ING Direct 2011 Annual Report Download - page 250

Chief Risk Officer
ING Group
Deputy
Chief Risk Officer
Eurasia
Chief Risk Officer
US
Risk management continued
ING Insurance
ING INSURANCE
ING INSURANCE RISK MANAGEMENT GOVERNANCE
ING is engaged in selling a broad range of life and non-life insurance products. Risks from these products arise with respect to the
adequacy of insurance premium rate levels and provisions for insurance liabilities, earnings and capital position, as well as uncertainty as
tothe future returns on investments of the insurance premiums. Financial risks include Investment Risk, Asset and Liability Management
and surplus and capital issues. Insurance product risks include Insurance risks (actuarial and underwriting) and interest rate sensitivity.
Compliance risk, legal risk, reputation risk and operational risk are classified as Non-Financial Risks.
The Management Board Insurance Eurasia consists of 6 members, including the members of the ING Group Executive Board, and is
responsible for managing risks associated with the insurance activities in Europe and Asia. The Board ING America Holdings consists of
7members, including the members of the ING Group Executive Board, and is responsible for managing risks associated with the insurance
activities in the United States (ING Insurance US). Risks associated with certain ING Insurance activities that will not be disposed of through
the divestments of the Latin American, Asian, European and US business (“Insurance Investments”) are directly managed by the
ExecutiveBoard.
In anticipation of the intended divestment of the insurance activities, to a large extent risk management has been delegated to
INGInsurance Eurasia and ING Insurance US with an oversight role at Group level.
ING has completed the divestment of its Latin American pensions, life insurance and investment management operations. This transaction
is the first major step in the divestment of ING’s insurance and investment management activities.
Governance
Risk management within ING is the primary responsibility of the ING Group Chief Risk Officer. The ING Group Chief Risk Officer has a
direct functional line with the Deputy Chief Risk Officer of ING Insurance Eurasia and with the Chief Risk officer of ING Insurance US via
the ING Insurance US Chief Financial Officer. The General Manager of Insurance Investments is responsible for winding down the activities
within Insurance Investments. The ING Group CRO is supported by the Risk functions of ING Group and by the Group functions Corporate
Legal and the Functional Controller Insurance.
248 ING Group Annual Report 2011