Why is innovation in standards essential for the Testing, Inspection, and Certification (TIC) sector, and how does it shape trust across industries, including financial services?

Innovation in standards ensures that organisations can respond to emerging risks and shifting regulatory landscapes with clarity and confidence. In the TIC sector, standards are constantly evolving to cover new issues like nano plastics in water, PFAS in food systems, or ethical sourcing in supply chains. Each update strengthens consumer trust by proving that products and processes meet the highest expectations. For financial services, the principle is the same: standards act as a foundation of trust. Just as certification validates safety in consumer goods, independent audits and compliance frameworks validate integrity in financial markets.

How can financial services professionals learn from the way standards in health, safety, and consumer products evolve to address emerging risks and regulatory shifts?

Standards are never static. NSF revises standards when new science, technology, or risks emerge. This proactive model prevents businesses from falling behind regulation and protects consumers before crises occur. Financial services can benefit from a similar mindset by adapting compliance frameworks to address fast-moving risks like cybersecurity, artificial intelligence, and ESG disclosure requirements. The health and safety world shows that it is better to evolve standards early than to wait for regulatory enforcement after problems surface.

In what ways does innovation in standards help industries manage risk more effectively and strengthen compliance frameworks that are critical for both markets and consumers?

Standards translate uncertainty into clear rules. For example, when new contaminants are discovered in water, NSF works with regulators and scientists to codify safe levels and testing protocols. This reduces liability for manufacturers and strengthens compliance. In finance, parallel standards for climate risk reporting, digital identity, or AI bias could play the same role. By embedding safeguards in the system before risks escalate, innovation in standards becomes a direct risk management tool, protecting both institutions and the people they serve.

What parallels exist between certification marks in consumer products and independent audits in financial services when it comes to building transparency and confidence?

Both are visible signals of independent verification. A certification mark tells consumers that a product has been tested and certified by a third party like NSF. An audit opinion tells investors that financial statements have been independently reviewed. In both cases, the process is designed to remove bias, validate claims, and build transparency. For consumers or investors, the message is the same: ‘You don’t have to take our word for it; this has been independently verified’. That assurance is what sustains long-term trust.

How does innovation in standards create a balance between enabling new technologies and maintaining regulatory confidence, and why is that balance important for financial markets?

Innovation in standards provides a safe runway for experimentation. In health and consumer sectors, NSF standards have supported the growth of organic, cruelty-free, and sustainable product markets by giving retailers and consumers confidence that claims are real. In finance, innovation often moves faster than regulation – think blockchain, fintech, and ESG products. Standards can provide the framework for innovation without eroding trust. When regulators see that new products are anchored in credible standards, they are more likely to support their growth while ensuring customer protection.

Looking to the future, what global trends in standards innovation should compliance professionals in financial services watch most closely?

Several trends in standards innovation stand out. For example:

  • Sustainability and ESG: Standards for environmental and social accountability are maturing quickly, and investors are watching them closely.
  • Digital trust and AI governance: Just as NSF uses AI to enhance laboratory and audit processes, financial standards will increasingly address algorithmic accountability and cybersecurity.
  • Consumer empowerment: With 83% of consumers reading product labels before purchase (NSF research), transparency is becoming an expectation everywhere. The same pressure will apply to disclosures, fee structures, and ESG claims in finance.
  • High Purpose and High Performance: NSF’s commitment to integrating purpose with operational excellence offers a model for financial services, where purpose-driven governance is no longer optional but a requirement for long-term trust and resilience.

World Standards Day highlights the role of standards in building trust across industries. From your perspective, why is this observance important for compliance professionals, including those in financial services?


World Standards Day is a reminder that trust is never accidental. It is built through transparent, independent, and collaborative frameworks that give confidence to consumers, regulators, and markets alike. In health, safety, and consumer products, standards ensure that what people eat, drink, or use is safe and reliable. 

In financial services, the same principle applies: standards provide the foundation for compliance, accountability, and investor confidence. The observance is important because it underscores how interconnected these systems are. Whether it is a certified water filter or an audited financial statement, standards give people confidence that risks have been identified, managed, and verified. For compliance professionals, World Standards Day reinforces that innovation in standards is not just about technical rules, it is about sustaining the trust that underpins entire economies.

Why are internationally recognised standards important for companies operating across multiple markets? 

NSF operates in more than 180 countries, so we understand the value of harmonisation. International standards provide a common language that regulators, businesses, and investors can trust. For financial services, this means audits, disclosures, and compliance frameworks can be recognised across jurisdictions. That consistency reduces inefficiency, closes compliance gaps, and strengthens investor confidence in global markets.

Some think of standards as restrictive. How can they actually enable innovation and growth? 

Standards provide clarity, and clarity accelerates innovation. By removing uncertainty, standards allow companies to focus resources on growth instead of duplicating compliance efforts. At NSF, we have seen this in areas such as sustainable packaging and ethical sourcing, where clear standards opened new markets for companies that met them. Financial institutions can benefit in the same way. Clear ESG or risk management standards give firms the assurance to invest in new technologies and services while staying aligned with stakeholder expectations.

How do standards contribute to stronger corporate governance and the achievement of financial goals?

Standards are a framework for disciplined performance that directly supports governance and financial outcomes. At NSF, our own Environmental, Social, and Governance (ESG) programme demonstrates this in action, with oversight by an ESG Council and Board-level committees.

  • Benchmarking: Standards give leadership teams objective yardsticks. By aligning with ESG reporting frameworks or risk management standards such as ISO 31000, companies can benchmark performance, identify gaps, and make informed decisions that strengthen resilience.
  • Monitoring progress: Governance only works when actively maintained. At NSF, we emphasise corporate governance, financial controls, and compliance reviews as ongoing processes. Financial institutions that adopt similar cycles of audits and assessments protect stability and long-term profitability.
  • Accountability: Independent validation turns commitments into trust. When organisations align governance with recognised standards, investors and regulators gain confidence that promises are being kept. That credibility reduces risk and supports sustainable financial growth.

In short, standards turn governance from aspiration into measurable action. NSF has seen this dynamic across industries, and the same approach can strengthen financial institutions in achieving their goals.

Jessica Evans currently serves as the Director of the Standards development team at NSF, an Ann Arbor, Michigan-based independent, global services organisation dedicated to improving human and planet health for more than 80 years. With over 20 years of experience with the organisation, she leads a team of experts in developing consensus-based standards across a range of industries, including food, water, dietary supplements, cosmetics, consumer products, and sustainability. Jessica has held key leadership roles with the American National Standards Institute (ANSI), including serving on the Board of Directors, the Board Executive Committee, the Executive Standards Council, and as Chair of the Board of Standards Review. In recognition of her outstanding contributions, she received the ANSI Meritorious Service Award in 2019. Beyond her professional accomplishments, Jessica is deeply committed to community service. She serves as a Trustee for the Foundation for Saline Area Schools and as Vice Chair of the Ann Arbor and Ypsilanti Chamber of Commerce Board, where she actively supports educational and economic development initiatives.