Bill Cooper, deputy director of diversity and inclusion at the Federal Reserve Bank of Richmond, says success is measured not just in year-over-year increases in minority spending activity.
says, the calendar is not what best defines the relationship between a company and a supplier.
adds the Richmond Fed
developed a metric last year for internal and external use to hold itself accountable for including women and minority firms, whereby they can be identified, on all competitively bid acquisitions or procurement events.
Last year, 197 minority and women-owned firms were invited to participate in 91% of the Richmond Fed's
competitive procurements, up from 73% in 2011.
"We don't control the offer or the price, but we can control who gets a chance to get in the game," Cooper