Coop MedMera Bank
“As a small bank it feels comforting to have a partner that we trust, and which has a solid force of knowledge. It is always easy to get help and discuss various regulatory interpretations. FCG can always provide an outside opinion and are in tune with the industry standards”
- Anna-Karin Aste, CFO MedMera Bank AB
Staying up to date with the latest regulations
Enhanced Quality of Reporting
Empower Business Insight
MedMera bank is a Swedish bank acting under FSA supervision mainly focusing on unsecured lending and deposit accounts. MedMera bank is a wholly owned subsidiary of Kooperativa förbundet (KF) and a sister company of Coop, the nationwide grocery chain. MedMera Bank has experienced and ever-increasing number of regulatory updates that have entered into force since the financial crisis in 2008 which has put increased pressure on credit institutions. MedMera Bank sought out FCG to help navigate the regulatory landscape. The partnership has resulted in MedMera Bank staying updated with the latest regulations with knowledge of how to act given upcoming regulations. The partnership has also meant that MedMera bank can draw upon FCG’s experience staying in tune with industry standards.
The current regulatory landscape can be difficult to navigate for credit institutions. News and updates appear almost daily, where consequences of these range from minor to major. As a small bank, MedMera bank is not affected by all types of regulatory news. However, knowing what does affect MedMera bank and how they should implement certain regulatory updates is both time-consuming and challenging. To ensure compliance with future regulations, MedMera bank needs to constantly monitor the market in order to plan ahead.
“With the ever-changing rules and regulations that appear, it feels safe to have an outside party who knows us and are always keeping up to date on current and future regulations, as well as how these will affect us”Anna-Karin Aste, CFO MedMera Bank AB
FCG provides MedMera bank a quarterly monitoring of new regulations both short and long term. We help filter the tide of upcoming regulations, giving MedMera bank a deeper understanding of the impact and consequences these changes will have on their company. Tailored to their business and considering how this will alter operations, MedMera bank can also draw upon FCG’s unique industry insight in order to understand the industry standards and how other institutions might act.
The service provided by FCG includes a quarterly report including applicable news for the specific company. The report contains an analysis of impact and consequence relevant to the client for each news update. Furthermore, FCG provides a quarterly briefing of the aforementioned report clarifying the impact and consequences for the company.
To setup the service, all one needs to do is either fill out a form or have FCG audit their regulatory reports. This to ensure FCG understands the business in question and can monitor the regulatory updates accordingly.
“The quarterly briefings we have with FCG regarding the latest regulatory changes are always rewarding. FCG is responsive to our wishes and always listens if we wish to immerse ourselves in a specific area”Anna-Karin Aste, CFO MedMera Bank AB
MedMera bank can now rest easy knowing that FCG will update it on upcoming regulations concerning regulatory reporting, capital management and liquidity management. MedMera bank will be able to set business plans, not having to play catch up with regulations posted by the Swedish FSA or the EU. As a bonus MedMera bank will rest assured knowing that it is acting in line with industry standards and have the insights of how other banks proceed with regards to upcoming regulations.
“As a small bank it feels comforting to have a partner that we trust, and which has a solid force of knowledge. It is always easy to get help and discuss various regulatory interpretations. FCG can always provide an outside opinion and are in tune with the industry standards”Anna-Karin Aste, CFO MedMera Bank AB