Ms. Uche Ukomadu-Ogbuokiri, CISA, CISM
Principal | Internal Auditor at Brown Advisory
Baltimore City County, Maryland, United States. I was humbled to be nominated for the Black Women in Asset Management (BWAM) 40 under 40 #BWAM40under40 award in the category of Legal and Compliance. It was truly an honor to be nominated and to attend the award ceremony in London.
Although I didn’t win in my category this time, it was such an honor to be among those nominated who are making a difference in this industry. This nomination reaffirmed that I am in the right field as I truly enjoy what I do. Also, I am thankful to work in a company that constantly shows its support. Looking forward to next year! #BWAM40under40
Our Mission is to champion the positive impact of the talented black women who work in asset management and provide the tools that will enable them to thrive. Our industry must come together and put purpose and values into action. We all know it makes good business sense. Closing the racial wealth gap in the US alone would create an additional $1 trillion in earnings and add $8 trillion to GDP. In the UK, equal participation and progression across ethnicities would add £24 billion per year to the British economy. The impacts of bias and systemic racism in the private and public sector continues to leave money on the table.
But more important than commercial gain, dismantling racism is quite simply the right thing to do. More justice means stronger communities; more diversity and opportunity mean greater innovation; more equity means better flow of capital to marginalized populations.As the stewards of trillions of pounds of investment capital, investment firms and capital allocators have an outsized impact on society and are in a unique and powerful position to be effective change agents. Many of the firms in our industry already recognize that it is short-sighted and unsustainable to focus solely on return without considering the cost and impact of investment activity in society. Managers are now increasingly incorporating ESG factors into investment processes. It is widely accepted that applying ESG principles are part of a manager’s fiduciary duty.
While innovation continues to be made to reduce risks in E and G areas, social investment risks, especially those related to racial injustice, are rarely considered. But prejudice and racism are a destructive pollutant with effects not dissimilar to the destructive effects of carbon emissions on the environment. Systemic racism is the type of contaminant that can only be stemmed with continued, unyielding, and effective anti-racism principles.
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