This year’s Excellence in Risk Management Report by Marsh and RIMS focused on diversity, equity and inclusion (DE&I) initiatives and impacts, finding 71% of organizations have increased their focus on DE&I over the past five years. However, only 54% of respondents recognize the lack of a DE&I strategy as a core business risk. In addition, only 47% said training to improve DE&I is offered to all employees, 35% offer mentorship programs to retain and develop employees from diverse backgrounds, 20% use DE&I as a factor in considering vendors and suppliers, and 23% use performance metrics to measure progress.
“Risk professionals can be DE&I champions within their organizations, taking leadership roles to demonstrate the value of DE&I and the perils of failing to act,” said RIMS CEO Mary Roth. “Empowering a diverse corporate culture opens the door to new ideas, new opportunities and improved strategies that can lead to more informed decision-making and better outcomes.”