ICI Helping to Drive Standardization and Accountability in Diversity and Inclusion
Washington, DC; June 23, 2022—The Investment Company Institute (ICI) is launching a D&I RFP Framework to standardize diversity and inclusion (D&I) questions for the RFP process, increasing transparency and disclosure of D&I data among the regulated funds industry. The use of this Framework will also facilitate greater accountability and tracking of D&I efforts by setting a benchmark for ICI members.
“The development of the D&I RFP Framework is an important tool for helping our industry set a benchmark and improve our accountability on D&I efforts,” said ICI Education Foundation President and ICI Chief of Staff Tracey Wingate.
Seeking input from member firms, including Chief Diversity Officers, other D&I specialists, human resources, legal, and business representatives, ICI staff developed the Framework over the course of the past year.
The Framework seeks to achieve three key objectives for ICI members to use in response to client D&I RFP questions.
- A narrative showcasing the member’s organizational commitment to D&I
- A questionnaire of standardized D&I questions focusing on resources, compliance, training and education, recruitment & advancement, anti-discrimination and anti-harassment, and compensation/wage gap
- A Workforce Metrics Matrix (WMM) which captures a member’s demographic data in industry-specific workforce categories
The Framework will be updated and amended at least annually to ensure it takes into consideration current D&I trends, relevant regulations, and pertinent legislative requirements. You can access a copy of the Framework here.