FINRA Diversity Summit

February 27, 2013

One World Financial Center, New York, NY

By:  Fields Jackson

On Feb 27 I had the unique opportunity to attend the 1st FINRA Diversity Summit.  The summit’s objective was to provide a forum for diversity practitioners from firms, financial regulators and other organizations to share best practices that link business goals to the workplace and the marketplace.

The program kicked off at 8:30 am with a welcome address from Julie Crotty, Deputy Director, Mediation and Business Strategy, Co‐Chair, Diversity Summit Planning Committee, FINRA and Yolanda Trottman, Examination Director, Risk Oversight and Operational Regulation, Co‐Chair, Diversity Summit Planning Committee, FINRA.  Julie and Yolanda briefly stated the objectives of the program – to explore a variety of corporate practices, strategies and outreach efforts intended to leverage the benefits of diversity and inclusion and introduced Richard G. Ketchum, Chairman and CEO, FINRA.

 

Richard who has been featured on the cover of Racing Toward Diversity magazines Winter 2012 issue –  “FINRA WORKS TO RESTORE CONFIDENCE AND EXPAND DIVERSITY. “

http://bit.ly/UY4RRT, clearly communicated not only his personal diversity and inclusion journey, but his commitment to the business case for diversity and inclusion that has spanned the past 10+ years during his tenure at FINRA and his previous employer NYSE.

Richard then introduced to the standing room only crowd of over 100+ participants representing over 15 states and Washington DC, the keynote speaker James Weddle, Managing Partner, Edward Jones. James discussed “Making the Business Case for Diversity and Inclusion Practices”. James who serves as a member of the Financial Industry Regulating Authority (FINRA) Board of Governors stated, “Diversity and Inclusion it is the smart thing to do. It’s all about talent acquisition and finding the best talent / associates who mirror the markets we serve.

Panel 1 which started at 9:30 am – featured Robert Marchman, Executive Vice President, Market Regulation, Legal, FINRA (moderator), Sheila Clark, Director, Office of Diversity and Inclusion, Federal Reserve Board, D. Michael (Mickey) Collins, Director, Office of Diversity and Economic Opportunity, FDIC and Pamela Gibbs, Director, Office of Minority and Women Inclusion, U.S. Securities and Exchange Commission focused on Updates on Office of Minority and Women Inclusion (OMWI).

Robert Marchman-FINRA, Sheila Clark-Federal Reserve, Mickey Collins-FDIC, Pamela Gibbs-SEC

The panel provided an overview and update of the Office of Minority and Women Inclusion, established in July 2011, as required by Section 342 of the Dodd‐Frank Act. Panelists discussed the role and responsibilities of the federal agencies’ OMWIs, particularly as it relates to the irinternal diversity programs and the diversity policies of the regulated entities.

Panel 2 which started at 11 a.m. featured Tyronne Stoudemire, Principal, Senior Diversity Consultant, Mercer (moderator), Jennifer Brown, Founder and CEO, Jennifer Brown Consulting, Erika Irish Brown, Senior Vice President, Diversity and Inclusion, Bank of America, John Kalohn, Vice President, Registration and Disclosure, Co‐Chair,Diversity Leadership Council, FINRA and Nate Saint‐Victor, Executive Director, Legal and Compliance, and Chair of the Legal and Compliance Division Diversity & Inclusion Committee, Morgan Stanley.

Tryonne Stoudemire-Mercer, Jennifer Brown-JB Consulting, John Kalohn-FINRA, Erika Irish Brown-Bank of America, Nate Saint-Victor-Morgan Stanley

This panel focused on Diversity and Inclusion Best Practices and in this session, diversity officers and practitioners shared their perspectives on how to effectively build a business case for implementing diversity and inclusion practices. Panelists also shared their views on the “best of the best,” including which best practices are the most effective and why.

Overall a strong and thought provoking dialogue and an important first step with the FINRA Diversity and Inclusion summit. My take away, in the highly competitive financial, government and regulatory agencies in which all the firms in attendance operate – how do you attract and retain a diverse workforce and leadership team. Talent is what separates those leading companies and institutions – and as James Weddle stated in very stark business terms –“Diversity and inclusion – it is the smart thing to do”.