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What do you do if you've made a major mistake in Financial Services?

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In financial services, making a significant error can be daunting. You might feel a rush of panic, but it's crucial to stay calm and address the situation head-on. Whether it's a misreported figure or a compliance oversight, the steps you take following a mistake can greatly impact your professional reputation and the trust clients place in you. It's about damage control, learning from the error, and ensuring it doesn't happen again. As you navigate this challenging scenario, remember that everyone makes mistakes, and the key is how effectively you respond to them.

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1 Acknowledge It

The moment you realize you've made a major mistake in financial services, the first step is to acknowledge it. This doesn't mean you should panic or broadcast the issue to all your clients, but rather that you should take ownership of the error with the relevant parties. Quickly inform your supervisor or compliance department, depending on your company's protocol. Transparency is crucial in financial services, and by acknowledging the mistake early, you can begin formulating a plan to rectify it and minimize any negative impact.

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Flavia Fran?a

Gerente Comercial I Gerente Geral I Gerente Administrativo e Financeiro
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Certa vez, por n?o me atentar à um erro do sistema, fiz um pagamento em duplicidade para um fornecedor. O valor era em torno de 4 mil. Liguei informando do pagamento em duplicidade e solicitei a devolu??o. O mesmo me respondeu que n?o devolveria, pois ele estava na praia e já tinha usufruído de parte do valor. Propus à empresa para descontar em parcelas do meu pagamento e ao conseguir o dinheiro de volta, a empresa me ressarciria. Diante da minha conduta, a empresa n?o aceitou o desconto na folha de pagamento e confiaram que eu conseguiria o retorno do valor em caixa. Foram longos 5 meses até que finalmente consegui O importante é reconhecermos nossos erros e buscarmos a melhor solu??o.

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Lucy Chen

Executive Coach | Speaker | DTM | Advisory Board | Founding Member of Chief | Book of BUILD RESILIENCE | 4X Book Award Winner | Analytics & Risk Management Expert
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The hardest part might be to acknowledge your mistake because of various reasons, e.g. stress, personal ego, responsibility. Acknowledging takes courage sometimes. It's a must from legal, professional, and personal integrity perspective.

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2 Assess Impact

Once you've acknowledged the mistake, it's critical to assess its impact. Determine the scope of the error and whom it affects. Does it involve client accounts, regulatory compliance, or internal reporting? Understanding the consequences will help you communicate effectively with those impacted and will be essential in devising an appropriate response plan. Keep in mind that your assessment should be thorough and objective to ensure all potential repercussions are considered.

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Lucy Chen

Executive Coach | Speaker | DTM | Advisory Board | Founding Member of Chief | Book of BUILD RESILIENCE | 4X Book Award Winner | Analytics & Risk Management Expert
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Acknowledging the mistake is not enough. You need to dig deeper to understand the impact to the internal and external customers (stake holders, investors, team members), legal and compliance aspects, company reputation, and so on. The deeper, the better. Analyzing the root causes will need to be included.

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3 Fix Promptly

After assessing the impact, your next move is to fix the mistake as promptly as possible. Work with your team to correct any inaccuracies or missteps. This might involve adjusting financial statements, revising reports, or correcting trades. It's important to act swiftly but carefully to ensure that the solution is accurate and that no further errors are made in the process. A timely response demonstrates professionalism and commitment to maintaining high standards in your work.

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Lucy Chen

Executive Coach | Speaker | DTM | Advisory Board | Founding Member of Chief | Book of BUILD RESILIENCE | 4X Book Award Winner | Analytics & Risk Management Expert
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Taking an action to fix the problem is the most important step. With all of your homework, you need to implement procedures to fix the mistakes. This needs to be done carefully of course. You don't want to repeat your mistakes, and avoid making additional mistakes. Sometimes only your team participate and sometimes you need to collaborate with other teams. Do it in a timely and professional manner.

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4 Communicate Clearly

Clear communication is paramount when addressing a major mistake. You need to inform all affected parties, including clients, colleagues, and possibly regulators, depending on the severity of the error. When communicating the issue, be honest about what happened, avoid technical jargon, and explain what is being done to correct it. This will help maintain trust and show that you are taking responsibility for resolving the issue.

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5 Learn and Adapt

Once the immediate repercussions of the mistake are managed, it's time to learn from the experience and adapt your practices to prevent future errors. Analyze what went wrong and why. Was it due to a lack of knowledge, a systemic issue, or a lapse in judgment? Use this insight to improve your skills, processes, and controls. Implementing changes based on lessons learned can turn a negative situation into a valuable opportunity for professional growth.

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6 Move Forward

Finally, it's essential to move forward after rectifying a major mistake in financial services. Dwelling on the error can hinder your performance and shake your confidence. Instead, focus on the corrective actions taken and the knowledge gained from the experience. Continue to provide quality service to your clients and work diligently, allowing your actions to rebuild any trust that may have been lost. Remember that resilience is a key trait in financial services, and overcoming challenges is part of the journey to success.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you've made a major mistake in Financial Services?

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1 Acknowledge It

2 Assess Impact

3 Fix Promptly

4 Communicate Clearly

5 Learn and Adapt

6 Move Forward

7 Here’s what else to consider

Financial Services

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