PwC named Asia's top consultancy for risk & compliance services

04 January 2021 2 min. read

For the second year running, PwC has been named Asia's top consultancy for risk & compliance services in the financial services sector by a leading industry publication. 

Last month, Regulation Asia held the third edition of the annual ‘Regulation Asia Awards for Excellence’, a competition that recognises excellences in the regulatory landscape within Asia’s financial services industry. More than thirty winners were announced across categories including best projects; best solutions for payments, financial crime compliance, and regulatory; ones to watch; and best professional services firms.

In the highly competitive ‘Consulting Firm of the Year’ category, PwC emerged as the winner largely for the strength of its portfolio in Asia Pacific. “PwC’s risk consulting practice in Southeast Asia was a stand out this year for the breadth and depth of its work to help financial institutions meet new regulatory change requirements,” said one judge on the awards panel.

PwC named Asia's top consultancy for risk & compliance services

PwC’s risk consulting offerings are organised across four risk disciplines – financial risk management; risk and regulatory; forensics; and financial crime – and each offering is underpinned by a technology backbone. Digital experts helps the firm’s regulatory consultants with adopting compliance solutions at clients, while technology experts support the design and build of new / tailored solutions. 

As another jury member put it, “PwC delivers its services with a specific focus on technology to facilitate compliance, which shows its forward-looking mindset.” 

The Big Four firm provides its services from more than twenty offices in Asia Pacific, and works for players across the financial services landscape spanning banks, insurance companies, asset managers, regulatory bodies, fintech’s, pension funds and payments infrastructure companies.

PwC’s track record in Asia Pacific over the past year includes assisting banks across Asia with developing or validating their risk models, helping banks operate a dedicated financial crime operation centre, and with embedding artificial intelligence in regulatory processes.

Currently, PwC continues to support Singapore banks with BCBS 239 compliance, LIBOR transition, and data governance; banks in Vietnam and Indonesia with data governance enhancements and credit model development, and banks in Malaysia and Thailand with IFRS 9 model development and validation.

Meanwhile, KPMG was highly commended in the ‘Consulting Firm of the Year’ category for its work to support clients in transforming their risk and compliance operations, while Duff & Phelps subsidiary Kroll won the ‘Cybersecurity & Cybercrime’ category for its cyber risk advisory and other cyber offerings.