Psychological Interventions on Behavioural Mechanisms of Risk Mitigation in Financial Institutions
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2021-07-01
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en
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Abstract
In the complex process of risk mitigation within financial institutions, monitors are
expected to analyze and report the findings of underlying problems in risk mitigation.
Limited knowledge, experienced autonomy and usefulness of the tasks, can lead to subpar
performance of monitors which is detrimental to the risk mitigation process. Whereas
different theories suggest various influences on the performance of monitors, this study
aimed to establish a sound framework that explains the psychological mechanisms that have
an effect on the intention of monitors to perform their tasks correctly, after which an
intervention is tested to improve the performance of monitors. The preliminary study
consisted of a questionnaire with 170 respondents to test the underlying mechanisms, and
found that 7 factors have an effect on the monitors’ intention to correctly perform their tasks.
The strongest predictive factors are the amount of feedback received (p=.016), attitude and
motivation (p=.005), knowledge (p=.000) and reactance (p=.000). The intervention aimed to
target the latter three factors, and is focused around the research question: What is the effect
of a poster intervention including the combination of acknowledging reactance, provoking a
sense of inclusivity and belongingness, educating, and the use of a role model, together with a
self-persuasion and goal-setting task, on the performance of monitors on the selection of
conduct drivers and the fulfillment of the open text field? This study found that this
intervention did not have a significant effect on the performance on the choice tasks that
monitors were presented with in a randomized controlled trial (p=.445). Further research is
recommended to study the single effects of the intervention techniques, as well as to study the
effect when a similar intervention is performed in a public group setting. The performance of
monitors in the risk mitigation process in financial institutions is crucial, and the behavioural
aspects and possible interventions should be further investigated.
Keywords: risk mitigation, behavioural risk, compliance, monitoring,
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Faculteit der Sociale Wetenschappen