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My financial institution is developing programs around Inclusion and Diversity and I would like to initiate a supplier diversity program. I am very interested in how others may have developed their own programs to see if I am thinking about it holistically as well as how to 'chunk' it out in the beginning. My initial thoughts are to:
- Assess our current portfolio of vendors to determine if they would be considered diverse (i.e. woman owned, minority owned etc)
- Provide the organization some best practices around how to best source diverse suppliers (i.e. trade organizations etc)
Of course, with these ideas, I have questions . First, are there a set of universal diversity qualifiers (i.e women owned business) that we should identify and how do we confirm they are actually a diverse supplier? Are there organizations where a diverse supplier would register? Second, what are the best practices for setting up such a supplier diversity program?
Any guidance/ examples would be much appreciated. Thanks!