ING Direct 2002 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2002 ING Direct annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 97

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97

Annual Report 2002 · ING Group56
Report of the Executive Board
quality of the system of internal controls and
procedures of business units and recommends
actions to solve any identified weaknesses.
During 2002, ING implemented a structural
quarterly incident reporting process for ING
Bank and a likewise process is being developed
for ING Insurance. ING strengthened the audit
findings action tracking and the Risk & Control
Self-Assessment process and Key Risk Indicator
Reporting are being piloted within the various
Executive Centres.
More information
Detailed figures on ING’s capital level are given
on page 73 and 74. A comprehensive chapter
on risk management has been added to
the separately issued Annual Accounts. This
information is also available on www.ing.com.
AMSTERDAM, 10 MARCH 2003
THE EXECUTIVE BOARD
EWALD KIST, CHAIRMAN
MICHEL TILMANT, VICE-CHAIRMAN
FRED HUBBELL
HESSEL LINDENBERGH
CEES MAAS, CHIEF FINANCIAL OFFICER
ALEXANDER RINNOOY KAN
Consistent with other business in ING Group, the
current embedded-value methodology is being
extended to a risk-adjusted capital allocation
and performance measurement tool.
Operational risk
ING’s policy is to manage operational risks
through clear governance, an embedded
operational risk management function, and the
implementation of comprehensive operational
risk identification, measurement, monitoring
and mitigation processes. All business
managers are responsible for establishing
specific internal policies, procedures and
controls and for continuously monitoring and
controlling of the operational risks. At the
various organisational levels, the Operational
Risk Management departments aim at
supporting general management, and leading
and co-ordinating the operational risk
management efforts. The operational risk
management framework is further supported
by various specialised departments, like
Corporate Legal, Compliance & Security and
Corporate IT/Information Security. The Group’s
Corporate Audit Services performs
independent periodic investigations into the