Financial Services

Helping financial services organisations deal with their key issues

Your Challenges

Against a background of heightened risks, and market and regulatory pressures, financial services organisations are striving to grow and enhance shareholder value.

Customer needs and expectations are evolving in the face of increasing personal wealth, an ageing population and the desire for ever more accessible and personalised financial products and services. Intense competition has squeezed industry margins and forced companies to cut costs while enhancing the quality of customer choice and service.

As financial services organisations strive to become more innovative and entrepreneurial, the war for talent is intensifying. Risks mount as products become more complex, organisations more diffused and the business environment ever more uncertain. At the same time, regulation is tightening in the wake of public and government pressure for improved governance, transparency and accountability.

In this environment, the winners will be companies that can turn the challenges into opportunities to build stronger and more enduring customer relationships, sharpen process efficiency, unlock talent and creativity, use improved risk management processes to deliver more sustainable returns and use new regulatory demands as a catalyst for strengthening the business and enhancing market confidence.

 



Meeting Your Needs

The business environment is growing ever more complex. Globalisation and the shifting balance of global economic power have not only created new opportunities for those in the financial services industry; they have also brought along other organisational and competitive challenges. The volume of regulation is growing apace, and technology advances are breaking down traditional boundaries, requiring new ways of doing business.

As a leading professional services firm in Singapore, PwC’s dedicated Financial Services Industry Practice has a team of multi-disciplinary professionals with specialist knowledge, in-depth local market knowledge and proven expertise that enables us to address our clients’ specific needs, coupled with insights into market place developments and global opportunities.

What sets PwC apart from others is our considerable weight of experience in the industry. We provide a wide range of industry-focused integrated solutions to client issues, which leverage on our competencies in Transactions, Performance Improvement, Crisis Management and Taxation to enhance value to our clients.



Our Experience

Major Bank in an Emerging Market
- Implementation of Basel II

PwC was engaged by a major bank in an emerging market which needed to become compliant with the new Basel II capital framework over the coming few years. The implementation timetable has various phases in which banks need to comply with the basic approaches allowed under Basel II by 2007, and then with more advanced approaches by the end of 2009. Our team has been working with the client over all stages of the implementation.

In Phase One, we conducted a detailed gap analysis of all the relevant Basel II requirements as compared with the client’s current practices and capabilities. In addition to the specific requirements of Basel II, we conducted a data gap analysis and a high-level data quality review.

In Phase Two, we drafted a detailed implementation plan and laid out the objectives and requirements of more than 30 projects which the client needs to complete.

In Phase Three, which is ongoing, we are assisting the client in tracking the status of each project, as well as providing support for individual projects. This includes assistance in such areas as systems selection, review of re-designed policies and procedures, as well as development of Basel II-compliant credit ratings models. In the final phase of the project, we will assist the client in the preparation of its application to the supervisor to adopt Basel II approaches.