Cognitive Finance

Success in Financial Services is all about managing risk. Failure to accurately assess and mitigate risk will see overall performance impact severely on your organisation’s profitability – the ultimate performance measure in Financial Services. Critical to achieving success is the performance of your people. When performance drops, so do profits. And when it does, the first casualties are the person or team responsible.
Integrating Human Factors as part of organisational risk management has been integral to aviation and other high-risk sectors such as Aviation, Oil & Gas and Healthcare for many years. Since 2007 and the Global Financial Crisis it has been attracting interest in Financial Services in the form of Cognitive Finance™. Cognitive Finance™ focuses on improving efficiency, productivity and therefore individual and team performance, with the goal of minimising errors and improving your profitability. Cognitive Finance™ examines the inter-relationships between three aspects of work:

  • Individuals (skills, competence, knowledge)
  • Task at hand (tools/equipment, workload, processes) 
  • Workplace itself (environment, culture, leadership)
IHF recently partnered a leading wealth management firm to identify contributory non-technical factors leading to human error and recommended ways to address them. Key touch points within a number of internal processes were examined and refined using Human Error Analysis (HEA), Business Critical Task Analysis (BCTA) and Semi-Structured interviews. The recommendations made by IHF were implemented by the firm, with the result being a reduction in error and therefore a measurable increase in organisational performance and profitability.

Questions?

If you have any questions about human factors and what we can do for your business, please don't hesitate to contact us.