New diversity and inclusion standards will drive financial services organisations to enhance internal and third-party compliance practices to integrate new diversity and inclusion policies, metrics and reporting.
As part of the changing regulatory environment and ongoing reform of the financial sector, six financial regulators recently issued Joint Standards that financial services firms may follow to assess, report and publicise their diversity and inclusion efforts.
The new diversity and inclusion reporting is part of a larger move towards increased transparency within the financial services industry and growing pressure for board members and senior management to lead their organisations in cultural change.
The new standards will help drive diversity and inclusion at financial services organisations. For companies that do not have a framework in place, they can use the standards as a starting point to help guide the implementation of the programme. For those that have a programme in place, the standards are a good measurement tool.