Professional services firm Ernst & Young (EY) partnered with JPMorgan Chase to improve supplier diversity in the banking industry.
According to EY’s Environmental Social Governance Services (ESGS) leader Theresa Harrison, the foundation of the firm’s supplier diversity strategy comes from its overall commitment to diversity, equity and inclusiveness within its overall organization and culture. She also said their supply chain services goals are tied to their professionals’ performance and participation within supplier diversity.
Harrison added that EY’s Chief Supply Chain Officer Larry Phelan is dedicated to ensuring that the firm provides opportunities to diverse suppliers across the globe. They also have strategic policies and processes that guarantee diverse representation among suppliers. One of which is the global supply chain services policy that requires ESGS sign off at a certain dollar threshold when there are no diverse suppliers in the RFP.
Moreover, EY created its own evaluation criteria that examine RFPs, vendor management scope, overall ongoing assessments and how organizations can work together to make an impact from the ESG perspective. The firm also works with clients to develop their third-party risk management framework, methodologies and technology enablement.