Preparing for the Unexpected: Why Regenerative Foresight Strategies Matter More Than Ever

In an age of exponential growth and unprecedented disruptions, the importance of foresight has never been more critical. Yet, the value of forward-thinking tools and strategies often remains underappreciated until a crisis unfolds. From digital banking failures to vulnerabilities in healthcare, insurance, and energy sectors, we are repeatedly reminded that resilience isn’t optional—it’s foundational.

The Maybank Glitch: A Cautionary Tale

On April 5, 2024, at approximately 9:20 PM, Maybank, one of Malaysia’s largest financial institutions, experienced a significant system glitch. Customers were unable to access their accounts, withdraw cash, or make transactions for hours. The disruption was eventually resolved by 11:34 PM, but the ripple effects were far-reaching, shaking public trust in the reliability of digital banking systems.

The fallout didn’t end with operational recovery. In August 2024, Bank Negara Malaysia (BNM) imposed penalties on four major banks for prolonged service disruptions:

• Malayan Banking Berhad (Maybank) and Maybank Islamic Berhad: Fined a total of RM4.3 million.
• CIMB Bank Berhad and CIMB Islamic Bank Berhad: Fined RM1.6 million.
• Public Bank Berhad: Fined RM2.2 million.
• Bank Islam Malaysia Berhad: Fined RM1 million.

These incidents highlight a glaring issue: Where is the foresight?

What if the glitch had lasted longer? What if critical systems like ATMs, mobile banking, and payment gateways were down for days instead of hours? The financial and reputational fallout would have been catastrophic.

Beyond Banking: Vulnerabilities in Critical Industries

While the banking sector grabs headlines, other industries face similar risks. Consider these scenarios:

• Healthcare: A hospital’s IT system crashes, leaving doctors unable to access patient records during a critical procedure.
• Insurance: An outage in claims processing systems causes delays in emergency payouts during a natural disaster.
• Energy: A cyberattack disrupts smart grid operations, leading to widespread power outages.

In each of these cases, the consequences aren’t just financial—they’re existential. These aren’t hypothetical risks; they’re real challenges that demand proactive strategies.

An AI-Powered Approach to Resilience

At Invictus, we’ve taken these challenges head-on. Through our AI Foresight Tool and regenerative foresight frameworks, we’re equipping organizations with the tools to anticipate disruptions, adapt to uncertainties, and thrive beyond crises.

Take, for instance, a recent foresight facilitation exercise with a central bank. We explored the provocative problem statement: "If there’s no electricity for one week, how would the bank survive?"

This wasn’t just an academic exercise. Using our AI Foresight Tool, we modeled cascading impacts on operations, customer services, and financial stability. We identified vulnerabilities, designed adaptive strategies, and ensured that stakeholders were equipped to manage the crisis.

The exercise uncovered critical insights:

• Dependencies on digital systems needed redundant alternatives.
• Contingency plans required a broader scope, incorporating both internal and external dependencies.
• Collaboration across stakeholders—regulators, tech providers, and financial institutions—was essential for resilience.

Learning from Lessons: The Need for Regenerative Foresight

Regenerative foresight strategies go beyond traditional risk mitigation. They create systems that adapt, thrive, and regenerate in the face of disruptions. Here’s why this approach is critical:

1. Anticipating the Unknown: Tools like our AI Foresight Framework allow organizations to explore “what if” scenarios, ensuring readiness for even the most unlikely events.
2. Designing for Resilience: By embedding regenerative principles, systems can recover quickly and improve continuously, reducing reliance on reactive fixes.
3. Engaging Stakeholders: Foresight exercises provide a platform for cross-functional collaboration, ensuring buy-in from all levels of an organization.
4. Future-Proofing Critical Infrastructure: Whether it’s banking, healthcare, or energy, regenerative foresight ensures the continuity of essential services.

The Cost of Complacency

The Maybank glitch and the penalties faced by four major banks serve as wake-up calls. Imagine if the glitch had occurred during a public holiday when reliance on digital banking peaks. Or consider a hospital’s inability to access patient records during an emergency because of a cyberattack.

These aren’t hypothetical scenarios. They represent the cost of complacency. Waiting for a crisis to act is no longer an option; the stakes are simply too high.

Examples of Regenerative Foresight in Action

• The Healthcare Sector: A leading hospital group in Asia partnered with Invictus to model "black swan" events like power outages. The result? A contingency plan that included offline patient data access systems and enhanced cybersecurity protocols.
• Insurance Providers: Working with an insurer, we developed a foresight-driven framework to manage claims during large-scale disasters, ensuring rapid response and customer trust retention.
• Energy Companies: Using regenerative foresight, a utility company redesigned its grid operations to include predictive analytics, reducing downtime and improving resilience against cyber threats.

The Path Forward: Embracing Foresight as a Mindset

At Invictus, we believe that the adoption of regenerative foresight strategies is not just a competitive advantage—it’s a necessity. It’s about thinking critically, acting boldly, and preparing for futures that are as uncertain as they are transformative.

We have the tools, frameworks, and expertise to guide organizations through this journey. The question is: Will you wait for the next crisis, or will you act now to ensure your systems are ready for whatever comes next?

The lessons are clear, the tools are available, and the stakes couldn’t be higher. It’s time to think beyond the immediate and invest in foresight strategies that prepare us for a world of complexity and opportunity.

Think. Beyond.

If you’re ready to take the next step, let’s start the conversation today.

Source: https://www.reuters.com/business/finance/malaysia-cbank-imposes-penalties-4-banks-over-service-disruptions-2024-08-14/?utm_source=chatgpt.com