Excellence in Risk Management XVIII

Diversity, equity, and inclusion: Progress made, challenges remain

Now, more than ever, advancing diversity, equity, and inclusion (DE&I) is a top priority for businesses. While many organizations are taking action to build a more diverse, inclusive, and equitable culture, the results from the 2021 Excellence in Risk Management survey indicate that more progress is needed within organizations and across the insurance and risk management profession.

Why should organizations prioritize DE&I?

Making DE&I a strategic imperative improves business outcomes. Companies with DE&I principles entrenched in their culture are better able to attract and retain talented employees, and also appeal to a broader client base. Diversity of thought helps organizations identify, prepare for, and solve for risk, while some studies have shown links between executive diversity and financial performance.

The 2021 Excellence in Risk Management report, a collaboration between Marsh and RIMS, provides an in-depth look into how organizations are advancing DE&I initiatives, and where they are falling short.

Bolstered by insights from risk managers, C-suite leaders, and subject matter experts, this year’s Excellence report tackles a number of issues, including:

• The role of formal DE&I programs and the importance of an organization-wide strategy.
• Recruitment tactics to attract diverse talent, and strategies to improve retention.
• The importance of a diverse board of directors.

To learn more about the DE&I landscape and the steps organizations can take to become more diverse, equitable, and inclusive, download the 2021 Excellence in Risk Management report.