Supplier Diversity

FAQs

 

Frequently Asked Questions

Read more about our commitment to supplier diversity development and how we strive to include diverse suppliers in our procurement practices.

Why does the Bank have a supplier diversity initiative?

We are committed to strengthening the economy and improving our communities, and supplier diversity plays a critical role in how we do that.  We realize that small, minority-owned, women-owned and other diverse businesses play a vital role in the economic well-being of our communities.

Supplier diversity development also supports our vision of being an innovative policy and services leader for America’s economy, advances our widely acknowledged and respected diversity and inclusion practices, and enables us to deliver the best overall solutions to our constituents. Engaging a diverse pool of highly qualified suppliers better enables us to drive down costs through increased competition, deliver high quality products and services to constituents, produce innovative and flexible solutions, provide enhanced customer service, streamline processes, and mitigate risk of supply chain disruptions.

How do you help diverse suppliers potentially do business with the Bank?

We promote diversity growth in our supplier base through the following process:

  • Work with our sourcing staff to identify upcoming procurement opportunities.
  • Identify qualified, diverse suppliers to participate in upcoming procurement opportunities.
  • Screen identified diverse suppliers to determine whether a match exists between suppliers' capabilities and business requirements.
  • Refer the identified suppliers to the sourcing specialist to be considered for inclusion in a relevant procurement opportunity.
  • Based upon a positive review of a company’s capabilities and expertise, procurement staff will  include a diverse supplier in the request for proposal (RFP) process. This process will allow you to view in detail the scope of the project and submit a bid for work.

What does the Bank consider a diverse supplier?

Please see “What Is a Diverse Supplier?

See definitions for more detailed information on diverse business classifications.

Must a diverse supplier be certified to do business with the Bank?

To uphold the integrity of our supplier diversity development process, we require that all suppliers seeking to participate in it be certified as a women- or minority-owned business by one of our recognized certifying agencies.

How can I become certified?

For more information about certification, contact one of our recognized certifying agencies.

Does the Federal Reserve Bank of Richmond guarantee work for diverse suppliers?

No. We do not guarantee work for any supplier. We are committed to providing access and opportunity for diverse suppliers to compete for our businesses.

How can I best position my company to do business with the Bank?

  • Register with the Federal Reserve.
  • Forward your company information or capabilities statement directly to the Bank’s Supplier Diversity Office, along with any diversity certifications you may have.
  • Become certified.
  • Know your customer.
  • Prepare good marketing collateral.
  • Differentiate your company.
  • Market to us as you would to a corporate or commercial client.
  • Be responsive.
  • Practice diplomatic persistence.
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