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)