RMA: Pushing the envelope
13 October 2022 RMA Conference 2022
Image: Shutterstock
Stakeholders are demanding more transparency from firms in terms of DEI initiatives, as analysis indicates that 77 per cent of consumers say they are more likely to purchase from companies that share their values.
Opening the panel discussions at the Risk Management Association’s (RMA) conference, the Women in Securities Finance group — which is celebrating its fifth year anniversary — partnered with PwC to discuss Diversity, Equity and Inclusion (DEI) initiatives impacting the wider financial services sector.
Firms have become increasingly transparent. Producing statistics on women in the workplace from a number of PwC analysis surveys, the panellists indicated that women have made up the majority of the hiring rate for firms. However, in terms of the promotion rate, white men are taking the lead.
Financial Services External Hiring Rate for women was 60.6 per cent, compared to 57.6 per cent for white men in 2020. Despite these figures facing a strong decline during the following year, women remained ahead in the number of External Hiring Rates for 2021 at 28.6 per cent, compared to 25.7 per cent for white men.
However, there is a disconnect between the hiring numbers and the promotion rates for women and white men. The Financial Services Promotion Rate has increased year-over-year for 2021 in comparison to 2020. Statistics showed that white men have a 15.4 per cent Promotion Rate, while women were recorded at 10.7 per cent in 2021.
In their findings, one panellist pinpointed that “prejudice and polarisation is on the rise”. The industry has to understand the working environment it is creating for women.
This is reflected by statistics which highlight that 50 per cent of employees have faced discrimination at work which led to them missing out on career advancement or training.
In addition, 66 per cent of business leaders have expressed disappointment that their organisation’s diversity and inclusion commitments are not yet showing the desired results.
One panellist pinpointed that there is a clear gap between what leadership is saying, what firms are saying and between what people are feeling. A second panellist encouraged leaders to identify what is within their control as a business leader and see where they can push the envelope to aid employees, for example, providing more flexibility at work for caregivers — which are predominantly women.
The industry as a whole has also been encouraged to become more than just a mentor, but to advocate for their peers.
Defining the two, a panellist explains that mentorship is helping a person navigate through an organisation, whereas advocacy is helping to create new opportunities for someone else, even going as far as to be willing to take risks to do so.
Asking for a show of hands, the audience of the RMA panel revealed that a large portion of the room had acted as a mentor for a peer, however, only a few had actively advocated for a fellow peer.
There is a sense the securities finance industry is actively moving in a positive direction, only a number of years ago conferences would not have had sessions such as this bringing the issue to the forefront of an agenda.
Opening the panel discussions at the Risk Management Association’s (RMA) conference, the Women in Securities Finance group — which is celebrating its fifth year anniversary — partnered with PwC to discuss Diversity, Equity and Inclusion (DEI) initiatives impacting the wider financial services sector.
Firms have become increasingly transparent. Producing statistics on women in the workplace from a number of PwC analysis surveys, the panellists indicated that women have made up the majority of the hiring rate for firms. However, in terms of the promotion rate, white men are taking the lead.
Financial Services External Hiring Rate for women was 60.6 per cent, compared to 57.6 per cent for white men in 2020. Despite these figures facing a strong decline during the following year, women remained ahead in the number of External Hiring Rates for 2021 at 28.6 per cent, compared to 25.7 per cent for white men.
However, there is a disconnect between the hiring numbers and the promotion rates for women and white men. The Financial Services Promotion Rate has increased year-over-year for 2021 in comparison to 2020. Statistics showed that white men have a 15.4 per cent Promotion Rate, while women were recorded at 10.7 per cent in 2021.
In their findings, one panellist pinpointed that “prejudice and polarisation is on the rise”. The industry has to understand the working environment it is creating for women.
This is reflected by statistics which highlight that 50 per cent of employees have faced discrimination at work which led to them missing out on career advancement or training.
In addition, 66 per cent of business leaders have expressed disappointment that their organisation’s diversity and inclusion commitments are not yet showing the desired results.
One panellist pinpointed that there is a clear gap between what leadership is saying, what firms are saying and between what people are feeling. A second panellist encouraged leaders to identify what is within their control as a business leader and see where they can push the envelope to aid employees, for example, providing more flexibility at work for caregivers — which are predominantly women.
The industry as a whole has also been encouraged to become more than just a mentor, but to advocate for their peers.
Defining the two, a panellist explains that mentorship is helping a person navigate through an organisation, whereas advocacy is helping to create new opportunities for someone else, even going as far as to be willing to take risks to do so.
Asking for a show of hands, the audience of the RMA panel revealed that a large portion of the room had acted as a mentor for a peer, however, only a few had actively advocated for a fellow peer.
There is a sense the securities finance industry is actively moving in a positive direction, only a number of years ago conferences would not have had sessions such as this bringing the issue to the forefront of an agenda.
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