The finding is an unsurprising yet disturbingly high number in the wake of 2020’s global reckoning on racial equality and inclusion
January 21, 2021 – Four in ten compliance professionals, or nearly 40%, have experienced discrimination in the workplace at some point during their career, according to a survey by the International Compliance Association, the world’s leading professional body for the global regulatory and financial crime compliance community.
The finding is an unsurprising yet disturbingly high number, particularly in the wake of 2020’s global reckoning on racial equality and inclusion. While regulators have been sharpening their focus on diversity and inclusion (D&I), 36% of respondents said compliance regulations do not do enough to address D&I, and 48% said more could be done by the regulator.
More positively, exactly half of those polled said their company is fully committed to D&I. However, 37% claimed more should be done, whilst 13% said D&I had not been adequately addressed at all. A major consideration is that many companies do not connect having a diverse and inclusive workforce to meeting overall business objectives.
ICA President, Bill Howarth, commented: “As a global organisation, we understand that diversity and inclusion is different around the world and that the challenges faced by different groups vary significantly. But we believe that the compliance community is strengthened by being diverse; bringing together many different backgrounds, cultures and expertise and allowing a broad range of perspectives that represent the communities we serve.”
He added: “The survey’s findings demonstrate some of the gaps in D&I within the compliance function but also the progress made by companies globally to advance D&I. Some of the challenges of fostering a diverse and inclusive culture include ineffective training on the subject or a lack of training altogether as well as fear of discrimination and retaliation. On the other hand, many organisations are focused on D&I as they understand how it improves their culture, performance and the ability to innovate and manage risk more effectively.”
The survey was completed by over 300 ICA members in September 2020. To learn more about the results, download ICA’s white paper “Breaking barriers: Advancing diversity and inclusion in the compliance world.” Written in conjunction with Compliance Week, ICA’s sister organisation, the whitepaper also addresses questions such as ‘Whose responsibility is diversity and inclusion – compliance, HR, or the board?’, ‘What are some of the biggest challenges in achieving D&I?’, and ‘Where do companies tend to get D&I wrong?’ and provides commentary and views from compliance practitioners in various industries.
About the International Compliance Association
The International Compliance Association (ICA) is the leading professional body for the global regulatory and financial crime compliance community. It has enhanced the knowledge, skills and behaviour of over 150,000 professionals all over the world either through their internationally recognised portfolio of professional qualifications (awarded in association with Alliance Manchester Business School, the University of Manchester) or through accredited in-company training.
For more information visit: www.int-comp.org