By Kiara Doyal, The Seattle Medium
Ted Archer, Managing Director and Head of Global Business Partner Diversity at JPMorgan Chase has been leading the firm’s diverse supplier development, supply chain diversity, and equity and inclusion portfolio since joining in 2016. According to Archer, these initiatives are critical components of JPMorgan Chase’s $30 billion commitment to Racial Equity.
“I have been working in the market for about 20 years now, and it is rapidly changing the arena of business growth, entrepreneurship, and support,” says Archer. “The area of supply diversity has also been rapidly changing. The technology that is now available and assisting in this work has enabled us to be much more proactive with how we identify firms and follow up with them.”
Archer describes supplier development as a significant part of Chase’s business diversity strategy. This strategy includes three main components: facilitating the growth and development of businesses within the supply chain, leveraging the supply chain to promote equity and inclusion, and addressing the downstream economic impacts of supply diversity.
“Supplier development is a key component of our business diversity strategy,” says Archer. “We not only invest in removing barriers to entry, but once suppliers are working with us, we see it as a fundamental way to help them scale. This involves addressing stubborn issues that can hinder their readiness to work with large corporations.”
As a leading business in the country, JPMorgan Chase recognizes the pivotal role that small and underserved businesses play in the broader community. The bank is dedicated to closing the gap these businesses face in achieving substantial growth and success. Having access to the right tools and protocols is crucial when they are trying to work with large corporations.
“Some common barriers [for small and underserved businesses] are just being corporate ready, which comes in a few different forms. Having access to certain things that larger corporations need to do business with you strategically, like cybersecurity, is important,” says Archer. “To work with a larger corporation, particularly one that is heavily regulated, you must have a sophisticated and advanced way to address any cybersecurity threats.”
To address this barrier, JPMorgan Chase has partnered with other firms to create KY3P S&M Global, a utility formed by a consortium of financial services firms to support suppliers in enhancing their cybersecurity environment.
“This utility was formed by a consortium of financial services firms to make the opportunity available for suppliers who wanted additional support and would benefit from a streamlined way to assess their cybersecurity environment,” says Archer. “It is about taking them from where they are and upskilling them to become corporate ready. Over the past three years, we have worked with over 75 companies to help them enhance their cybersecurity and become prepared to work with larger corporations like JPMorgan Chase.”
In 2020, JPMorgan Chase launched a $30 billion Racial Equity Commitment, which includes a pledge to spend an additional $750 million over five years with Black and Latino firms.
“We issued a pledge as part of the racial equity commitment to spend an additional $750 million over five years with Black and Latino firms,” says Archer. “I am pleased to say that since making that pledge, we have been hard at work identifying and engaging communities to advance our supply chain efforts. Midway through 2023, we actually surpassed that $750 million goal, but we don’t intend to stop there.”
During a time when many corporations are decreasing their support for equity and inclusions, Chase remains committed to help ensure the growth and sustainability of minority-owned businesses across the country.
“What I get up every day to do is to ensure that business partners in our supply chain and people we work with have greater access to working with JPMorgan Chase,” says Archer. “The contributions of minority-owned and underserved businesses are often understated. It is important to me that we highlight their contributions across not only our supply chain but also the supply chains of other firms and partners.”
To ensure that JPMorgan Chase’s supply chain is impactful beyond the products they currently work with, the firm has formed partnerships with industry organizations based in Seattle, such as the Northwest Mountain Minority Supplier Development Council (NMSDC). These industry groups provide opportunities for emerging or earlier-stage companies through certification and guidance.
“Certification is essential because it serves as your initial entryway into navigating work with large corporations. Without it, you could be limited in your ability to work with industry groups,” says Archer. “Working with industry groups that advocate for the growth and inclusion of diverse suppliers is a great first step and entry point for early-stage and emerging companies looking to get into the supply chain.”
JPMorgan Chase is also focused on ensuring suppliers are prepared for transformational changes in sustainability and business practices. The firm invited suppliers from their supply chain to participate in a conference, the NMSDC economic forum, where they could network with large corporations and understand the next phase for their businesses.
“The conference theme focused on key emerging elements for everyone to understand as they navigate,” says Archer. “Being part of those conversations and active in the community helps suppliers become prepared to navigate the supply chain and find new insights.”
Over the last several years, JPMorgan Chase has partnered with some of the best and brightest external organizations, sustaining a leadership position in advancing supplier diversity.
“I am proud of how comprehensive and consistent we have been in building a supplier diversity strategy,” says Archer. “Because of the way we have approached it, I know that this work will continue for a long time.”
Source: seattlemedium.com
