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Financial Services

Governance, Risk and Compliance

In our world today, banks and other financial institutions are facing an ever evolving business challenges whether locally or globally. The intensity of this challenge in today’s business environment in one of the core drivers of economy requires new ways of thinking about risk.

The PwC Risk Assurance - Financial Services helps clients turn risks to advantages through offering global expertise on business risk and control solutions. We focus on the future of financial services, effectively working with clients as they shape their business and execute their strategy.

 

Financial Services Challenges

Economic and Market Conditions

The financial services industry today is unsteady. Its major assets and activities are facing continued weaknesses due to aging populations, maturing markets and stagnant growth. PwC Risk Assurance - Financial Services helps client to remain competitive in today’s business climate through focusing on the establishment of an optimum resourcing model with access to staff resources that implements a world-class Internal Audit Methodology.

Internal Audit Outsourcing and Co-sourcing

Digital Disruption

The digital age is here. IT Systems are fundamental part of your organization and clients, customers and regulators need to trust it. PwC Risk Assurance - Financial Services help clients design and implements IT risks and control solutions that reflect a complex and fast changing technological landscape and leverage investments in IT for maximum business benefit. We can help in managing and maximize digital exposure and opportunity.

Cybersecurity Solutions

Third-Party Assurance

Data Privacy Solutions

Organizing Big Data

Executives who once relied firmly on their intuition and experience are now face-to-face with machines that can learn from massive amounts of data. Through data analysis, irregular patterns, questionable transactions or relationships in source data that may be indicative of business risk exposures or fraudulent transactions are quickly identified. This will also allow the clients to define the relationship between operational risk, fraud risk and the overall control environment within risk and control processes.

Data and Analytics

Risk Management

Accepting risk is a fundamental part of a financial institution’s business. Financial institutions cannot avoid risk entirely, and the most successful institutions are those that identify the appropriate levels of risk to assume and put the appropriate measures in place to manage that risk. PwC Risk-Assurance - Financial Services helps client to identify and balance risks by providing a timely review of processes and controls that can help ensure that their design continues to address your needs while maintaining efficiency and effectiveness.

Internal Controls Consulting

Regulatory Burden

Since the global financial crisis, regulation of the financial services industry has increased significantly. Embracing the opportunities compliance can bring is the only way to stay competitive. PwC Risk Assurance - Financial Services offers Compliance Management Solution through execution of compliance audit and gap analysis to find out major gaps in organization and sharing recommendation for identified gaps.

Compliance Management Solution

Increased Competition

Competition within the financial services industry is still very strong. Consumers expect for more personalized service. They also prefer automated services with easier access. Institutions that provide all of these services will firmly dominate their share in the marketplace. PwC Risk Assurance - Financial Services adds value to clients in providing practical advice and benchmarking against local publicly listed companies and peers within the region.

Corporate Governance Solutions

How we can help

Internal Controls Consulting

A timely review of your processes and controls can help ensure that their design continues to address your needs and risks, and also ensures their efficiency and effectiveness.

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Internal Audit Outsourcing and Co-sourcing

Establishing an optimum resourcing model with access to staff resources with depth and breadth of Internal Audit/ industry/ geographical coverage as and when required, while implementing a risk based Internal Audit Methodology aligned with the COSO framework.

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Compliance Management Solution

Executing compliance audit and gap analysis to find out major gaps in organization, and sharing insight in recommendation for identifies gaps and assisting to re-design and implement policies for key processes.

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Corporate Governance Solutions

Helping you crack the corporate governance code with practical advice and benchmarking against local publicly listed companies and your peers within the region.

Services we offer:

  • Corporate Governance training
  • Sustainability training
  • Corporate governance practice assessment

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Third Party Assurance

In line with international standards, we help organizations respond to demands for increased transparency and industry comparability, and increase the credibility of that reporting.

Services we offer:

  • Preparation of an ISAE 3402 report - this report is designed to address internal controls over financial reporting.
  • Preparation of an ISAE 3000 report - this report is prepared to satisfy regulators’ and other stakeholders’ demands for assurance around internal controls over operational activities

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Data and Analytics

Optimize your data assets. Make faster and better decisions. Work more efficiently and save money. Find new sources of revenue. Capitalize on the untapped business intelligence you already own.

Services we offer:

  • Fraud Analytics - PwC can perform more powerful and advanced suspicious and fraudulent transaction analytics by bringing together multiple processes for cross-functional testing.
  • Financial Process Analyser - PwC can monitor risk and controls in real time using 100% of financial transactions comprising of payables, receivables, payroll, employee master and expense claims.
  • Process and control verification - PwC uses process intelligence tools to fully animate the flow of transactions through end-to-end processes to visualise conformance and optimisation areas.

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Cybersecurity Solutions

PwC offers services that address challenges which relate to cybersecurity and privacy threats, organizational changes, and regulatory requirements for organizations.

Services we offer:

  • SWIFT Customer Security Program (CSP) - Assist or conduct an assessment as an independent external assessor on the Customer Security Controls Framework (CSCF) mandatory and advisory controls.
  • Network Security - Perform penetration testing assessment for internal/external network, including VPN testing or remote access to detect vulnerable services and determine if access is restricted to authorized personnel only.
  • Web Application Security - Perform penetration testing assessment for website vulnerabilities if hackers can obtain confidential data or deface the website.
  • Mobile Application Security - Perform penetration testing for mobile application vulnerabilities if hackers can obtain confidential data and gain access to database server.

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Data Privacy Solutions

The National Privacy Commission (NPC) have identified the Bank and Non-bank Financial Institutions as one of the ten sectors that is likely to pose a risk to the rights and freedoms of data subjects. In line with this, PwC offers the following services that can assist you go through your data privacy journey:

  • Privacy Compliance Advisory Services - develop relevant requirements based on the Five Pillars of Data Privacy Accountability and Compliance set by National Privacy Commission (NPC).
  • Privacy Managed Services - assist in the conduct of the Data Protection Office (DPO) functions and activities to implement data privacy measures.
  • Privacy Assessment Services - Perform privacy assessment depending on the client’s need to review the design and effectiveness of the implemented data privacy measures based on the requirements of the law and other applicable standards.
    Other Privacy Services

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Contact us

Maria Rosell S. Gomez

Maria Rosell S. Gomez

Risk Assurance Partner, PwC Philippines

Tel: +63 (2) 8459 3184

Don Victor  C. Damian

Don Victor C. Damian

Risk Assurance Manager, PwC Philippines

Follow PwC Philippines

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