ING Direct 2011 Annual Report Download - page 269

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1st line of defence 2nd line of defence 3rd line of defence
Supervisory Board
Risk
Committee
Operations
Committee
Investment
Committee
Talent &
Organisation
Committee
Business Unit
Line Management
& Local
Managers
Internal Audit
Management Board Americas Insurance Holdings (AIH)
Business Unit Risk Committees
Risk Management Function
Business Unit Risk Managers
Executive Committee
SB LevelExecutive LevelBusiness Unit Level
2-tier board structure
Risk CommitteeAudit Committee
Model
Committee
Product
Committee
Operational Risk
Committee
Asset Liability
Committee
Risk management continued
ING Insurance US
Board level risk oversight
ING Insurance US has a two-tier board structure consisting of the Management Board AIH (MB AIH) and the Supervisory Board.
The Supervisory Board is responsible for supervising the policy of the MB AIH, the general course of affairs of the Company and
its businesses. For Risk Management purposes the Supervisory Board is assisted by two sub-committees:
• The Audit Committee assists in reviewing and assessing ING Insurance US’s major risks and the operation of internal risk management
and control systems, as well as policies and procedures regarding compliance and its applicable laws and regulations;
• The Risk Committee assists in matters related to risk governance, risk policies and risk appetite setting.
The Chief Risk Officer (CRO) attends the meetings of both committees. The MB AIH is responsible for managing the risks associated with
the activities of ING Insurance US. The MB AIH responsibilities include ensuring the risk management and control systems are effective and
ING Insurance US complies with relevant legislation and regulations. The MB AIH reports and discusses these issues on a regular basis with
the Supervisory Board, and reports to the Audit Committee on a quarterly basis on ING Insurance US’s risk profile versus its risk appetite.
As part of the integration of risk management into the annual strategic planning process, the MB AIH issues a Planning Letter which
provides the organisation with the corporate strategic planning, and addresses key risk issues. Based on this letter the business units
develop their business plans, including qualitative and quantitative assessment of the risks involved. As part of the process strategic limits
and risk appetite levels are explicitly discussed. Based on the business plans the Management Board formulates the Strategic Plan which is
submitted to the Supervisory Board for approval.
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
267ING Group Annual Report 2011