Please summarize the below email:

IMG crew, 
When Greg gave me the opportunity to write a CIO Update, I found this month to be quite fitting. I wear many hats in IMG, and each was on full display this April. As the IMG DEI sponsor, it was wonderful to see so many crew honor Ramadan, Theravada New Year, Passover, Easter, Vaisakhi, Eid Al-Fitr, and World Autism Awareness Day. I also had the privilege to represent LEAP at the Ascend A-List Awards in NYC.
Also in April, I begin my third offsite in three weeks tomorrow. While locations and attendees have changed, the central theme remains consistent—how we can set ourselves apart through innovation and applying technology.
Nearly fifty years ago, Vanguard’s very establishment was an act of disruption—and IMG’s investment performance and thought leadership has continued to advance that distinction. We have made significant progress in our technology, our strategies, and the way we work. However, the industry has too. Firms have started to replicate our success, which requires us to be at the forefront of innovation to keep our competitive edge.
The why
During the offsite last week, Michael Carr and I talked with officers about some of the latest advances in technology. Officers were given the challenge to apply emerging technologies as part of their competitive business strategies. In IMG, GISS and the IMG Leadership team have started to build an Innovation Charter to bring greater clarity to identifying the impact that new ideas and technology have on the business. At this week’s IMG LT offsite, we will be finetuning the charter as we discuss our innovation model. Here is an overview.
Our goals
Crew and teams are encouraged to continue to focus on projects that move us forward in our OKRs—generate new sources of alpha, build efficiencies for strategic work, influence the industry, and explore the creation of new products and markets.
We want to hit these goals through incremental, transformational, and disruptive innovation. In our last offsite, the IMG LT estimated that 70% of our current innovation is incremental. This type of innovation is essential for us to continually improve and keep pace with industry leads. Transformative innovation gives us a competitive edge. It’s often a larger product that can involve complex and interconnected systems and may require cross-functional teams to drive change. We estimated that 20% of current initiatives are transformative and aim to increase the portion to 40%.
We know IMG has a wealth of ideas, and we strive to have a mix of short-term wins that go with longer-term changes. To help prioritize and balance innovation demands, we will look at the scale and duration of investment that is required for new projects as a guide.
Barriers
This week, we’re going to talk with leaders across the industry to discuss the barriers that may prevent us from increasing our transformational innovation.
All forms of innovation must safeguard our clients’ assets from undue risk. We also know that to move beyond incremental innovation, we must be comfortable with taking greater calculated risks, and failure is a part of experimentation. With proper due diligence in assessing a project, fear of failure should not dictate whether we invest in innovation. We will be working on a decision-making framework with our partners in IMFR to address this need.
Resources and time remain constraints and prioritization will remain key. For leaders and teams that are impacted by funded innovation projects, we can help identify project-based work, outside of BAU, that can be reallocated or put on hold to accommodate the new demands.
Looking ahead
How do we do this? During the offsite, we’ll be discussing how we can support this future state of IMG innovation. We look forward to sharing the update with you next month, including the Innovation Charter.
Also coming up is Vanguard’s unlimITed technology conference May 9-11, 2023. The three-day event has a full lineup, notably a panel discussion on how data is driving our business, including Greg and other MDs. You can view the schedule here.
As the month ends, I want to thank you for your ideas, feedback, and expertise. We have built a strong foundation to flourish, and I look forward to a vibrant May!