On 23 October 2019, the Financial Conduct Authority (FCA) published an Insight article entitled ‘Removing our biases: some behavioural tools for the workplace’. The article considers how firms can avoid ‘groupthink’ and ensure effective organisational decision-making based on challenge and planning around existing biases. It follows on from previous FCA insight articles on diversity and developing a ‘speak up, listen-up’ culture and a Banking Standards Board (BSB) article on ideas for encouraging a ‘speak-up culture’ to reduce the risk of groupthink.
The article considers that the behavioural biases we are susceptible to are amplified and altered when we work as part of an organisation, which can lead to costly mistakes. Behavioural science can help us anticipate our mistakes and design them out of our working lives.
The article considers how to foster a culture of challenge, improve the quality of decisions and approach strategic decisions objectively.
