PwC has been awarded Outstanding Project for BCBS 239 Implementation and was highly commended in the Consulting Firm of the Year category in the inaugural Regulation Asia Awards for Excellence 2018, after a rigorous selection process involving a judging panel made up of subject-matter experts and the Regulation Asia editorial team. The awards were presented at a ceremony in Singapore on 13 November 2018.
Since it was issued in 2013, the BCBS 239 principles for effective risk data aggregation and risk reporting have imposed difficult but critical requirements on financial institutions, whereby its different interpretations, heavy data component, and the uncertainties around its global effects have created a myriad of challenges. Having supported six of the seven D-SIBs (domestic systemically important banks) in Singapore and more than half of the world’s G-SIBs (global-SIBs) in meeting the requirements, PwC has clearly set itself apart from other external consultants in this area, said one judge.
PwC is the only external consultant in Singapore to support a bank all the way through its BCBS 239 compliance process, from strategy to execution. By defining a ‘capability model’, the firm has been able to translate the BCBS 239 principles and their associated requirements into specific business capabilities, allowing banks to define specific outcomes and clear action plans. As part of the compliance effort, PwC also developed an innovative approach to data lineage that minimises maintenance efforts and effectively reduces implementation complexity and costs.
PwC’s BCBS 239 compliance programme has included roundtable events facilitated by its in-house subject matter experts, as well as direct engagement with regulators on implementation challenges. The firm has also published several thought leadership papers supportive of BCBS 239, highlighting the enhanced data quality, faster reporting and improved decision-making that compliance can bring.
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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