BACB's Ramita Dhillon on diversity and inclusion

Despite the global nature of banks and financial institutions, with operations spanning across continents, they have been notably slow in embracing diversity and inclusion within their ranks, with progress only becoming evident in recent years.

That’s according to Ramita Dhillon, BACB’s Head of Compliance, in a recently published article in the Journal of Financial Compliance, titled: The synergy between the UK senior manager regime area of ‘reasonable steps’ and diversity and inclusion. With over 25 years of experience working across financial institutions, Ramita applies her expertise and offers her thoughts on the diversity and inclusion practices undertaken within financial regulation, drawing upon BACB’s own journey and its cultural transformation efforts.

A selection of key takeaways from the paper include:

• It is now widely recognised that more diverse boards can more effectively service global markets, with a broader understanding of language and culture that can aid in identifying and mitigating risks;
• With a broader range of experience, it is possible to better approach problem solving and avoid ‘group think’;
• To reap the full benefits of diversity, it is necessary to actively promote inclusion in all its forms – whereby all people are provided equal access to opportunities and resources;
• Businesses need to allow their employees to thrive in an inclusive environment, striking a balance between flexibility, self-development, self-expression, empowerment, and a true sense of belonging. Only then will regulated firms start to see more of the positive outcomes that can arise from total diversity and inclusion.

To read the article in full, please visit: https://www.henrystewartpublications.com/jfc/v6