We are living through large, rapid waves of digital transformation that mainly affect the financial and banking industry. The main focus has been on developing modern technologies and systems within financial institutions. One aspect, however, has not received enough attention even though it matters just as much as investment in technology: the human element.
No matter how efficient systems become or how advanced protection and oversight tools are, people remain the core factor in the success of the system. They almost single-handedly determine its resilience and its exposure to risks and threats.
Managing human risk during these changes is therefore not only about negligence or bad intent. The cause may be weak awareness, an individual’s limited understanding of the nature of their work, unclear responsibilities and tasks, or a failure to recognize the risks behind an action that seems ordinary from their point of view.
What we need is a work culture that establishes the broader role of each individual within the organization. We must help people understand the core purpose of these technologies and the risks that come with them, what to do when facing a threat, how to respect work controls, and why segregation of duties and responsibilities matters.
Ultimately, digital transformation does not eliminate human risk. It changes the nature of that risk, and sometimes increases how quickly it spreads and how complex its paths become. The success of digital transformation in banks is not measured only by how fast operations are executed or how efficient the automated systems are. It is measured by our ability to build people who are aware of their role and responsibility and who can use technology without it becoming a new and complicated source of Risk
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