But the accounting firm believes pay packages at financial institutions are likely to be more tightly pegged to risks now.

In a survey of 119 Asian financial institutions done in May, PwC found that more than nine in 10 expect to see changes in how firms in the industry reward their employees and executives.

Fast forward half a year and several rounds of severe financial shocks later, these changes are almost certain to happen now, said PwC partner Ron Collard.

As investors and regulators clamour for higher standards in financial institutions, these firms need to become more transparent and equitable in their remuneration policies, he said on Tuesday.

'The fundamental question is not whether a bonus payout was too high in absolute terms, but whether the reward given to the individual talent has struck a good balance between performance, risk and profitability.'

He added that for some sectors, such as private banking, Asian firms are 'more in need of reform' than organisations than the rest of the world.

This is because of the rapid, explosive growth of industries such as private banking in the region in recent years, resulting in a war for talent, he said.