Sparbanken Sjuhärad – Effective risk and compliance management through proactivity and close collaboration
Sparbanken Sjuhärad is one of Sweden's largest savings banks, with multifaceted risk and compliance challenges spanning many areas which varies greatly in effort and scope. In order to meet the requirements of new regulations as well as business-driven priorities, Sparbanken Sjuhärad sought a partner with the ability to support the bank both in its ongoing work and in connection with major projects.
Internal Governance and Control
Increased Data Security
The collaboration with FCG, now Advisense, means that Sparbanken Sjuhärad gets a partner where breadth and depth in range of services meets existing needs. Together, Sparbanken Sjuhärad and FCG have succeeded in strengthening compliance, developing better internal governance, and strengthening privacy protection for the bank’s customers.
The bank’s commitment to be compliant with all new regulations, which aim to keep customers’ investments and information safe and secure, has resulted in a trustworthy and reliable bank. This also contributes to make Sparbanken Sjuhärad an even more appreciated workplace.
For Sparbanken Sjuhärad, just as for other banks, risk management and compliance are key issues, driven both by new regulations and a need to develop the business. The challenges are many, of a varied nature and sometimes very resource-intensive which places great demands on the organization regarding both experience and resources. The day-to-day operations must flow efficiently at the same time as new regulations and initiatives continuously are implemented. All to ensure that customers and the business are protected in the best way. For Sparbanken Sjuhärad, it was therefore important to find a partner with depth and breadth who can support them in all issues within risk and compliance, and who could help them in every step, from interpreting new regulations, to defining what needs to be done and support implementation.
The collaboration with FCG has been ongoing since 2014 and spans the entire risk and compliance area involving several functions and levels in the bank. FCG is a trusted advisor, and together with Sparbanken Sjuhärad, needs and actions are defined depending on the scope. The key to the partnership is the breadth and depth of services and experience FCG offers. Sparbanken Sjuhärad gets a partner who knows the business well. For instance, FCG offers support in GAP analysis, planning and prioritization, implementation and follow-up, documentation, reviews and assessments of suitability. The assignments concern regulations such as AML, ICT, GDPR, MiFID II and IDD. Sparbanken Sjuhärad also uses FCG’s outsourcing solutions for the function of Data Protection Officer, DPO.
FCG works continuously with Sparbanken Sjuhärad to ensure compliance, not least in connection with GDPR, AML, MiFID II and IDD. The collaboration results in better internal governance and control through more efficient follow-up and clearer organization and division of responsibilities, for example in connection with the handling of personal data. As a consequence of better control and organization towards handling personal data and working with securing all the banks data, both the customers and employees of the bank now act in a safer environment.