In a recent article, pioneers in the application of behavioral science to banking sector risk challenges Wieke Scholten, formerly of De Nederlandsche Bank, and David Grosse, formerly of HSBC, explain how behavioral risk management (BRM) can be utilized to improve employee conduct, operational resilience, and business success.
"[H]ow employees behave at work is driven by many aspects of their direct professional and social context, including the teams they are a member of, the direct leadership they receive and the processes they work with," they write. "Mitigating the risk of poor outcomes driven by these behaviors therefore requires understanding which of the underlying factors is playing a key role and how they can be shaped.” Scholten and Grosse outline three key steps for using BRM and data to improve conduct and behavior.
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