THE HUMAN FACTORS OF BANKING & FINANCE
The common thread in most studies dealing with financial decision-making deals with mathematical models of financial prediction. In a similar model, traditional approaches to risk management focus on absorbing or “controlling” risk to make profit (Unser, 2000). In the banking and finance industry, reducing error is often attempted by creating additional controls or barriers (such as 4-eye checks or system bots).
This narrow focus typically precludes human factors outside a solitary root cause of “human error”. There is a direct need for a safety culture approach to be allied with a human factors approach in reducing financial risk (Lauriola & Levin, 2001).
Cortexia has long been providing human factors services to the banking and finance industry. We reduce human error by identifying and addressing systemic issues that are impacting your operational risk profile. Our research has found the following:
- Certain conditions and contributing factors within the banking and finance industry are correlated to human error
- These factors can often be mitigated with pragmatic interventions, workshops and on-the-job aids; reducing human error and increasing profit
- An organisation can only effectively identify contributing factors and systemic conditions with a fair and just culture
Cortexia: Leading Human Factors Consultancy Australia