PwC Awarded Consulting Firm of the Year

Singapore/Hong Kong, 9 December 2021 – PwC was awarded Consulting Firm of the Year in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021. 

PwC was recognised for the services and support provided to financial institutions by its Risk Consulting team in Singapore, which includes work in four core areas – risk and regulatory reporting, financial risk management, financial crime compliance and risk mitigation, and cyber and forensics. Key sub-themes have included extensive work on AML/CTF, LIBOR transition, Basel IV, IFRS 9 and 17, and data governance (BCBS 239).  

PwC has expanded its services to include ESG advisory and is currently working on implementation of the TCFD (Task Force on Climate-Related Financial Disclosures) framework, ESG risk assessments and quantification, and the development of ESG credit models that help financial institutions to forecast potential outcomes and rate potential customers under a range of climate scenarios. 

The firm has also launched a regional ESG Certification Programme, covering key areas such as ESG risk management, responsible investing and sustainability reporting. The two-month programme brings together PwC experts to upskill over 270 consultants in Southeast Asia, specifically to enable staff to advise clients on ESG-related matters. 

PwC provided subject matter expertise to aid in the design and development of SGTraDex (Singapore Trade Data Exchange), a digital infrastructure that facilitates trusted and secure sharing of data between supply chain ecosystem partners. Leveraging its industry experience and expertise in data governance and data sharing, PwC established a complete framework to set the foundation for the data exchanged through SGTraDex. 

“As regulatory requirements become increasingly complex and burdensome, financial institutions value the strategic approach PwC takes to putting in place controls, processes and governance structures,” said one judge on the awards panel. “The firm helps businesses truly understand complex regulatory requirements, and additionally designs and implement sustainable, cost-effective solutions to address key client pain points.” 

During 2021, PwC significantly expanded its on its capabilities in designing and delivering financial crime compliance training, to help financial institutions in their detection and prevention efforts and improve staff risk awareness. It has developed a curriculum of online learning modules and delivered virtual training to over 50,000 bank staff. PwC has also assisted in investigations involving complex financial crime and regulatory compliance issues. 

PwC serves clients across industries including banks, payment services, insurance companies, large conglomerates, shipping, non-bank financial institutions, and regulators across APAC, Europe and the Americas. 

About the Regulation Asia Awards for Excellence 2021 

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help to ensure the highest standards for regulatory compliance 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 2021 winners, visit 

About Regulation Asia 

Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda. 

 Visit or connect via LinkedIn or Twitter. 

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