Accenture was Highly Commended in the Outstanding Contribution to Regulatory Reforms category in the 7th Regulation Asia Awards for Excellence 2024.

The Outstanding Contribution to Regulatory Reforms category celebrates organisations that lead the financial industry in addressing complex regulatory challenges and developing impactful solutions to address these challenges, promote compliance, and foster market stability. This category recognises organisations that collaborate effectively with regulators, industry participants, and technology leaders to enhance industry resilience, regulatory harmonisation, and long-term stability.

Accenture was recognised for its leadership and industry engagement to set the standard on AI ethics and governance in Asia, particularly through its participation in Project MindForge alongside the Monetary Authority of Singapore (MAS). This consortium-led initiative brought together regulators, major banks, and technology leaders to develop a Generative AI risk framework specific to the financial services industry, helping to address emerging risks, promote responsible AI use, and safeguard financial system resilience.

As part of Project MindForge, Accenture created two industry use cases: a Compliance Copilot that allows banks to improve their capability to address and use existing regulations; and Wisematrix, which enables them to identify systemic risks faster and more comprehensively. In addition, Accenture worked with the MAS to improve the efficiency of regulatory submissions, creating a framework to significantly speed up the ingestion of granular regulatory data and allow the regulator to more swiftly respond to market needs.

“Accenture’s leadership and collaborative approach to address AI risks has contributed to creating a safer and more resilient financial system in Singapore,” said one judge on the Regulation Asia Awards panel. “Its contributions address some of the key challenges the industry faces today as well as those that appear to be just around the corner. Accenture’s work helps to ensure a more resilient financial sector moving forward.”

“This award highlights the need for collaboration between regulators and industry to address some of the biggest challenges we face,” said Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee. “Accenture demonstrated strong leadership in its efforts to help develop standards for AI governance, contributing to Singapore’s position as one of the most forward-looking jurisdictions when it comes to promoting the responsible development and use of AI.”

About the Regulation Asia Awards for Excellence 2024

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.

For a full list of the award 2024 winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 13,000+ subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

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