Consulting firm of the year: KPMG

Asia Risk Awards 2020

Tom Jenkins. KPMG
Tom Jenkins, KPMG

A bank in Hong Kong recently called on KPMG for help to gauge its true financial health and report to the regulators as it was getting nonsensical numbers in its credit risk model due to the far-reaching economic impact of the Covid-19 pandemic.

KPMG worked with the bank on a tight timeline to come up with a ‘challenger model’ for estimating what the firm’s expected loss provisioning might be under the financial accounting standard IFRS 9. Challenge models are often used to question the

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