• Skip to primary navigation
  • Skip to main content
Logo
Open search bar
  • About
    • Meet the Team
    • Todd Cipperman
    • Why Choose Us
  • Services
    • Money Managers
    • Registered Funds
    • Private Equity
    • Broker-Dealers
    • CyberSecure - Funds
  • In The News
  • Outsourced CCO
  • Client Engagement
  • Resources
    • Helpful Information
    • Regulatory Exams
    • Executive Interviews
    • Blog
    • Podcasts & Videos
    • Best Practices
  • Contact Us

Our Take Blog

Home
Our Take Blog
Financial Regulators Assessing Diversity Practices

Financial Regulators Assessing Diversity Practices

The SEC, together with the OCC, the FDIC, and three other federal agencies, have issues a Proposed Interagency Statement for assessing diversity policies for regulated entities.  The Dodd-Frank Act mandated that each of the agencies establish an Office of Minority and Women Inclusion (OMWI) and that the Directors of such offices develop standards for assessing diversity polices at regulated entities.  The proposed standards would assess organizational commitment to diversity (employment, policies/procedures, education/training, senior office); workforce profile (using data to evaluate inclusion, holding management accountable, outreach); procurement practices (using minority and women-owned vendors); and transparency (publication of plans and data).  The Interagency Statement proposes self-assessments and public reporting instead of exams.
OUR TAKE: Once regulated, firms are subject to the full panoply of government supervision including diversity policies.  We expect that firms will ultimately have to add these standards to their compliance policies and procedures and appoint one senior executive responsible for diversity initiatives.  
http://www.sec.gov/rules/policy/2013/34-70731.pdf

Reader Interactions

Leave a Reply

You must be logged in to post a comment.

Back to Top
logo
480 E. Swedesford Road, Suite 220, Wayne, PA 19087
610-687-5320
LinkedIn Twitter
© 2020 Marlivia Properties LLC