create a more inclusive and trust-oriented digital economy, and explores pathways to empower more professionals in these fields to step into this role in its white paper ‘Champions of Trust: A new generation of leadership for a digital-first world’, which surveys 400 field professionals in 16 countries. Champions of Trust are expected to play a growing role in the development of strategies around digital identity, which have become more important during the pandemic according to 87 percent of respondents.
According to Trulioo, 73 percent of field professionals 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, even though only 15 percent are currently operating in a Champions of Trust role.
Champions of Trust adopt a global-first perspective on digital identity, says Trulioo, and 70 percent of those surveyed strongly believing that digital identity is the foundation of trust, not just for the organization and customers, but to build a sustainable digital ecosystem. Consequences that organizations could face if CoT conditions are not created could include becoming more vulnerable to fraud threats and security incidents (cited by 52 percent of compliance, risk and IT security professionals), fractured customer experience (43 percent), and reputational damage or erosion of customer trust (42 percent).
“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,” says Steve Munford, CEO at Trulioo. “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.”
Champions of Trust will play a significant role in shaping an inclusive and safe digital ecosystem for the future and this is where Trulioo aims to help, by supporting, training and providing tools for individuals and organizations to build these qualities around online trust.
Trulioo was recently named to the CB Insights’ Fintech 250 for the second year in a row. (Editorial Comment: Congratulations)