The case for diversity, equality and inclusion

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Abstract: This paper will give bank compliance officers and senior managers an understanding of how diversity, equity and inclusion efforts within their institutions will drive innovation and reduce risks. The reader will discover that organisations that excel at diversity and inclusion will more likely attract and retain top talent and drive superior financial returns. The reader will also gain an understanding of how to begin incorporating various aspects of this work into the overall business and operational planning of the bank.

Keywords: Diversity; equity; inclusion; innovation; belonging; equality

Francis Janes serves as the Industry Relations and Partnerships Director for Beneficial State Foundation. In this role, Francis supports financial institutions with their Diversity, Equity and Inclusion (DEI) initiatives and serves as the in-house DEI Practitioner for Beneficial State Bank. Prior to joining Beneficial State, he was an Associate Director at the International Living Future Institute. At the Institute, Francis led the development of a social equity in the workplace organisational assessment framework branded as the JUST Program. Prior to his work at the Institute leading the JUST Program, Francis worked in the financial services sector in a variety of management roles including five years as Vice President Relationship Manager at Beneficial State Bank. Prior to his work in the financial services industry, Francis was a Senior Account Executive with SHL Systemhouse and delivered Information Technology consulting and solutions to Fortune 500 companies.

Richard H. Harvey Jr is an experienced Executive level Legal and Compliance leader and a noted expert in developing and implementing risk-based Compliance and Anti-Money Laundering programmes for traditional and nontraditional financial institutions. Richard currently serves as Executive Vice President, General Counsel and Director of Compliance Risk for Beneficial State Bank. Prior to joining Beneficial, Richard served as the General Counsel and Chief Compliance Officer for World Open Network. He has also served as the Chief Compliance Officer for Colonial Savings, F.A., and General Counsel and Chief Compliance Officer at two start-up Financial Technology companies. Richard is a graduate of the Catholic University of America Columbus School of Law. He served as an Enforcement and Litigation attorney with the Office of Thrift Supervision from 1986 to 1993. During his career, Richard has held key roles in many areas of bank compliance. He has had responsibility for managing his institution’s Legal Departments, Bank Secrecy Act, Privacy, Consumer Compliance, Safety and Soundness and Information Technology examinations. Additionally, Richard is a Certified Regulatory Compliance Manager (CRCM) and Anti-Money Laundering and Fraud Professional (CAFP). He currently serves as a faculty member for the American Bankers Association (ABA) School of Compliance Risk Management. Richard has also taught a course on Compliance management at the Stonier School of Banking. In 2017, he was selected to serve on the Consumer Financial Protection Board Community Bank Advisory Council. In 2019, Richard was recognised for his service to the financial services industry with the ABA’s Distinguished Service Award. Richard is a frequent speaker at conferences and seminars on the topics of Compliance Risk Management, Privacy, BSA and Anti-Money Laundering and Fair Lending. In 2001, Richard testified on behalf of the ABA before the House of Representatives Banking Committee concerning financial institution’s efforts to combat identity theft.