Question

What are role and responsibilities of a Behavioral Analyst on Detect function and sub-categories as they apply to a financial sector entity.

Answer 1

A behavioural analyst is a person who analyses the behaviour of an individual in different circumstances in the prevailing situations. Coming to a financial sector a behavioural analyst in a financial sector is a person who makes financial decisions based on the environment and situation of the organisation. Understanding behavioural finance helps us the avoid emotion driven speculation leading to losses and thus devise an appropriate wealth management strategy.

The very basic role of a behavioural financial analyst is to overcome the biases may it be personal or emotional over the investors. They need to focus on the process of decision making. They should always avoid reflexive decision making and rather involve in reflective decision making which deals with logical and methodical approaches rather than going with the gut as in reflexive decision making. They must always prepare by planning and pre committing for a respective financial decision.