Name of Organization/Company: BNY Mellon, New York, NY USA
Category: Most Innovative Leadership Program
BNY Mellon is a global institution that powers success across the financial world for individuals and institutions through unique insights, thinking and actions. Risk & Compliance is a vital function to that mission. Since onboarding a new Chief Risk Officer in 2019, BNY Mellon’s Risk & Compliance (R&C) organization has undergone transformation to improve its focus on holistic risk management, recognizing the need for employees that have the ability to execute and drive enterprise-wide change.
To drive development and retention of high potential talent, R&C implemented a comprehensive people experience strategy. This helps to foster continuous learning and development as well as diversity and inclusion across all levels of the organization through customized and unique learning experiences.
Alongside its Cross Training and Mentoring programs, R&C launched is newest signature program, the Executive Development Program (EDP). The EDP increases visibility and development opportunities for diverse, high-potential Risk & Compliance leaders through experience, education and exposure components while expanding diversity of perspective among current leadership.
Because of the Executive Development Program, in combination with other R&C talent development programs, the current R&C Executive Team has shown significant improvement in talent recognition across reporting lines. The structure of this program will continue to help break down silos to improve the way R&C grows and retains talent, embracing diversity, equity and inclusion along the way.
Within the first year of the R&C Executive Development Program (since September 2020), 50% of the cohort has achieved a promotion or expansion of their role or are on track to do so.
Within the first quarter of the program:
• 100% of program participants felt satisfied or very satisfied with the program overall
• 75% feel that this program can help them meet their career goals at this company
• 88% feel the program brings more opportunities or exposure
The Risk & Compliance Executive Development Program is unique in that it provides parallel training for current leadership, encouraging transformation of R&C culture from the top. Select members of the R&C Executive and Leadership team are active sponsors for the cohort participants, heavily involved in planning next steps and future opportunities for their protégés. With a high focus on peer coaching throughout the duration of the program, the opportunity build a strong, diverse network helps ensure that diversity, equity and inclusion becomes embedded in the actions and mindset of the cohort, as well as the leadership team, as they continue to grow in their careers.
To date, the program is seen as a model for other initiatives across BNY Mellon, as it continues to make progress towards a true cultural transformation. An anonymous survey respondent from the cohort shared their own experience in comparison to other programs, “I have been through other development and management programs; so far, this one is topping the list in terms of applicability and has a great amount of potential to actually get me to my next career goal.”
Long-term, the People Experience & Development team that manages the program plans to build the brand around the Risk & Compliance Executive Development Program to be one that continues attracts the highest caliber leaders despite a challenging selection process, propels participants’ careers forward, and produces tangible benefits to the culture of the Risk & Compliance division at BNY Mellon.