In teams that prioritize innovation, a dynamic tension often arises. The thrill of new ideas energizes us, yet it can also obscure potential risks. To harness this energy, we must cultivate an environment where innovation and risk assessment coexist harmoniously. Imagine vibrant brainstorming sessions where team members fearlessly explore the possible downsides of their ideas. By rolling out innovative concepts in stages, we can test their impact and uncover risks early, paving the way for success. Establishing clear risk levels and thresholds empowers our innovators, encouraging them to push boundaries while remaining grounded. Let us celebrate those who confront risks head-on, learn from setbacks, and emerge stronger.

Honestly, this isn't an either/or situation. You can have innovation AND appropriate risk mitigation at the same time. There are ways to use de-identified data, sandboxes and other appropriate controls to allow for innovation and protect corporate assets.

With every innovations, there are associated risks and those risks are to assessed and mitigation plan shall be made. For example, in energy transition space there are many innovations going on especially in green hydrogen. Many new organisations/ startups are getting into green hydrogen.As hydrogen is a difficult and hazardous gas to handle, the risks associated with it must be critically analyzed through proper analysis process like HAZOP study and accordingly mitigation plans to be made.

Building an appropriate process for the environment and culture of the company keeps this in balance. We all have to remember that we are accountable to someone for our work. Our process has to be clear and understood by all. Whether that is in a sustaining task, and design and development task, or an innovation task... forethought on how each of these unique approaches takes place and a sincere attempt to lay out standardized structures for all ensures that checks and balances are held with the appropriate tolerance of risk for the given activity.

First, analyze the innovation proposal to actually determine if this innovation will add value to your project. Once that is established, identify any risk that can be associated with using this innovation and perform a risk assessment to establish methods to mitigate these risks. Innovation without value may not truly be an innovation!