Best Practices in Supplier Diversity
On August 3, 2011, the Bank hosted 55 members of the Federal Reserve's National Procurement Office (NPO), Senior Procurement Officers (SPOs) and OMWI (Office of Minority and Women Inclusion) Directors for a full-day workshop on best practices in supplier diversity. The workshop brought these business stakeholders from the Reserve Banks and Board of Governors together to share the methods they use and challenges they face as they continue to enhance supplier diversity practices into the Fed's operations and strategies.
Led by Ralph Moore, a recognized expert in minority and women-owned business development and president of the change management firm Ralph G. Moore & Associates, the workshop covered such topics as:
- Aligning supplier diversity with procurement trends and issues
- Benchmarking Bank processes against new world class standards
- Integrating supplier diversity and strategic sourcing
At this time, the System procurement community is building its efforts to:
- Increase procurement opportunities for minority/women-owned business sources
- Expand the Fed's presence in the supplier diversity business community
- Raise awareness of the benefits of supplier diversity within the Fed organization
- Assist in implementing the supplier diversity requirements of the Dodd Frank Act
In other recent news relating to supplier diversity at the Chicago Fed:
- Supplier Diversity Program Manager Mark Hands and Senior Contract Administrator Elsa Roberts represented the Bank at the Illinois Hispanic Chamber of Commerce (IHCC) 2011 Hispanic Business Expo on August 4 at Navy Pier. Mark and Elsa participated in strategic one-on-one meetings with owners and professionals during the Business Expo and met potential suppliers that could enhance the Bank's operations.
- The Bank hosted the Turner School of Construction Management Graduation event on August 4. Through the Bank's relationship with the Chicago Minority Supplier Development Council (CMSDC) and the CMSDC Board of Directors, the Chicago Fed continues to demonstrate its commitment and support for the CMSDC and Supplier Diversity.