Supplier Diversity is a strategic business practice for Genworth. Implementation of the process enhances the firm's competitive advantage by expanding access to the widest selection of qualified diverse suppliers and bolstering competition in the supplier selection process. Qualified diverse-owned businesses, which have provided appropriate support of their certified MWBE status and meet the specified minimal qualifications, are included in Genworth’s competitive bidding process.
Diverse supplier definition
Diverse suppliers are those that are certified by nationally recognized organizations or self-certified to be a service-disabled veteran-, woman-, or minority-owned business. The business must be at least 50 percent owned, operated, and controlled by a minority, woman, or service-disabled veteran.