2022 COLLECTION SUMMARY

Diversity Assessment 

Report for Entities 

Regulated by the SEC

Disclaimer: This is a report summary of the staff of the Office of Minority and Women Inclusion of the U.S. Securities and Exchange Commission. This report is not a rule, regulation, or 

statement of the Commission. The report summary expresses solely the views of the staff of the Office of Minority and Women Inclusion. Neither the Commission nor any other regulatory 

agency referenced in this report summary has approved or disapproved its contents. Like all staff statements, the contents of this report summary have no legal force or effect, do not alter or 

amend applicable law, and create no new or additional obligations for any person. The Commission has expressed no view regarding the analysis, findings, or conclusions contained herein.

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Diversity Self-Assessment Collection

The Diversity Assessment Report is designed to help regulated entities conduct voluntary 

self-assessments of their diversity policies and practices and provide them with a template 

for submitting diversity-self-assessments to the SEC. It is intended primarily for SECregulated entities with more than 100 employees.

2022 Registrant Population and Responses

Using registration information, SEC identified 1,327 registrants (investment advisers, 

broker-dealers, municipal advisors, and self-regulatory organizations) that have more than 

100 employees as potential respondents. 

SEC received a total of 58 responses, which cover more than 90 regulated entities, or 

6.8% of entities invited to submit Diversity Assessment Reports in 2022. Most responses 

were from registrants that are divisions or subsidiaries of larger financial institutions. In 

some cases, the response covered more than one division or subsidiary regulated by the 

SEC.

SEC invited 1,327 regulated entities to participate in and submit a diversity selfassessment in 2022. 

While many entities do not participate, SEC received 58 submissions covering nearly 7 percent 

of regulated entities. 

● A majority of responses received indicate firms’ organizational commitment to diversity 

and inclusion (Standard 1) as well as employment practices to promote workforce 

diversity and inclusion (Standard 2). 

● Few firms indicate business and supplier diversity policies and practices (Standard 3). 

● A majority of firms publicize workforce diversity progress but fewer publicize supplier 

diversity progress (Standard 4).

● Most firms monitor their diversity progress, but just 33 percent use the Joint Standards 

and fewer than 40 percent publicize the results of their self-assessments (Standard 5). 
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The responses were submitted in a variety of forms:

• SEC’s Diversity Assessment Report form

• Firm narrative reports of diversity self-assessments 

• Firm-prepared diversity self-assessment template

• Diversity Self-Assessments using templates created by the Office of the 

Comptroller of the Currency, Federal Reserve Board, and Federal Deposit 

Insurance Corporation

Responses received on the SEC DAR form were tabulated and the percentage of forms 

indicating “yes” on each item for each standard are reported below. No inference or 

generalization to the total registrant population can be made or inferred; reported 

percentages represent only those firms submitting SEC DAR forms.

2022 Standard 1: Organizational Commitment to Diversity and 

Inclusion

The leadership of a firm with successful diversity policies and practices demonstrates its 

commitment to diversity and inclusion. Leadership comes from the governing body, such 

as a board of directors, as well as senior officials and those managing the regulated entity 

on a day-to-day basis.

Self-assessment indicator Percentage

1.1 The firm has a written diversity and inclusion policy that 

is approved and supported by the chief executive officer or 

other senior level official.

88%

1.2 A senior level official with experience in diversity and 

inclusion policies and practices oversees and directs the 

firm’s diversity and inclusion efforts.

98%

1.3 The firm includes diversity and inclusion considerations 

as part of its strategic plan for recruiting, hiring, retaining, 

and promoting employees.

100%

1.4 The firm includes diversity and inclusion considerations 

as part of its strategic plan for recruiting, hiring, retaining, 

and promoting executive and senior level officials and 

managers.

98%

1.5 The firm includes diversity and inclusion considerations 

as part of its strategic plan for recruiting and selecting 

members of the board of directors or other governing body.

