Regulation has a critical role to play to protect customers and businesses operating in industries that are sensitive to various threats. In complex industries such as the financial industry, regulation is often perceived as a barrier and a burden.
The ISO 9000 international standard family is primarily meant to normalize and maintain various aspects of quality management. ISO 9001, one of the most prominent, explicitly establishes best-practices for Quality Management Systems (QMS) across a variety of industries.
In a recent article, The Financial Brand discussed the biggest threats to the financial and banking industry. They included a long list of everything from profitability to making good hiring decisions. However, we thought that there were a few problems that could be particularly fruitful when applied to open innovation systems.
Here are some lessons I've learned about innovation from working with high school and college students. If their passion and enthusiasm is any indication, we have a bright future ahead!