Deloitte awarded Advisory Services Provider of the Year for second consecutive year
NEW YORK, NY, USA, 05 March 2020—Deloitte’s Central Banking practices have been recognized as the Advisory Services Provider of the Year 2020 by Central Banking Publications, a financial publisher based in London specializing in public policy and financial markets, with an emphasis on central banks, international financial institutions, and financial market infrastructure and regulation. This is the second consecutive year that Deloitte has received this award.
The prestigious Central Banking Awards are known internationally as an important channel to highlight the outstanding performance and achievements of individuals and organizations within the central banking community. The awards also recognize various categories including the best central bank, governor, currency managers, risk managers, and initiatives.
Deloitte’s advisory capabilities are there to solve the most complex problems the central banks face, and we were recognized for work we have done in business transformation, data and analytics for risk management, and cybersecurity–all which are areas of strategic importance for the central banks.
Business transformation continues to be important to central banks in the midst of emerging new business models and risks in an ever-changing financial services landscape. Working closely with the South African Prudential Authority (PA), Deloitte South Africa helped facilitate the development and prioritization of their vision, mission and key design principles, designed a target operating model for the new PA, optimized processes relating to licensing and ongoing supervision, defined the requirements for insurance supervision, and designed and built a data taxonomy to be used across the PA, with a more detailed data taxonomy and business glossary for insurance supervision specifically.
Data and analytics are presenting new opportunities for central banks to innovate. In Slovenia, Deloitte Slovenia worked with the central bank to provide an innovative assessment in effective modelling of non-maturity deposits for the purpose of managing liquidity and interest rate risk in the Slovenian banking system based on available data, regulatory requirements and state-of-the-art mathematical approaches. These were embedded in user-friendly tools, supported with different features like models parametrization, stress testing, and models validation to help the Slovenian Central Bank model non-maturity deposits and ultimately achieve a closer handle on liquidity and interest rate risk. The tool and methodology can be adopted for use in other countries.
Cybersecurity is one of the top concerns for central banks. For Thailand, being a country in the Southeast Asia region that has become a prime target for cyberattacks given its growing economic and strategic importance, its financial institutions (FIs) have yet to catch up with the ever-increasing need for a strong, robust and resilient cybersecurity framework. Deloitte Southeast Asia supported the Bank of Thailand’s initiative to raise the cybersecurity standards in the industry by reviewing the central bank’s cybersecurity maturity level, critical systems and security operation centers, and helped develop industry best practices on key banking processes to be issued to FIs as guidelines.
“It is both an honor and a privilege for Deloitte to be recognized again by the Central Banking Publication for all the work our professionals provide to the central banking sector,” states Anna Celner, Deloitte Global Banking & Capital Markets Practice leader. “Earning this distinction reinforces Deloitte’s commitment to setting a standard of excellence that is unparalleled in the industry. We aim to put clients first and bring the right members of our global practice to each opportunity. We are pleased to see our approach is being recognized.”
“I am delighted that the quality of our work for central banks has been recognized for the second year in succession” says David Strachan, Head of Deloitte’s Centre for Regulatory Strategy (CRS) in EMEA. “It demonstrates the benefits of having a CRS which brings together insights from Deloitte’s regulatory experts, including former central bankers, around the world.”
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