Swati Scanlon, ASA, Vice President, Head of Governance & Supplier Diversity for New York Life, together with her team, tailors supplier diversity programs to industry best practices through a multi-faceted approach to developing, promoting, and increasing the utilization of certified diverse-owned businesses.
Their approach includes getting executive management and board of directors’ support, the inclusion of non-typical entities like investment brokers and reinsurers, targeted strategic matchmaking, and development initiatives such as mentorship and scholarship programs.
Active engagement internally and externally is also key to the team’s success and impact. They partner and serve on the boards of industry advocacy organizations and frequently collaborate with diverse vendors and internal stakeholders.
Tech and social changes are two factors that are constantly impacting the Supplier Diversity space and necessitate industry benchmarking and continuous assessment of the program helping the team and New York Life to remain nimble.