The financial services industry is facing significant headwinds responding to misconduct which has resulted in a loss of customer trust and reputational damage. Organisations have responded by setting up large scale remediation programs, however these have proved to be slow, expensive and to date the industry has experienced a significant amount of rework due to issues with methodologies applied and quality.
In response to these challenges, PwC has set up an on-shore Remediation Centre of Excellence that utilises a unique operating and resourcing model to support our clients in a way that delivers scale, efficiency and cost effectiveness at the speed required.
The current estimated project spend on remediation efforts is between $1.80 and $48 for every $1 compensated. This is not sustainable.
Successful remediation delivery is a combination of experience, methodology and operational discipline –all core principles of the approach adopted by the PwC Remediation Centre. By leveraging our wide ranging experience in complex and large scale remediation projects, the Remediation Centre can undertake work within required timelines and in a controlled manner.
Amrita Jebamoney
National Risk and Digital Trust Leader, PwC Australia
Tel: +61 412 782 897