Professionals in banking, insurance and other financial services sectors may already be familiar with the effectiveness of Sologic’s Root Cause Analysis problem solving method.
Firms, professional bodies, and regulators alike, are strongly encouraging the financial services sector to employ effective RCA as way to substantially improve stakeholder experience. Sologic are leading providers of Root Cause Analysis skills to the financial services industry with training courses, methods and software all tailored to the specific needs of the sector.
So, what exactly is an effective RCA and what does it deliver? At its core, RCA is a process for identifying the causes of problems or events in order to prevent them from recurring. It is based on the idea that effective management requires more than putting out fires for problems that develop, but finding a way to prevent them. RCA can also be employed as a means of identifying best practice, supporting continual improvement and rewarding evidence based decision making.
The methodology assists banking, insurance and investment professionals with:
- The methodology assists banking, insurance and investment professionals with:
- Identifying underlying causes of significant problems or successes
- Delivering solutions with immediate and lasting impact
- Opportunities to overcome increased complexity
- Compliance with the expectations and guidelines of regulators
- Reducing complaints and building a better reputation and experience for customers
- Opportunities to improve weak or failing systems
- Automated reports for improved transparency and compliance
- Creating a competitive edge for winning new business
This all becomes increasingly vital with the Financial Conduct Authority’s repeated message that firms need to fully understand why they are getting complaints and be able to put in place effective and sustainable solutions on the basis of this understanding. The FCA state strongly that “where a firm cannot demonstrate they are delivering fair outcomes to their customers they can expect tough action from us.”
Sologic are the global leader in providing Root Cause Analysis training, skills development and software to the financial services industry. Our evidence based method enables firms to discover the genuine systemic and non-systemic causes of failure and understand where they can focus their continual improvement efforts.
Developing a genuine desire to know WHY something happened instead of just ‘what happened’ was major cultural shift for us. Sologic enabled us to embed this culture across all of our complaints team and managers.
Complaints Team Leader, Retail Banking