Dentons US LLP

05/18/2021 | News release | Distributed by Public on 05/18/2021 02:41

Insurance: Sustainability – Inclusion and Diversity

May 18, 2021

Since the financial crisis, diversity of thought has been statistically shown to have a positive impact on decision-making and risk management. It is now considered a key long-term component of a sustainable, well-run business and there is increasing pressure on companies from shareholders and customers to better reflect the diverse society they serve. Whilst there have been many positive changes, progress is not keeping up with demand. It is also increasingly recognised that diversity alone is not enough; it is vital to move beyond just achieving a diverse workforce and senior management, and create inclusive cultures where everyone feels comfortable to bring to bear their diversity of experience and background. This is getting increasing attention from the FCA and PRA as a regulatory issue.

In the second podcast in our Sustainability series, we discuss inclusion and diversity with Rebecca Reidy*, Head of Compliance (UK & Rest of World) at Beazley and a member of Beazley's I&D networks, mental wellbeing champion and trained mental health first aider.

Topics covered include:

  • Areas where more progress is needed and practical points that could make a difference
  • The impact of recent regulatory speeches on inclusion and diversity as a regulatory issue
  • Thoughts on what steps the FCA might take and what it could helpfully do