“ WHEN WE ARE FOCUSED AND INTENTIONAL , THE PROCUREMENT ORGANIZATION CAN SERVE AS A VERY EFFECTIVE TOOL IN FURTHERING DIVERSITY , EQUITY AND INCLUSION ”
JPMORGAN CHASE & CO .
championing its initial cohort of 25 Black and Hispanic suppliers . 60 % of the way through the first set of assessments , JPMorgan Chase is seeing the results it expected : some suppliers are wellpositioned to start working with financial institutions ; others may benefit from working with a top consulting firm .
Breaking Down Barriers to Inclusion Access to capital is a common challenge faced by diverse businesses , so meeting industry requirements like cyber security , insurance , and bonding is often costprohibitive . Satisfying these requirements can cost a typical small business over US $ 100,000 , creating another barrier to entry into the financial services industry .
To address this issue , the firm is launching a grant programme for Black , Hispanic and Latino-owned companies to provide financial assistance in meeting minimum requirements for doing business with large corporations .
At the start of this new year , Eric will be focused on supporting the initial supplier cohort as they complete the assessment and consulting process . The TruSight programme aims to act as a stepping stone for diverse suppliers to gain more contracting options within the financial services industry . “ The programme is about opening doors for diverse suppliers ,” Smith explains . “ About eliminating barriers to opportunity .”
The Future of DEI in Finance Eric ’ s division aims to lead the path forward . “ We all know that we need to do better in diversity , equity , and inclusion ," he says . Financial institutions have realised that they need to expand their view of services and contractors , companies and businesses — and that the old ways will need to change for them to thrive in the future .
“ Diversity should be ingrained in the culture of not just the procurement organisation , but the company as a whole ," Smith says . “ When we are focused and intentional , the procurement organisation can serve as a very effective tool in furthering diversity , equity and inclusion throughout the firm and the wider business community . When it comes to supplier diversity , the best practice is to prioritise it ”.