Diversity and inclusion is a core value at RBC and this commitment extends to the supplier community. As a major purchaser of goods and services, RBC recognizes the tremendous impact it has on the supplier community where it operates and conversely – the supplier community's impact on the products and services that RBC delivers.
Our Commitment to Supplier Diversity
At RBC, we strive to have an inclusive supply chain. Our goal is to advance equality of opportunity globally to businesses owned by women, Aboriginal people, minorities/visible minorities, LGBT, people with disabilities, veterans and service disabled veterans. In the US, qualifying small businesses are also included. By providing equal access to procurement opportunities to qualified suppliers, we enhance the levels of quality, service and overall value to the organization. We encourage submissions, bids and proposals from all diverse suppliers.
RBC also participates in supplier diversity events and conferences that include speaking engagements, panel discussions, webinars, match-maker sessions and workshops. We lead various mentorship activities which includes formal mentoring of certified suppliers and an annual workshop. Furthermore, we have embedded supplier diversity processes into day-to-day procurement activities and continue to incorporate supplier diversity goals into Procurement staff annual performance objectives.
Supplier diversity at RBC is not only about “doing the right thing” and being a responsible corporate citizen. We believe supplier diversity helps RBC drive business value and by including diverse suppliers in sourcing processes, RBC gains access to competitive offerings, greater innovation, and culturally diverse business interactions. This, in turn, positions RBC well to meet the requirements of our diverse customer base.
Should a supplier choose to self-identify, RBC will connect them with the appropriate certifying organization in order for their company to take advantage of the benefits of certification. Although certification is not a necessary requirement for participation in the Supplier Diversity Program, it offers additional benefits that suppliers might enjoy.
RBC is a founding member of Canadian Aboriginal and Minority Supplier Council (CAMSC), an inaugural member of WBE Canada (a non-profit organization committed to advancing women-owned businesses as suppliers) and founding program partner of Canadian Gay & Lesbian Chamber of Commerce (CGLCC), patron member of the Canadian Council for Aboriginal Business (CCAB) and founding member of Inclusive Workplace and Supply Council of Canada (IWSCC). By supporting these and other similar organizations in Canada, as well as the National Minority Supplier Development Council (NMSDC), Women Business Enterprise National Council (WBENC), National Gay and Lesbian Chamber of Commerce (NGLCC) and National Veteran Business Development Council (NVBDC) in the US, Minority Supplier Development U.K. (MSDUK) and WeConnect International in the UK. RBC helps to promote supplier diversity and also gains access to a wide base of registered diverse suppliers to source from.
As members of CAMSC, CCAB, CGLCC, IWSCC, WBE Canada, NMSDC, NGLCC, NVBDC, WBENC, MSDUK and WeConnect International, RBC has access to their certified supplier databases. Additionally, diverse suppliers are encouraged to self-identify themselves in RBC's Supplier Information Form registration database. Our Procurement team consults with these databases when compiling supplier lists for RFx’s, giving more opportunities for diverse suppliers to respond to more RFx’s and potentially leading them to more business awards.
To improve the success rate of diverse suppliers in securing business, the Program will also include instruction on how suppliers can effectively demonstrate their capabilities and be ready to compete for business with large organizations.
Only qualified diverse suppliers are considered eligible to participate in the Supplier Diversity Program. A diverse supplier is defined as a for-profit enterprise that is 51 percent or more owned, controlled, and managed by person(s) who belong to one of the following groups: Aboriginal people, minority/visible minority, LGBT, persons with disabilities, veterans, service disabled veterans and women. Any US-based enterprise that is considered a qualifying small business is also eligible. If an organization is certified by one of the certifying entities listed above, it meets the requirements of a diverse supplier and is therefore considered eligible to participate in the Program. Otherwise, suppliers will need to demonstrate to RBC that they meet the eligibility requirements specified above.
Whether an existing RBC supplier or an organization interested in doing business with us, diverse suppliers can connect with us at firstname.lastname@example.org for further information about our Program.
RBC measures the success of our Program through a variety of metrics, including but not limited to the following:
- Increase number of RFx opportunities to diverse suppliers
- Year over year absolute increase in diverse suppliers
- Year over year increase in diverse supplier spend
- RBC suppliers become corporate sponsors and/or certified members with certifying organizations
We track such information in Canada, in the United States of America and in the United Kingdom.
Participation in RBC's Supplier Diversity Program does not guarantee organizations will secure or have secured our business. Participation, however, provides the opportunity to demonstrate their company's service and product quality to us.
The Program is a three year program but will be reviewed annually to determine the Program's strengths and deficiencies. Adjustments will be made to the Program as necessary.