79%
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1.6 The firm includes diversity and inclusion considerations 

as part of its strategic plan for contracting with vendors and 

suppliers.

67%

1.7(a) The firm takes proactive steps to promote a diverse 

pool of candidates when selecting executive and senior 

level officials and managers.

100%

1.7(b) The firm takes proactive steps to promote a diverse 

pool of candidates when selecting members of the board of 

directors or other governing body.

81%

1.8 The firm regularly offers training and educational 

opportunities on equal employment opportunity and diversity

and inclusion.

95%

1.9 The firm provides regular progress reports on diversity 

and inclusion efforts to the board of directors or other 

governing body.

83%

1.10 The firm takes diversity and inclusion into 

consideration when making strategic planning and 

governance decisions.

90%

2022 Standard 2: Implementation of Employment Practices to 

Promote Workforce Diversity and Inclusion 

Many firms proactively promote diversity and the fair inclusion of minorities and women in 

their workforces. Firms with successful diversity and inclusion programs also regularly 

evaluate their programs and identify areas to be improved.

Self-assessment indicator Percentage

2.1 The firm implements policies and practices that create 

or foster diverse applicant pools for employment 

opportunities. These practices may include:

90%

2.1(a) Outreach to minority and women organizations. 95%

2.1(b) Outreach to educational institutions serving 

significant or predominantly minority and women student 

populations.

86%

2.1(c) Participation in conferences, workshops, and other 

events to attract minorities and women and to inform them 

of employment and promotion opportunities.

88%
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2.1(d) Communication of employment opportunities through 

media predominately serving minorities and women.

79%

2.2 The firm regularly evaluates performance under its 

workforce diversity and inclusion programs.

90%

2.3 The firm uses quantitative measures to assess the 

effectiveness of its diversity and inclusion efforts in its 

employment activities (e.g., hires, promotions, separations, 

career development, and retention).

79%

2.4 The firm uses qualitative measures (e.g., surveys) to 

assess the effectiveness of its diversity and inclusion efforts 

in its employment activities.

81%

2.5 The firm holds management at all levels accountable for 

diversity and inclusion efforts, for example by assuring these 

efforts align with business strategies or individual 

performance plans.

79%

2022 Standard 3: Procurement and Business Practices—Business 

Diversity 

Firms increasingly understand the competitive advantage of having a broad selection of 

available suppliers to choose from with respect to factors such as price, quality, attention to 

detail, and future relationship building. Many firms have successfully expanded available 

business options by increasing outreach to minority-owned and women-owned businesses. 

The use of minority-owned and women owned businesses as subcontractors also provides 

valuable opportunities for both the minority-owned and women-owned businesses and the 

prime contractors.

Self-assessment indicator Percentage

3.1 The firm has a business diversity policy that is aimed at 

providing business opportunities to diverse suppliers, 

including minority-owned and women-owned businesses.

45%

3.2(a) The firm has policies and practices that provide 

minority-owned and women-owned businesses an 

opportunity to enter into agreements for the issuance of or 

guarantee of any debt, equity, or security.

12%

3.2(b) The firm has policies and practices that provide 

minority-owned and women-owned businesses an 

opportunity to enter into agreements for the sale of assets.

12%
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3.2(c) The firm has policies and practices that provide 

minority-owned and women-owned businesses an 

opportunity to enter into agreements for the management of 

the entity’s assets.

17%

3.2(d) The firm has policies and practices that provide 

minority-owned and women-owned businesses an 

opportunity to enter into agreements for the development of 

the entity’s equity investments.

7%

3.3 The firm takes steps to promote a pool of diverse 

businesses. These steps may include:

48%

3.3(a) Conducting outreach to minority-owned and womenowned businesses and representative organizations.45%

3.3(b) Participating in conferences, workshops, and other 

events to attract minority-owned and women-owned 

businesses and inform them of contracting opportunities.

