Keyword Analysis & Research: psychological safety fca

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What is ‘psychological safety’?

Harvard academic, Amy Edmondson, characterises the willingness of people to express an opinion in the workplace as ‘psychological safety’. This describes an environment where senior leaders are committed to learning from mistakes. No-one feels afraid to raise concerns or fears negative consequences to their ego or career if they do.

What are the barriers to creating psychological safety in financial services?

But there are four potential barriers to creating psychological safety – the first two of which are particularly relevant to financial services. First, the risk of losing your hefty financial bonus (not to mention status and future employability) by speaking up is a potentially powerful deterrent.

How does psychological safety affect behaviour?

Environments with low psychological safety exacerbate our fundamental desire for approval and make cultural failures more likely. Conversely, in environments with high psychological safety, it is harder for unethical behaviour to gain a foothold.

What is psychological safety in sport?

Psychological safety is the felt ‘climate’ of the team that can be moulded to combat these naturally occurring factors that among other effects, hinder team performance.

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