Oliver Wyman named world’s top advisory firm to central banks

Global strategy and management consulting firm Oliver Wyman has bagged a major award in the financial services industry, named the globe’s top consultancy to central banks around the world. 

The Central Banking Awards were set up to highlight the outstanding performance and achievements of organisations – central banks, consulting firm and technology providers – and individuals within the central banking community. Organised since 2014, the Central Banking Awards feature over twenty categories including the ‘Advisory Firm of the Year’ category.

Following in the footsteps of previous winners including Deloitte and BearingPoint, Oliver Wyman took home the consulting award thanks to its track record in the central banking segment. The 5,000-strong consulting firm works for central banks globally, covering topics ranging from budgetary frameworks, governance reforms, the setup of central bank digital currencies to agile working.

According to the jury of the Central Banking Awards, “Oliver Wyman has “strong expertise in strategy, financial risk management and governance, with the ability to address issues both from the top down and the bottom up.” The judges were particularly impressed by Oliver Wyman’s expertise in the supervisory area.

Commenting on the recognition, Anshu Vats, Managing Partner of the Public Sector and Policy, said: “Oliver Wyman is on the forefront of critical topics such as payments, central bank digital currency, green central banking and supporting central banks to navigate the challenging economic and financial environment. 

Frankfurt-based partner Dominik Weh continued: “Central bank clients rely on us for high-quality advice to address major transformations and discontinuities in the market that may need completely new ideas and methods to resolve, and where impact is high and the margin for error very small.” 

Further expanding on the firm’s offerings, Zurich-based Oliver Wünsch said: “We also work with central banks on their monetary policy strategy, reserve management financial market and payments infrastructure and financial stability, something that has become increasingly pressing again due to the Covid-19 crisis.” 

Another London-based partner in the Public Sector and Policy practice, Dominik Treeck, commented: “When I joined Oliver Wyman in 2001, the firm did not have a central banking offering. Two decades on, we have a fledgling practice helping authorities navigate their strategic challenges. We are delighted to be recognised as Central Banking’s Advisory Firm of the Year.” 

Other and previous winners

Other 2021 winners include the US Federal Reserve System (Central Bank of the Year), Alejandro Díaz de León (Governor at the Bank of Mexico), Bank of England (Green Award for its work on climate disclosures), Bank Indonesia (Reserve Manager of the Year), and BNP Paribas (Asset Manager award).

In earlier editions, Deloitte won the Advisory Firm of the Year award for among others, helping Bank of Canada in developing a new strategy, orchestrating the launch of a fintech hub in Saudi Arabia, and contributing to a blockchain-based trade finance system in Hong Kong. BearingPoint took home the award twice in the past, thanks to its expertise in helping central banks manage their supervisory data and develop innovative offerings.

The 2021 Central Banking Awards will be presented at a virtual ceremony taking place in June 2021.