45%

3.3(c) Maintaining a list of qualified minority-owned and 

women-owned businesses that may compete for upcoming 

contracting opportunities.

40%

3.3(d) Having an ongoing process to publicize its 

procurement opportunities.

21%

3.4 The firm has established methods to evaluate its 

business diversity efforts. These methods may include 

metrics and analytics related to:

38%

3.4(a) The annual amount spent purchasing goods and 

services.

33%

3.4(b) The annual amount spent with minority-owned and 

women-owned businesses by gender, race, and ethnicity.

31%

3.4(c) The percentage of the annual amount spent with 

minority-owned and women-owned businesses by gender, 

race, and ethnicity, as compared to the total annual amount 

spent purchasing goods and services.

31%
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2022 Standard 4: Practices to Promote Transparency of 

Organizational Diversity and Inclusion

Transparency and publicity are important aspects of assessing diversity policies and 

practices. By making public a regulated entity's commitment to diversity and inclusion, its 

plans for achieving diversity and inclusion, and the metrics it uses to measure success in 

both workplace and business diversity, a regulated entity informs a broad constituency of 

investors, employees, potential employees, business, customers, and the general 

community about its efforts.

Self-assessment indicator Percentage

4.1 The firm publishes information about its diversity and 

inclusion efforts. This includes publications on:

81%

4.1(a) Internal platforms. 83%

4.1(b) Website. 83%

4.2 The firm publishes on its website or otherwise makes 

public information regarding its diversity and inclusion efforts. 

The published information may include:

67%

4.2(a) The firm’s diversity and inclusion strategic plan. 48%

4.2(b) The firm’s policy on its commitment to diversity and 

inclusion.

71%

4.2(c) Information about the firm’s progress toward 

achieving diversity and inclusion in its workforce, including 

the demographic profile of the firm’s workforce.

62%

4.2(d) Information about the firm’s progress toward 

achieving its business goals.

45%

4.2(e) Information about the demographic composition of 

the firm’s board of directors or other governing body.

52%

4.2(f) Information on partnerships and sponsorships with 

diverse organizations.

69%

4.3 The firm publicizes opportunities that promote diversity 

and inclusion on its website. The opportunities may include:

64%
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4.3(a) Employment and internship opportunities. 76%

4.3(b) Contracting opportunities. 26%

4.3(c) Developmental programs for potential vendors and 

suppliers.

24%

2022 Standard 5: Self-Assessment of Diversity Policies and 

Practices

Firms that have successful diversity policies and practices devote time and resources to 

monitoring and evaluating performance under their diversity policies and practices on an 

ongoing basis. Firms regulated by the SEC are encouraged to disclose their diversity 

policies and practices, as well as information related to their assessments, to the SEC and 

the public. 

Self-assessment indicator Percentage

5.1 The firm monitors and evaluates performance under its 

diversity policies and practices on an ongoing basis.

86%

5.2 The firm uses the Joint Standards to conduct an 

assessment of the firm’s diversity policies and practices 

annually.

33%

5.3 The firm publishes information pertaining to its 

assessment of its diversity policies and practices.

36%

2022 Collection Summary

During the 2022 Diversity Assessment Report collection, the vast majority of regulated 

entities did not submit a self assessment of their diversity policies and practices. The lack 

of information on diversity policies and practices for these entities creates a substantial 

knowledge gap. For a more comprehensive understanding of practices and policies for 

workforce and supplier diversity in the financial securities industry, greater participation in 

the Diversity Assessment Report process is needed.

SEC staff continues efforts to increase awareness of the opportunity to participate in the 

Diversity Assessment Report process and the related benefits. Such actions include the 

SEC’s Director of the Office of Minority and Women Inclusion conducting webinars and 

other outreach activities to engage Chief Executive Officers and other senior leaders in 

conversation around the value of conducting and submitting voluntary self-assessments of 

diversity policies and practices.