Alex Hsu is the VP of Planning and Change Management at SchoolsFirst Federal Credit Union located in California, USA. The number of credit unions in the US grew from around 6,000 in 1970 to over 23,000 currently, as shown in the graph depicting growth over the past 50 years. An Innovation Center of Excellence framework provides visibility of an organization's commitment to innovation, helps mitigate risks separately from standard operations, and provides flexibility to innovate quickly while also tracking costs.

1. Alex
Hsu
VP, Planning and Change Management
SchoolsFirst Federal Credit Union
California, USA

2. 21
© Hanna-Barbera

3. 24
US Credit Unions
'-
6,000
12,000
18,000
24,000
1970 1980 1990 2000 2010 2020
5298
7605
10684
14549
21465
23687
Sources: CUNA and NCUA

4. Innovation Center of Excellence (COE) Framework
Visibility
Gives visibility on commitment to innovation
Risk Mitigation
Helpsmitigate risks as separate from standard operations
Flexibility
Provides flexibility to innovate fast and fail fast
Cost Tracking
Helps track and monitor costs easily
CRAWL WALK RUN

5. Benefits of establishing an Innovation COE
Visibility
Gives visibility on commitment to innovation
Risk Mitigation
Helps mitigate risks as separate from standard operations
Flexibility
Provides flexibility to innovate fast and fail fast
Cost Tracking
Helps track and monitor costs easily
Risk Mitigation

6. 30
®
®

7. 32
Source: changeactivation.com