Policy, Program and Procedures

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  • 1.  Supplier Diversity Program

    This message was posted by a user wishing to remain anonymous
    Posted 06-03-2024 03:37 PM
    This message was posted by a user wishing to remain anonymous

    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:

    1. Assess our current portfolio of vendors to determine if they would be considered diverse (i.e. woman owned, minority owned etc)
    2. 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! 

  • 2.  RE: Supplier Diversity Program

    Posted 06-06-2024 02:49 PM

    A couple of helpful things I can share from our work in standing up a Supplier Diversity Program:




    Start with accounting, or whoever onboards new vendors into your A/P system. They can have a vendor complete the questionnaire linked here when submitting their W-9 so that you are aware of that information for new vendors moving forward.