7 ways to make a difference in DEI, according to CROs
In today's rapidly changing world, the need for diverse and inclusive leadership is more critical than ever. At RiskMinds International 2024, CROs shed light on the progress and challenges in achieving diversity, equity, and inclusion (DEI) in the corporate world on a panel discussion, featuring:
- Christine Palmer, Chief Risk Officer, Santander UK
- Laurence Bogni Bartholmé, Head of ESG Execution, HSBC Continental Europe
- Deirdre Hannigan, Former Group Chief Risk Officer, AIB
- Thabile Nyaba, Chief Risk and Sustainability Officer of OMI and Past President, IRMSA
The panellists shared their experiences, best practices and insights on creating more inclusive workplaces and the role of the CRO in driving this. Here are seven ways organisations are ensuring progress.
Going from diversity to belonging
Diversity is not just about recognising differences but celebrating the commonalities that bring us closer. Creating an environment where everyone can be their authentic selves can contribute to team members performing their best work. This approach fosters a sense of belonging, which is crucial for effective teamwork and innovation.
The role of inclusive leadership
The panel emphasized the significance of inclusive leadership from all organisational levels. With the "tone at the top, vibe in the middle, and buzz at the bottom" approach, anyone in the business can ensure that inclusivity permeates the entire corporate culture and empower individuals to speak up and address potential risks without fear.
Challenging the business case for DEI
The discussion touched on the traditional business case for diversity and whether it's still relevant. One of the panellists argued that the moral imperative of DEI should take precedence, rather than the business benefits that it provides. Organisations should integrate DEI into their daily operations, much like risk management or any other strategic priority.
Importance of sponsorship and mentorship
Sponsorship was identified as a powerful tool for advancing careers, especially for women. Sponsorship involves influential leaders taking women under their wings, advocating for them, and ensuring their voices are heard in decision-making rooms. This practice is crucial for breaking through the glass ceiling and cultivating future leaders.
Effective measurement of DEI initiatives
Measuring progress in DEI is essential to ensure accountability and to drive change. While quotas and targets can be contentious, they provide a framework to evaluate diversity efforts and ensure that underrepresented groups have equitable opportunities for growth and development.
Breaking down silos with resource groups
Resource groups have proven valuable in fostering cross-group collaboration and sharing diverse perspectives. Featuring a diverse group of participants, resource groups are brought together to facilitate open dialogues and create safe spaces for critical conversations.
The evolving role of CROs in leadership
As more CROs step into CEO positions, the hope is that this trend will continue to strengthen the risk culture in organisations. CROs bring a unique perspective to leadership, focusing on risk management, strategic thinking, and an understanding of complexity, which enables a holistic view of the business and people.
Conclusion
The panellists concluded with a call for continuous progress and advocacy for DEI in the workplace. As organisations strive to become more inclusive and diverse, it is crucial to foster environments where everyone feels valued and empowered to contribute. The insights from the female CRO leadership panel remind us that achieving diversity and inclusion is an ongoing journey that requires commitment, collaboration, and a willingness to challenge the status quo.